John McCain thinks the line between rich and poor is about $5 million a year. That makes the vast majority of us poor, but also shows he doesn't know much about how the vast majority of us live. I guess he only knows rich folk.
But then many people think that the Republicans make life better for most of us, too - another error. The historical record shows that under Democrats we all do better. Under Republicans even the rich don't do as well as they would with a Dem President - but pity the poor!
Family Income Growth, annual average 1948-2005
By income level (Adjusted for inflation)
Percentile Under Dem. Pres. Under Rep. Pres
20th + 2.64% + 0.43%
40th + 2.46% + 0.8 %
60th + 2.47% + 1.13%
80th + 2.38% + 1.39%
95th + 2.12% + 1.90%
The 20th percentile is a plausible dividing line between the poor and the non-poor.
The 95th percentile is the best dividing line between the rich and the nonrich - well below the $5 million threshold John McCain used. It’s closer to $180,000.
Source: Is History Siding With Obama’s Economic Plan?
By ALAN S. BLINDER, August 30, 2008
http://www.nytimes.com/2008/08/31/business/31view.html?scp=1&sq=Blinder&st=cse
Monday, September 1, 2008
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