This is terribly, terribly wrong. And the current state of the economy is starting to show just how wrong it is.
From 1980 to 2005 the national economy, adjusted for inflation, more than doubled. (Because of population growth, the actual increase per capita was about 66 percent.) But the average income for the vast majority of Americans actually declined during that period. The standard of living for the average family has improved not because incomes have grown, but because women have gone into the workplace in droves.
The peak income year for the bottom 90 percent of Americans was way back in 1973 - when the average income per taxpayer (adjusted for inflation) was $33,001. That is nearly $4,000 higher than the average in 2005.
It’s incredible but true: 90 percent of the population missed out on the income gains during that long period.
“The distribution of wages, income and wealth in the United States has become vastly more unequal over the last 30 years. In fact, this country has a more unequal distribution of income than any other advanced country.”
Here's what we need:
Go read the rest of the article for some good ideas on how to make that possible.
Good jobs at good wages - lots of them, growing like spring flowers in an endlessly fertile field - is the absolutely essential basis for a thriving American economy and a broad-based rise in standards of living.