You see a lot of hand wringing about the plight of America's middle class, so I thought I'd check the data. But which data? You might start with average incomes, but these are skewed by the rapid growth in income of the top 1%. So most experts believe that median income is a better metric. The next question is household income versus family income. I choose family for two reasons: 1. The data series for family income goes way back, whereas household income starts being collected in the mid-1980s. 2. Households include single individuals, whereas families are multi-person households. I was technically "poor" from age 18 to 26, but I don't think anyone was too concerned about my plight. Nor should
Scott Sumner considers the following as important: Wages and Salaries
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Tyler Durden writes Albert Edwards: “What On Earth Is Going On With US Wages”
David Henderson writes Is Tyler Cowen’s Point Well Known?