Income Gap Grows During Recession

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Brain -> Income Gap Grows During Recession (4/12/2010 8:32:34 PM)
Well I guess Ronald Reagen's supply side economics didn't do what it was suppose to do. Giving all those tax breaks to the haves in hopes that some of that wealth would some how "trickle" down to the have nots just didn't work out. Better luck next time folks. Income Gap Grows During Recession Even as the economy shrank last year, the income gap--the divide between the country's richest and poorest citizens--kept growing. In 1978, CEOs at the largest U.S. companies earned 35 times as much as the average worker. Today, that figure is more than 300:1, according to the Harvard Business Review. In 2008, the U.S. Census Bureau reported that income inequality had reached a modern high, with the wealthiest 10% of the population earning 11.4 times as much as the poorest 10%. http://www.parade.com/news/intelligence-report/archive/100411-income-gap-grows-during-recession.html

variation30 -> RE: Income Gap Grows During Recession (4/13/2010 7:11:21 AM)
"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." -- Murray Rothbard

pahunkboy -> RE: Income Gap Grows During Recession (4/13/2010 7:13:06 AM)
Wake me up when it is over.

rulemylife -> RE: Income Gap Grows During Recession (4/13/2010 12:03:26 PM)
quote: ORIGINAL: variation30 "It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." -- Murray Rothbard Maybe you should call up the Harvard Business Review and the professor at Cornell and set them straight.

thompsonx -> RE: Income Gap Grows During Recession (4/13/2010 12:12:40 PM)
quote: ORIGINAL: variation30 "It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." -- Murray Rothbard You appear to be saying that if you can force me to play in a game whose rules I am ignorant of it is my fault if I loose?

NeedToUseYou -> RE: Income Gap Grows During Recession (4/13/2010 3:02:51 PM)
quote: ORIGINAL: Brain In 2008, the U.S. Census Bureau reported that income inequality had reached a modern high, with the wealthiest 10% of the population earning 11.4 times as much as the poorest 10%. Am I the only one that thinks that's not the bad. IF the poorest 10% make like 20Kish a year, then the richest 10% would be making 228K a year, which isn't that crazy. Actually that sounds perfectly reasonable to me. I mean, a doctor obviously is going to get paid shitloads more than a checkout clerk, and it really should be substantially more. A business owner is going to make shitloads more when the business is doing well, and lose a shitload more if its not. Anyway, there is a reason people go into business, or go to 8 years+ of college. If I were constrained to living off a maximum of 3 times what I would pay a line worker, I wouldn't be in business, it wouldn't be worth the effort or risk.

thompsonx -> RE: Income Gap Grows During Recession (4/13/2010 3:30:50 PM)
Anyway, there is a reason people go to 8 years+ of college. What do you feel that reason is?

Fellow -> RE: Income Gap Grows During Recession (4/13/2010 3:34:00 PM)
quote: IF the poorest 10% make like 20Kish a year, then the richest 10% would be making 228K a year, which isn't that crazy. Actually that sounds perfectly reasonable to me. I doubt these data. The bottom 10% makes practically 0 income. They are either homeless, in prison, or unemployed. I like the "plutonomy" report by the Citigroup: http://www.ibtimes.com/articles/20090907/citigroup-2006-americamodern-day-plutonomy.htm

Brain -> RE: Income Gap Grows During Recession (4/13/2010 5:31:44 PM)
Anyone who claims that supply-side economics works is ignorant of economics.

jlf1961 -> RE: Income Gap Grows During Recession (4/13/2010 5:34:19 PM)
Considering the economic MESS the world is in, I dont think any world leaders or politicians understand economics.

Brain -> RE: Income Gap Grows During Recession (4/13/2010 5:36:02 PM)
Go ahead and make your millions but pay your fair share of taxes. Do you also think it's not bad that Warren Buffett's secretary pays a higher percentage of taxes on her income than he does on his income? quote: ORIGINAL: NeedToUseYou quote: ORIGINAL: Brain In 2008, the U.S. Census Bureau reported that income inequality had reached a modern high, with the wealthiest 10% of the population earning 11.4 times as much as the poorest 10%. Am I the only one that thinks that's not the bad. IF the poorest 10% make like 20Kish a year, then the richest 10% would be making 228K a year, which isn't that crazy. Actually that sounds perfectly reasonable to me. I mean, a doctor obviously is going to get paid shitloads more than a checkout clerk, and it really should be substantially more. A business owner is going to make shitloads more when the business is doing well, and lose a shitload more if its not. Anyway, there is a reason people go into business, or go to 8 years+ of college. If I were constrained to living off a maximum of 3 times what I would pay a line worker, I wouldn't be in business, it wouldn't be worth the effort or risk.

