Episode 300: Economic Inequality in America
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Income Inequality Is Great or Not Smaller?
The bottom 60% of American earners today, when you adjust for household size, basically make the same income. The decisions that have been made at the Census Bureau as to whether to count something as income has been to not count them. Prices and transfers make up 40 percent of the American economy. They're not counting 40 cents out of every dollar of income in theAmerican economy. That is a mega distortion.
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