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Income Gap Grows During Recession - 4/12/2010 8:32:34 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		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
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RE: Income Gap Grows During Recession - 4/13/2010 7:11:21 AM   
variation30


Posts: 1190
Joined: 12/1/2007
From: Alabama
Status: offline 		"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


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all the good ones are collared or lesbians.

or old.

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RE: Income Gap Grows During Recession - 4/13/2010 7:13:06 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Wake me up when it is over.

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RE: Income Gap Grows During Recession - 4/13/2010 12:03:26 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
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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.

(in reply to variation30)
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RE: Income Gap Grows During Recession - 4/13/2010 12:12:40 PM   
thompsonx


Posts: 23322
Joined: 10/1/2006
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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?

(in reply to variation30)
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RE: Income Gap Grows During Recession - 4/13/2010 3:02:51 PM   
NeedToUseYou


Posts: 2297
Joined: 12/24/2005
From: None of your business
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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.



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RE: Income Gap Grows During Recession - 4/13/2010 3:30:50 PM   
thompsonx


Posts: 23322
Joined: 10/1/2006
Status: offline 		Anyway, there is a reason people  go to 8 years+ of college.

What do you feel that reason is?

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RE: Income Gap Grows During Recession - 4/13/2010 3:34:00 PM   
Fellow


Posts: 1486
Joined: 9/21/2009
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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

(in reply to NeedToUseYou)
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RE: Income Gap Grows During Recession - 4/13/2010 5:31:44 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		Anyone who claims that supply-side economics works is ignorant of economics.

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RE: Income Gap Grows During Recession - 4/13/2010 5:34:19 PM   
jlf1961


Posts: 14840
Joined: 6/10/2008
From: Somewhere Texas
Status: offline 		Considering the economic MESS the world is in, I dont think any world leaders or politicians understand economics.

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Boy, it sure would be nice if we had some grenades, don't you think?

You cannot control who comes into your life, but you can control which airlock you throw them out of.

Paranoid Paramilitary Gun Loving Conspiracy Theorist AND EQUAL OPPORTUNI

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RE: Income Gap Grows During Recession - 4/13/2010 5:36:02 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		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.




(in reply to NeedToUseYou)
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RE: Income Gap Grows During Recession - 4/13/2010 6:03:01 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		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


(in reply to Fellow)
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RE: Income Gap Grows During Recession - 4/13/2010 6:06:27 PM   
Smutmonger


Posts: 995
Joined: 2/17/2010
Status: offline 		A lot of people in educated professions are out of work now too.

The only thing that really "cascades" during a recession is loss.

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RE: Income Gap Grows During Recession - 4/13/2010 8:12:34 PM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		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 ?

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RE: Income Gap Grows During Recession - 4/13/2010 9:03:45 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline 		Not till they get some ....money that is.

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


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RE: Income Gap Grows During Recession - 4/13/2010 9:06:48 PM   
jlf1961


Posts: 14840
Joined: 6/10/2008
From: Somewhere Texas
Status: offline 		Is Brain trying to take over the forum?

_____________________________

Boy, it sure would be nice if we had some grenades, don't you think?

You cannot control who comes into your life, but you can control which airlock you throw them out of.

Paranoid Paramilitary Gun Loving Conspiracy Theorist AND EQUAL OPPORTUNI

(in reply to slvemike4u)
Profile   Post #: 16
RE: Income Gap Grows During Recession - 4/13/2010 9:16:45 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline 		It would seem so.....either that or he just likes seeing his name all over the 1st page.
Like some posters I know

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


(in reply to jlf1961)
Profile   Post #: 17
RE: Income Gap Grows During Recession - 4/13/2010 9:38:13 PM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		"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

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RE: Income Gap Grows During Recession - 4/13/2010 10:12:38 PM   
variation30


Posts: 1190
Joined: 12/1/2007
From: Alabama
Status: offline
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.


_____________________________

all the good ones are collared or lesbians.

or old.

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RE: Income Gap Grows During Recession - 4/13/2010 10:18:35 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline 		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?

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


(in reply to variation30)
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