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Quotation of the Day…

… is from page 43 of my GMU Econ colleague John Nye’s excellent article – “Your Neighbor’s Fancy Car Should Make You Feel Better About Income Inequality” – in the July 2017 issue of Reason (original emphasis):

It’s worth remembering that anytime someone says that the gap between rich and poor is increasing, what he usually means is that rich people are getting richer faster than poor people are getting richer – not that any group is becoming worse off overall.

Meanwhile, the difference between the lived experiences Americans at different income levels has actually been decreasing.  Changes in the quality of goods consumed by almost everyone mean we’re a whole lot more equal than the data superficially suggest.