Why Decry the Wealth Gap?

kayak3 kayak3 at bouldernews.infi.net
Fri Jan 7 12:52:35 PST 2000

Doug Henwood wrote:
> Stephen E Philion quotes Michael Cox and Richard Alm:
> > A 17-year study of lifetime earnings by the Federal Reserve Bank of
> > Dallas found that only 5 percent of people in the economy's lowest
> > 20 percent failed to move to a higher income group. In a similar
> > study by the Treasury Department covering 1979 to 1988, 86 percent
> > of Americans in the bottom fifth of income earners improved their
> > status.
> I'm a bit embarrassed to find myself quoting myself quoting myself,
> but what the hell, it's been almost a year. Somebody brought up their
> names here last February, and here's what I said:
> Ah, Michael Cox. He and his sidekick, Richard Alm, have been pumping out
> apologies for the U.S. income distribution for the Federal Reserve Bank of
> Dallas for years now. They're the authors of one of the most devious pieces
> of economic "research" I've ever seen - the Dallas Fed's 1995 annual report
> essay on upward mobility. Cox & Alm have a new book out, and this is part
> of the publicity campaign. I'm going to record an interview with Cox in
> about 10 days for later radio broadcast; it's going to be fun to give him a
> hard time.

Not living in broadcast range it would be be nice to have access to the transcripts if it is possible.

Brad Hatch

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