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Rachel Maddow has a gift for filtering out the noise and distractions and narrowing her focus on the things to pay the MOST attention to - here’s her top 3 things to keep an eye on.
I suspect we have a LOT more two-income families today than we did back in 1970 too.
Where do the retirees fit on these curves?
we also have A LOT more low income immigrants and that has had a bit effect on selling the low end.
and still it's dropped significantly.
and we have a lot more retirees. they also see income drop sharply.
if anything this data is understating how well native born americans have done.
(i suspect it's understating it massively)
Have you considered the impact of possible manipulation of the inflation numbers? I dont have the grasp of numbers you have, but to my mind ShadowStats makes a pretty convincing case that the US systematically undercounts inflation, so there is apparently a growing disparity between the wealth that stats say exists, vs the more accurate perception of the common people on the street.
(I do not live in the US, so I have no first hand experience, but i have read about this in several places, correct me if wrong)
Yes the redefinition of inflation has been one of the key aspects to the whole thing. When you look at monetary inflation, we double the money supply about every 11 years.
To put this another way, for every $1 in circulation on 9/11 there are now $4 in circulation.
We've seen recently that government has no problem 'juking the stats'. It's just like them to inflate away their promises to those on fixed income but technically keeping them via devalued dollars.