Posted by: Michael Mandel on June 05
Steve Antler at Econopundit responds to today’s article in the NYT about the widening gap between the very rich and the rest of us.
This US “gap between richest and poorest” has to be the most rigged datum in the history of economic thought. The highest percentiles have no income ceiling. The lowest are perpetually augmented by immigrants whose massive upward income mobility remains untabulated because immigrants’ starting incomes were earned outside the US.
If Antler is right, then immigrants should make up a disproportionate and growing share of the poor. In fact, that’s what the numbers show.
Share of families headed by non-natives poor families all families 1995 19.7% 10.9% 2003 23.5% 14.5%
share of married couple families headed by non-natives poor families all families 1995 29.8% 10.7% 2003 35.1% 14.3%
What this means, for example, is that 35% of poor married couples are headed by immigrants. That’s spectacularly high.
Note: Antler also chides me here for inappropriate understanding of blog etiquette.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.