While preparing a talk on income differences among various statistical classifications of Americans, I ran across this informative, data-based brief article – from September 2008 – by Minneapolis Fed economist Ronald Wirtz. Here’s his concluding paragraph:
Historically, society has gauged progress by the growth in “things obtained”—whether it be housing, health care, education, entertainment or sundry consumer goods and services—because people tend to purchase things that make life more convenient, pleasurable and productive. And virtually across the board, the middle class is consuming more of everything, which makes the notion of a stagnant middle class an argument that doesn’t fit well in the garage.
