Comment Re: We're in the group (Score 1) 206
Selected because it's the information page available? Which
I don't spend much time on slashdot, rather in economics reading. Paul Krugman is probably the most-famous detractor of average, proponent of median, income reporting. I believe his best-known point was that when Bill Gates walks into a 20,000 seat football stadium, the "average attendee" just became a multi-millionaire.
He repeated his 1992 point in a longish 2014 article:
https://prospect.org/2014/06/0...
But my whole post was off-topic for this slashdot article, and we're now moving further afield, and should take this up when income inequality, or relative income of different states, is the actual topic.
But I gotta say - that St Louis Fed page says it rose from 27K to 45K in 45 years. That's 1.1% gain per year. Krugman's own essay above is about how that number is smaller than the percentage gains of the top 10%, much less the top 1%, much much less the top 0.1%...which is what the inequality debate is all about.
But my stronger point was the use of "wealth" rather than "income". Wealth is the integral of (income - living.costs) over time, modified by preference for saving over spending. (Japanese are great savers, so are Canadians). If your income keeps going up, but your inescapable living costs like housing and higher education also skyrocket, your wealth will do poorly, as with Gen Z not having housing.
Canada has THIRTY PERCENT higher median wealth than America. That's the sum of savings, despite lower income, because we have far lower medical insurance costs and precarity.