Re: Survey of Consumer Finances
C. G. Estabrook wrote:
[Unpack this, please. Over at The American Prospect Online it’s being suggested that it means that “the Bush economy is curbing income inequality” [sic]. I don’t believe it. –CGE]
No it’s not. The income numbers in the Federal Reserve Bulletin summary http://www.federalreserve.gov/pubs/bulletin/2006/financesurvey.pdf are all over the place. E.g., medians by quantile shown:
real change in income, 2001-2004 by percentile of income
Less than 20 +1.8% 20-39.9 -1.2% 40-59.9 +1.6% 60-79.9 -1.3% 80-89.9 -0.4% 90-100 +2.3%
Basically, not much happened over the three years.
Doug