Brain -> RE: Income Gap Grows During Recession (4/13/2010 6:03:01 PM)
I would rather be pragmatic and flexible doing what works rather than being constrained by ideology, whether it's capitalism, Socialism, Marxism or this new theory plutonomy. Also, even people in prison can collect a pension and getting money from welfare is income which I believe requires filing an income tax return. quote: ORIGINAL: Fellow quote: IF the poorest 10% make like 20Kish a year, then the richest 10% would be making 228K a year, which isn't that crazy. Actually that sounds perfectly reasonable to me. I doubt these data. The bottom 10% makes practically 0 income. They are either homeless, in prison, or unemployed. I like the "plutonomy" report by the Citigroup: http://www.ibtimes.com/articles/20090907/citigroup-2006-americamodern-day-plutonomy.htm

Smutmonger -> RE: Income Gap Grows During Recession (4/13/2010 6:06:27 PM)
A lot of people in educated professions are out of work now too. The only thing that really "cascades" during a recession is loss.

servantforuse -> RE: Income Gap Grows During Recession (4/13/2010 8:12:34 PM)
You guys don't seem to like tripple down econimics, but I have never seen tripple up to work either. Are the poor going to start putting money into the economy ?

slvemike4u -> RE: Income Gap Grows During Recession (4/13/2010 9:03:45 PM)
Not till they get some ....money that is.

jlf1961 -> RE: Income Gap Grows During Recession (4/13/2010 9:06:48 PM)
Is Brain trying to take over the forum?

slvemike4u -> RE: Income Gap Grows During Recession (4/13/2010 9:16:45 PM)
It would seem so.....either that or he just likes seeing his name all over the 1st page.[:D] Like some posters I know [8\|]

Termyn8or -> RE: Income Gap Grows During Recession (4/13/2010 9:38:13 PM)
"Even as the economy shrank last year, the income gap--the divide between the country's richest and poorest citizens--kept growing. In 1978, CEOs at the largest U.S. companies earned 35 times as much as the average worker. Today, that figure is more than 300:1, according to the Harvard Business Review" And I am a conspiracy theorist. Theorist, that means it's a theory and not true right ? OK so let's go through all the promulations of that, or at least enough for now so you don't fall off on me. There is no conspiracy. You people are nucking futs. Get the tinfoil hat out right away. Rich people never go into a congressman's office, and even if they did there is some sort of machine there that keeps money from changing hands, and also records every word spoken. Media moguls always report the news in a negative light to their advertisers. Insurance companies pushed seat belt laws because they really care about you, and didn't use any bribe money to enforce protection on you. In old Chicago that protection money was well spent. Drug companies really want to help you, they have no interest in making money. Contrary to popular belief, oil companies and car companies have never talked to each other at all, it's all just a coincidence that they are totally interdependent and as luck would have it, God or somebody shined on them, until the clouds came, but the government who they had never influenced nor even spoke with in the last 100 years just happened to find a few trillion dollars of our monbey at the prining press which they could give away to such good hearted people. No plan. Couldn't have been a plan. I don't mean to brag but I am, even sans certain info, one of the smartest muthafukers around. Now I would not hope to figure out such a plan, so therefore it must not exist correct ? Think about it. When you get the gist of it you will understand, but I guarantee you that you will not be happy about it. If you really knew it all you would probably kill your own kids, a mercy killing so they don't have to live on this planet. T

variation30 -> RE: Income Gap Grows During Recession (4/13/2010 10:12:38 PM)
quote: ORIGINAL: rulemylife quote: ORIGINAL: variation30 "It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." -- Murray Rothbard Maybe you should call up the Harvard Business Review and the professor at Cornell and set them straight. I was referring to the OP. but...the idea of income inequality being bad is more than a little silly. why does it matter that the top 10%'s income is growing at a higher rate than the bottom 10%'s income (which has been growing in industries that are not made unprofitable by federal and state regulation - which results in jobs being shipped overseas)? income inequality, as viewed by many, looks like this. You make $10,000 a year, I make $20,000 a year. after a decade, You make $15,000 a year, I make $30,000 a year. it is obvious that both of our situations have improved, but in absolute terms, mine has improved a bit more. the idea set off by the alarmism of income inequality is that the poor are actually worse off than they were because they have not grown at the same speed as the more talented workers. unless the man doing this study was able to do some comparisons of interpersonal utility, I would have a hard time believing the poor are worse off. regarding Ms. Webber in the article itself..."In the U.S., measures like the progressive income tax...are used to address income inequality" the progressive income tax has always struck me as more of an excuse to popularly latch on the the wealthier citizens' money while having the pleasant aftertaste of egalitarianism. "Nations like Austria, Belgium, and the Netherlands spend 7% to 8% of national income on social services for working-age people, compared to 2% in the U.S." ...I don't even know where to begin. egalitarianism is a revolt against nature and I have a very difficult time comprehending the thoughts of people who espouse it.

slvemike4u -> RE: Income Gap Grows During Recession (4/13/2010 10:18:35 PM)
Unless of course due to inflation my 15,000 isn't worth what my 10,000 used to be....In that case I am in actually worse off than I was...while you who's income grew at a rate faster than inflation are sitting in the cat birds seat. Do you just assume people are stupid enough to buy your bullshit?

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