Struggling for Wisdom in the Census Data

The recently released census data on income and poverty is, naturally, the source of much commentary. Don Luskin finds an interesting (OK, sadly jejune really) comparison of treatments in the media.

Of all the commentary though, you need look no further than this. As Don Boudreaux's thought experiment reveals, it is silly to focus solely how much money people have when evaluating how much better off we are. How much money is a good starting point, what we are able to do with that money transforms the analysis into wisdom. I too would much rather have 1967's median income in today's world than today's median income in 1967. The range of human achievement that I can select from for purchases to better my life is vastly better, both broader and deeper, than 40 years ago. Heck, even 10 years ago. We're better off, no question.