Robert Samuelson points to a new study that further busts the myth that the American middle class has for decades now stagnated economically . (HT Ross Kaminsky) Here’s his conclusion:
All the numbers seem complex and confusing. Piercing the statistical fog is essential to anchor our debates in reality and not in journalistic or political mythology. It may seem that, except for the fortunate few, hardly anyone is getting ahead. That’s convenient rhetoric, but it just ain’t so.
David Henderson is reading more of Armen Alchian’s work . (Readers of this blog know that I regard Alchian as one of the greatest economists of all time. It’s a deep shame that he was never awarded the Nobel Prize.)