Contrary to MSM news, not only are rich getting rich, but so are the poor

Dr. Walter E. Williams at Towhall reports that despite what we constantly hear on the MSM about the rich getting richer and the poor getting poorer, studies don't support this notion. In fact both segments of the population are getting richer. Specifically:

The authors analyzed University of Michigan Panel Study of Income Dynamics data that tracked more than 50,000 individual families since 1968. Cox and Alms found: Only five percent of families in the bottom income quintile (lowest 20 percent) in 1975 were still there in 1991. Three-quarters of these families had moved into the three highest income quintiles. During the same period, 70 percent of those in the second lowest income quintile moved to a higher quintile, with 25 percent of them moving to the top income quintile. When the Bureau of Census reports, for example, that the poverty rate in 1980 was 15 percent and a decade later still 15 percent, for the most part they are referring to different people.

So what we have here is not economic stagnation with the lowest 15% of wage earners. Instead as new workers enter the workforce in America, they slowly but surely gain experience and move out of the lowest rung of wage earners into the middle class and earn a nice living. You won't get this spin from the mainstream media.