Income gains were widely, if not evenly, shared across every measured economic, age, educational, and racial and ethnic category in the three years to the end of 2016, according to the triennial Survey of Consumer Finances released Wednesday by the Federal Reserve.This was a hugely welcome development. The previous edition of the survey had shown that median incomes and median wealth had actually declined from 2010 to 2013.A few more bits of good news from the summary (my bolding):— Families without a high school diploma and nonwhite and Hispanic families experienced larger proportional gains in incomes than other families between 2013 and 2016, although more-educated families and white non-Hispanic families continue to have higher incomes than other families. …— Families without a college
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Income gains were widely, if not evenly, shared across every measured economic, age,...