Using median makes it a loaded statistic skewed in favor of the minority (in this case, the wealthy).
Over half the country is living paycheck-to-paycheck, so that median number is already in the ‘well-off’ category by default, making them irrelevant to the main point of discussion.
Is that true? Median is literally taking the value in the middle. So if there are 30 million 70 year olds then it would be picking the 15th millionth person and using their savings.
Using median makes it a loaded statistic skewed in favor of the minority (in this case, the wealthy).
Over half the country is living paycheck-to-paycheck, so that median number is already in the ‘well-off’ category by default, making them irrelevant to the main point of discussion.
Is that true? Median is literally taking the value in the middle. So if there are 30 million 70 year olds then it would be picking the 15th millionth person and using their savings.
You have it backwards. The mean, not the median, is skewed by outliers.
If there are ten people in a room with $100 and one with $1000, the median is $100 whereas the mean is $200.