Current Event: Economic Demagoguery Misleading At Best

Although economic fear mongers would have you believe that the United States is on the brink of all out class warfare, their commentary on the fiscal situation of America is best taken with a grain of salt, if not the entire salt shaker. Although liberal economists such as Paul Krugman (a controversial figure in the field, Krugman has been criticized by detractors as dissimilar as Bill O'Reilly, The Economist, and even The New York Times for his questionable methodology and partisan rhetoric) are quick to point out that we are entering an era of rising income inequality, while this may be true, that does not necessarily mean that the economic well being of Americans even approaches the dire inequalities that ravaged the monopoly plagued economies of the world at the turn of the century, as they would insinuate. Although income inequality has risen, consumption inequality (the amount of goods that lower income Americans consume, versus the amount that well off Americans do), has not fluctuated at all, indicating that there is no drastic material inequality upswing accompanying the difference in wages.
To be continued. . .