all three factors—productivity growth, distribution, and participation—aligned to benefit the middle class from 1948 to 1973 … Income inequality fell, with the share of income going to the top 1 percent falling by nearly one-third, while the share of income going to the bottom 90 percent rose slightly. Household income growth was also fueled by the increased participation of women in the workforce … The combination of these three factors increased the average income for the bottom 90 percent of households by 2.8 percent a year over this period … This period illustrates the combined power of
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