The Daily Sandwich

"We have to learn the lesson that intellectual honesty is fundamental for everything we cherish." -Sir Karl Popper

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Location: Boston, Massachusetts, United States

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Friday, June 10, 2005

Krugman points out the obvious-- thank heaven someone is.

Paul Krugman is the man. His piece today is on the increasing gap between the richest Americans and everybody else. Just another reminder that it's the Democrats who made the nation the superpower of the 20th century. And the Republicans who are making it the bankrupt object of scorn we're rapidly becoming.

Working families have seen little if any progress over the past 30 years. Adjusted for inflation, the income of the median family doubled between 1947 and 1973. But it rose only 22 percent from 1973 to 2003, and much of that gain was the result of wives' entering the paid labor force or working longer hours, not rising wages.

Meanwhile, economic security is a thing of the past: year-to-year fluctuations in the incomes of working families are far larger than they were a generation ago. All it takes is a bit of bad luck in employment or health to plunge a family that seems solidly middle-class into poverty.

But the wealthy have done very well indeed. Since 1973 the average income of the top 1 percent of Americans has doubled, and the income of the top 0.1 percent has tripled.