The Congressional Budget Office has a new report, being widely covered in the media (surprise!), tracking income distribution between 1979 and 2007. Three guesses what it says.
I’ve gone on at length about this before, so no need to rant, really, but my man Derek Thompson over at the Atlantic has an excellent piece.
Brad Plumer . one of the Washington Post’s economic bloggers, also weighs in, noting that CBO finds our public policy apparatus hasn’t done much to address the situation. I wrote about this back in March.
Robert Pear, at NYT, makes this point, as well.
So, Occupy Wall Street aside, why aren’t more people up in arms? Catherine Rampell at NYT, had an interesting piece the other day, citing this report on why Americans will hold beliefs – and eventually vote – against their own economic interests.
Perhaps it comes down to psychology. Tina Dupuy has a neat little think piece about how the fundamental American myths of self-reliance prevent people from seeing how the world works. Nothing wrong with self-reliance, of course, but the myth that’s grown up around it, abetted by t.v., movies, books, etc., that we’re just a nation of rugged individualists, not really connected to one another, is destructive.