“President-elect Barack Obama argues big tax hikes on the rich are needed in part to help redress the growing wealth gap in America. Unfortunately, that argument doesn’t pan out when you look at the data.
“Incomes for the poorest one-fifth of all earners have grown on average 3.9% a year since 1994. Meanwhile, those in the middle three-fifths of incomes — broadly speaking, the middle class — have grown by 3.4% to 3.6% a year. Incomes grew after inflation, too. So it’s simply wrong to say there was no growth.”