Real income: a tale in a graph

Posted on

This comes from the DWP report on those living on below average incomes in the UK, published this morning:

Screen Shot 2015-06-25 at 11.51.14Three thoughts: first, if the economy was so bad from 1997 to 2008 why did so many people benefit?

Second, why is it that we still can't get median income back to 2002 levels?

Third, if median income is now flat but mean income is rising then why are we happy with growth that is clearly based on increasing inequality, which is the only way that this can happen?

Surely it is time that this was the real economic agenda?