Quote (balrog66 @ 18 Feb 2017 20:24)
well, that chart doesnt really tell the true story. in 1978, all of china was piss poor. since then, the top 10/20/30 percent have made the jump into what we would call middle class. due to the low national income on which the comparison is based, their moderate gains in income and standard of living increased the overall chinese national income by a factor of 5 or 10 or so. hence, the
share of the bottom half fell sharply, while they actually remained roughly as poor as before. so the chart going down for china is actually the result of growth in income and standard of living in the top 50% of chinese.
by contrast, the downward spiral for the usa comes from increasing inequality as well as actual losses of (inflation-adjusted) income for the bottom half of the US population. so when it comes to the US, a lot of folks truly are worse off now than they were back in 1978.
This post was edited by Black XistenZ on Feb 18 2017 04:59pm