It's a major a fallacy that the poor tend to stay poor. We have longitudinal data on income mobility we can look at to see if this is really true. And it's not.
Based on long-term income mobility data, we can see that about 80% of the people who were poor in 2010, are no longer poor today. About 20% of them have moved into the top two quintiles for income.
So the argument that there's an intractable poverty trap that's been created by fiat currency just isn't true.
brockm / Mike Brock
npub1hy…wk7cp
2023-10-27 11:53:44
in reply to nevent1q…dc3m
Author Public Key
npub1hyqrsvl6hle8r5rc9cpshesm0mpcee75tgde4p5lhke5h83dyqqqdwk7cpPublished at
2023-10-27 11:53:44Event JSON
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