Not what we've been led to think…

Austrian economist Steve Horwitz has done some studying on household incomes from 1980-2006. It turns out that the percentage of households making $100,000 went up fairly significantly, those making 75,000-99,000 went up somewhat, and every lower income bracket saw a drop in how much of the American public they included. Seems that, at least on one level, the claim that the last quarter century has seen the rich getting richer at the expense of the poor is not as cut-and-dry. (HT: No Left Turns)