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May 21, 2012
You've heard it a thousand times at least. The incomes of middle class Americans have stagnated in recent decades. Those of the rich—the 1 percent—have soared. It is a very compelling, very troubling, and very widely believed observation and, according to three economists from Cornell and Indiana universities, not true. If they are right—and their analysis is extremely thorough—the economic argument of the entire Obama presidential campaign is founded on an untruth.