Best column I’ve read in a while (it’s from the Economist, obviously). Does a good job of explaining why the increasing income disparity between the rich and the poor does not mean the rich are that much better off than the poor.
Here are some snippets but please go read the entire column.
…far from a new Gilded Age, America is experiencing a period of unprecedented material equality.
This is not to deny that income inequality is rising: it is. But measures of income inequality are misleading because an individual’s income is, at best, a rough proxy for his or her real economic wellbeing…
…Indeed, according to happiness researchers, inequality in self-reported “life satisfaction†has been shrinking in wealthy market democracies, America included, suggesting that the quality of lives across the income scale are becoming more similar, not less.
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