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Rich Poor Americans

Posted By Don Boudreaux On February 1, 2011 @ 1:27 pm In Inequality,Standard of Living | Comments Disabled

Any number of lessons – some correct, many incorrect – might be drawn from my favorite passage in this past Sunday’s New York Times Book Review; it’s from Catherine Rampell’s review of Branko Milanovic’s The Haves and the Have-Nots [1]:

The typical person in the top 5 percent of the Indian population, for example, makes the same as or less than the typical person in the bottom 5 percent of the American population. That’s right: America’s poorest are, on average, richer than India’s richest — extravagant Mumbai mansions notwithstanding.

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[1] Catherine Rampell’s review of Branko Milanovic’s The Haves and the Have-Nots: http://www.nytimes.com/2011/01/30/books/review/Rampell-t.html

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