Rich and richer…
One can use the interactive chart above (which is based on income tax data, and is adjusted for inflation to 2008 dollars) to see how average incomes in the U.S. have grown as between any two years from 1917 to 2008, and how that change was divided as between the richest 10% of the population and the remaining 90%.
The Wall Street Journal reports today that
A newly resilient U.S. economy is poised to expand this year at its fastest pace since 2003, thanks in part to brisk spending by consumers and businesses.
In a new Wall Street Journal survey, many economists ratcheted up their growth forecasts because of recent reports suggesting a greater willingness to spend.
One wonders how… indeed, one wonders how long the dynamic that’s defined the last two decades is sustainable in what is fundamentally a consumer-driven economy.
[TotH to @cshirky for the lead to the tool]
As we ponder the different kinds of heart we might celebrate on Valentine’s Day, we might recall that it was on this date in 1967 that Aretha Franklin recorded “Respect” (with her sisters Carolyn and Erma singing backup). The tune had been written and recorded by Otis Redding two years earlier, and had done well on the R&B charts. But Atlantic Records exec and producer Jerry Wexler thought that the song was especially suited to showcase Aretha’s vocal gifts, and had the potential to be a cross-over hit. He was, of course, right on both counts.