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Income inequality - 10/27/2011 11:11:17 PM   
erieangel


Posts: 2237
Joined: 6/19/2011
Status: offline 		http://www.scribd.com/doc/70271054/cbo-25-oct-2011

This chart, by the CBO shows how unequal wealth has become in this country.  After WWII, everybody in this country got richer as the economy was booming, even with the 90+% top marginal tax rates.  Everybody got richer for about 40, until Reagan started cutting taxes for the wealthy.  Since 1980, the wealthiest among us have seen an increase in income by 275% while wages have stagnated (in some cases, dropped) for the rest of us. 

Food for thought:  Eisenhower was the president who instituted the 90% top marginal tax rate.  Despite those high taxes, big businesses and wealthy entrepreneurs created jobs all over the country.   Even dealing with "outrageous, job crushing regulation". Why?  Because by doing so, they happened to increase their own wealth as well as lowering their tax liability.  With taxes as low they are and profits at record levels, there is no incentive for today's businesses to create any jobs.


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RE: Income inequality - 10/27/2011 11:35:10 PM   
FirstQuaker


Posts: 787
Joined: 3/19/2011
Status: offline 		It is not just the USAsians, such a thing is a norm now in most of the Americas, and the EU.

The real wages and standard of living of a normal person has been flat in Canada for 30 years according to our fine Stat Canada, while a handful of people are getting really and proportionately rich, and the income differential and its increasing divergence in distribution locally is noted across the European press.

Asia is apparently little better, and the Latin American press reports similar inequities in Mexico, Brazil and such.

This seems to be a global thing.

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RE: Income inequality - 10/28/2011 12:04:42 AM   
SpanishMatMaster


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quote:

ORIGINAL: erieangel

http://www.scribd.com/doc/70271054/cbo-25-oct-2011
Thank you, erieangel.

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RE: Income inequality - 10/28/2011 4:20:25 AM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		My theory is that income inequality is not the cause but the effect of the economy.  When times are flush, the wealthy are content with making their money from driving the economy.  When times are lean, the wealthy make sure that they get their cut first, by having the pols pass legislation reducing their tax bite.  Note that the selling point is trickle-down, in that the wealthy need tax breaks in order to keep the economy strong.  Then they get it, and the economy stays rotten.

Prior to Reagan, the US had little competition from the other nations.  We actually profited from selling them the machinery and expertise needed for them to compete against us.

However, I will say that the middle class' spending IMO is the real engine of the economy.  A lot of people with spending money is a great consumer class.


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RE: Income inequality - 10/28/2011 5:24:53 AM   
Sanity


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Your source (and the information in your post) is misleading, at  best. According to the study you seem to be trying to cite, the study thats been in the news recently, everybodys income has risen, rich and poor alike.

http://news.yahoo.com/income-top-1-percent-far-outgrew-others-report-015302336.html


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RE: Income inequality - 10/28/2011 5:31:05 AM   
SpanishMatMaster


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quote:

ORIGINAL: DarkSteven

My theory is that income inequality is not the cause but the effect of the economy.

As reasonable as your posting is, I must express my surprise by that initial sentence. Income inequality is economy.


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RE: Income inequality - 10/28/2011 7:28:55 PM   
erieangel


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quote:

ORIGINAL: Sanity


Your source (and the information in your post) is misleading, at  best. According to the study you seem to be trying to cite, the study thats been in the news recently, everybodys income has risen, rich and poor alike.

http://news.yahoo.com/income-top-1-percent-far-outgrew-others-report-015302336.html



So, you don't consider a 65% increase when others had a 275% increase to be largely flat lined?

No, of course you don't.  65% is the same (or nearly so) as 275%.

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RE: Income inequality - 10/28/2011 8:08:34 PM   
errantgeek


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quote:

ORIGINAL: Sanity

Derp.


Workers' wages could have gone up a penny per hour and they still would have gone up. Of course, that's good enough I suppose!

And what of cost of living increases, rate of inflation, and overall purchasing power per capita? Of course, not that those would have anything whatsoever to do with the conversation at hand...wages still went up!

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RE: Income inequality - 10/28/2011 9:17:14 PM   
Fellow


Posts: 1486
Joined: 9/21/2009
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Popular quote:

the poor complain,
they always do but that's just idle chatter
our system brings rewards to all
at least to all who matter

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RE: Income inequality - 10/28/2011 9:24:54 PM   
SpanishMatMaster


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Joined: 9/28/2011
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quote:

ORIGINAL: Fellow
Popular quote:
the poor complain,
they always do but that's just idle chatter
our system brings rewards to all
at least to all who matter

Another popular quote:
"Let us cut his throat!"
Very popular during the Russian revolutions, the Chinese one, the French one...


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If I don't answer you, maybe I "hid" you: PM me if you want.
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RE: Income inequality - 10/28/2011 9:50:49 PM   
SternSkipper


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quote:


http://news.yahoo.com/income-top-1-percent-far-outgrew-others-report-015302336.html


Hahahahahahahaha Yahoo "News" is so contaminated with loose cannon dementia, it's a digital EPA supersite.



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RE: Income inequality - 10/28/2011 9:55:24 PM   
SternSkipper


Posts: 7546
Joined: 3/7/2004
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quote:

Popular quote:
the poor complain,
they always do but that's just idle chatter
our system brings rewards to all
at least to all who matter


Popular quote?  From a semi-obscure Canadian economist?
Ummmm .. Lemme ask you something... do you often refer to things as "mod"?



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RE: Income inequality - 10/28/2011 10:08:21 PM   
SternSkipper


Posts: 7546
Joined: 3/7/2004
Status: offline
quote:

Popular quote:


Probably the best known and most ill-fated ....


Okay... so I paraphrased...
ya know ... a lot of people this time around are setting up a royal screwing in  the event history is in fact repetitive

Attachment (1)

< Message edited by SternSkipper -- 10/28/2011 10:10:48 PM >

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