Thursday, September 4, 2008

LINKS -- 9/4/08

How the US Middle Class Became 10 Percent Poorer
by Jacob Funk Kirkegaard, Peterson Institute

Contrast that with the situation in the United Kingdom, where evidently the inclusion of the financial sector of the city of London boosted “average middle-class incomes” by about a third. Either London’s bankers earn far more than Wall Street’s, or there are far more low-wage middle-class people in the United States than in the United Kingdom."

"The result of all this is that today, the richest middle class in the OECD is found in Britain. In 2006, an average single British middle-class worker earning the average wage, net of taxes, and in purchasing power parity (PPP) terms, had an income nearly 50 percent higher than his US counterpart—$35,000 compared to $25,000."

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