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Analysis by Mark Perry, chairman of the economics department at the University of Michigan-Flint and a member of the Mackinac Center’s board of scholars, is highlighted in a recent Washington Examiner editorial.
Perry analyzed data from the Federal Reserve and found that 56 percent of those in 2001 who were among the lowest income earners had moved up to a higher quintile by 2007, while 66 percent of those among the highest earners had dropped at least one quintile during the same time frame.
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