The End of Times Select
Well, as predicted long ago, the New York Times' effort to get people to pay to read Maureen Dowd and Paul Krugman has come to an end.
Krugman kicks off a new blog
called "The Conscience of a Liberal" today with an article on income inequality. Krugman claims:
The great divergence: Since the late 1970s the America I knew has unraveled. We’re no longer a middle-class society, in which the benefits of economic growth are widely shared: between 1979 and 2005 the real income of the median household rose only 13 percent, but the income of the richest 0.1% of Americans rose 296 percent.
And yet, if you look at the graph he provides, it does not show this:
As you can see, it certainly appears that the great divergence he harps on appears to start after 1987, which is inconvenient as heck for Krugman, since you know damn well that he wants to blame it on Ronald Reagan and the Republicans. Indeed, it is quite apparent that a large part of the rise in inequality that he bemoans comes during the Clinton era.
Krugman also does his usual peak to non-peak comparison; no surprise there as we have seen him do this often in the past.
Labels: New York Times, Paul Krugman