How Socialism Destroys -- in One Chart

In this one chart from Mark Perry we see the power of capitalism to create economic activity and power of socialism to destroy it.

Income Inequality is Something You Control

Mark Perry at U of Michigan created this summary chart about income distribution for those who think income inequality is something that is externally foist upon us. It pretty clearly demonstrates that:

1. The more people you have working in your household, the higher will be your HH income
2. If you want higher income, get married
3. The highest income households are those with people in peak earning years (35-64). In other words, people just starting out or those who are retired earn less than a 50 year old with a 30 year work history.
4. If you want to earn more money, don't drop out of high school. Earn an advanced degree.

While these points may seem obvious, they don't seem to penetrate the skulls of those in the media who decry "income inequality" as if it is a disease that randomly attacks people.  If you don't like being in the bottom quintiles of income you CAN do something about it -- e.g. get married, get a job, finish high school, GROW UP (literally and figuratively).

Growth, Not Obama Fuels the Labor Force

A reminder. Only one thing affected the decline in labor participation -- economic growth. Economic growth fueled by actions that increase corporate profits and hence the need to hire more people.  For all of President Obama's preening this week, it should be quite clear from these charts what happened during his eight years in office.