Saturday, July 11, 2015

Lies, Damned Lies and Statistics

The next time you hear about how we are the wealthiest country, think of this example of statistics in action:
*if you put a millionaire and a homeless person in a room, their average income is $500,000/yr.
*If the next year the millionaire makes 2 million, and the homeless person, probably a Vietnam vet, is still living under a bridge, the average income has gone up to $1,000,000/yr.
*If the next year the homeless person dies, and the millionaire still makes 2 million, the average income has gone up to $2 million/yr.
The economy is doing great.
That's statistics in action.

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