In the US, wealth is increasing at every income stratum. But, as all of our fathers told us as we were growing up, money doesn't grow on trees. Best we learn just what conditions promote prosperity and well-being before voting on the current health-care and climate change legislation. We stand on the precipice of self-destruction.
More from Carpe Diem:
The reasons for the significant improvements in living standards for all Americans (at all income levels) include innovation, technology improvements, supply chain efficiencies, increases in productivity and other market-driven efficiencies that drive prices lower and lower year by year, measured in what is most important: our time, and the amount of labor it takes to earn the money to purchase household appliances and other goods and services.
Bottom Line: As much as we hear about declines in median income, economic stagnation, the disappearance of the middle class, falling real wages, increasing income inequality, the data tell a much different story: The rich are getting richer and the poor are getting richer.
Wealth is not the problem.
Wealth is the solution.