Tom Sowell discusses one of the ways in which economic analysts misrepresent the actual state of the economy -- substituting "household" for "per-capita" income. It is true that household income has stagnated for three decades, but during that same time per-capita income has skyrocketed. Why the discrepancy? Households have changed.
Remember, next time you hear some pundit talk about "household" income statistics, you can assume that he/she is either ignorant or is deliberately trying to make things look worse than they are.
