- An accurate accounting of who is gaining and losing in the U.S. economy requires a broad view across an entire business cycle: while the richest households tend to gain the most during economic expansions, this is partly because they also lose the most during recessions.
- In the current, ongoing, business cycle, real incomes declined between 2007 and 2014; the top 1 percent experienced nearly half of that total decline.
- From 1979 to 2007, 38 percent of income growth went to the bottom 90 percent of households, amounting to a 35 percent increase ($17,000) in its average income.
Here’s the conclusion of Logan Billman’s “Too Bad Flint Wasn’t Run Like a Business“:
Flint was not run as a business. If a business had been running Flint, it is likely that the crisis would have been smaller and its residents would be much better off than they are today.
Here’s a new blog; it’s from the University of Chicago’s Stigler Center. (HT Greg Mankiw)