According to a New York Times report, the rich in the US are getting richer, but the poor and middle classes are falling behind some of their Western peers.
Source/Credit: BBC News | Echo Chambers
By BBC | April 22, 2014
Last week we noted that a pair of academic researchers said the US was starting to look less like a democracy and more like an oligarchy, where a wealthy elite determines public policy. Here's another bit of cheer in that regard.
According to a New York Times report, the rich in the US are getting richer, but the poor and middle classes are falling behind some of their Western peers.
"Middle-class incomes in Canada - substantially behind in 2000 - now appear to be higher than in the United States," David Leonhardt and Kevin Quealy write. "The poor in much of Europe earn more than poor Americans."
The UK median income is still behind that of the US, but it's catching up fast - a 19.7% increase since 2000. This is the same increase as Canada's, whereas the US number was up by only 0.3%. (It's worth noting that Germany's middle class is also stagnating - at 1.4%.) [ more ... ]
Read original post here: Canada passes US in middle-class wealth
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