At a Hollywood fundraiser last night in Gwyneth Paltrow’s backyard, President Obama explained that the rich are getting richer. “Most of the gains in our economy go to the folks who are in this lovely yard,” Obama said.
By contrast, the president explained that income and wages have been stagnant for “the average person.”
Why is it that the average persons income is not increasing? You will find some answers in Joel Kotkin’s new book The New Class Conflict, Tyler Cowen’s The Average is Over. and Charles Murray’s Coming Apart. You will not like the answers, but you need to understand how you are being screwed by demographics, the rich, the famous and Obama do not give a hoot about your stagnant income.
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