FOLLOW THE MONEY….The census report yesterday that documented a rise in the number of people without health insurance also reported an increase in median earnings. So at least there was some good news, right? Not quite:
Experts said the rise in income was mainly a reflection of an increase in the number of family members entering the workplace or working longer hours. Average wages for men and women actually declined for the third consecutive year.
Italics mine. Among full-time workers, income declined 1.1% for men and 1.2% for women. And — this will come as a shock, so be sure you’re sitting down — incomes decreased a bit at the low end and increased a bit at the high end, causing the Gini index of income inequality to go up yet again. But it wasn’t a statistically significant increase, so no need to worry. Except that these statistically insignificant annual changes do add up:
The Gini index has increased 1.7 percent since 2002 (0.462) and 3.3 percent over the past 10 years (from 0.455 to 0.470). There have not been any statistically significant annual changes in the Gini index over the past 10 years.
This is some economic expansion we’re having, isn’t it? It’s really kicked the market economy into high gear.
UPDATE: Bonus Kaus bashing here. When are you going to teach this punk a lesson, Mickey?