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The incredible shrinking middle class.
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<blockquote data-quote="brett636" data-source="post: 289041" data-attributes="member: 249"><p>The numbers quoted in the article do take inflation into account. Stephen Rose is an economist, and if you've taken any economic courses you would know that they only work with real numbers, not nominal figures. Thats why in the piece I quoted it says real incomes above $100k with the key word being "real" meaning the numbers are adjusted for inflation. For example, I get a 5% raise this year while inflation is 3%. An economist would say my real wage grew by 2% because my nominal wage is increased 2% beyond inflation. Also, if you read the article you would see that people with real incomes below $75,000 dropped by 14%. The middle class is moving up, not down. As people begin to understand how to take advantage of the enormous opportunities in our country they become richer. Those who choose to not advance themselves will remain in the poverty class. Its all about personal choice, not about inequality.</p></blockquote><p></p>
[QUOTE="brett636, post: 289041, member: 249"] The numbers quoted in the article do take inflation into account. Stephen Rose is an economist, and if you've taken any economic courses you would know that they only work with real numbers, not nominal figures. Thats why in the piece I quoted it says real incomes above $100k with the key word being "real" meaning the numbers are adjusted for inflation. For example, I get a 5% raise this year while inflation is 3%. An economist would say my real wage grew by 2% because my nominal wage is increased 2% beyond inflation. Also, if you read the article you would see that people with real incomes below $75,000 dropped by 14%. The middle class is moving up, not down. As people begin to understand how to take advantage of the enormous opportunities in our country they become richer. Those who choose to not advance themselves will remain in the poverty class. Its all about personal choice, not about inequality. [/QUOTE]
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