It’s astonishing that the richest country in world history could convince itself that it was plundered by immigrants and trade. Truly astonishing.
From Jeremy Horpedahl who notes:
This is from the latest Census release of CPS ASEC data, updated through 2024 (see Table F-23 at this link).
In 1967, only 5 percent of US families earned over $150,000 (inflation adjusted).
And even though it says so in the chart and in the text let me say it again, this is inflation adjusted and so yes it’s real and no the fact that housing has gone up in price doesn’t negate this, it’s built in. We would have done even better had NIMBYs not reduced the supply of housing.
See also Asness and Strain.
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