Income Inequality

Discussion in 'Economy' started by Againsheila, Apr 8, 2011.

  1. Againsheila
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    Againsheila Gold Member

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    One can argue about why this is happening. Some say it's the result of a decline in workers' bargaining power as labor unions have weakened, while others blame the rise of offshoring and outsourcing. But despite the best efforts of some commentators, there's really no serious debate about the overall realignment of income in our age: The already super-rich have vastly increased their share of the pie--at the expense of everyone else.

    Off-the-charts income gains for super-rich - Yahoo! News

    Go to the link and see the chart. It's disgusting. I can't believe Americans haven't risen up in revolt already.
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    I doubt those stats include transfer payments from the government for the lower income levels.
     
  3. william the wie
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    william the wie Gold Member

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    Worse yet the figures are not adjusted for age or difference in annual percentage returns needed to see those effects. The actual difference in returns needed to get those results barely rises above what would be expected by chance.
     
  4. Old Rocks
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    Old Rocks Diamond Member

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    I graduated from high school in 1962. 1963 was my first full year of work. I worked for entry level wages, and did a lot of overtime. My parents bought a big old house that year for the exact amount that I grossed for the whole year.

    Now consider that. And tell me that the working man or woman has made any gains since then. Where could you buy a large nice house today for the gross of an entry level wage, even with a lot of overtime? Where can you even rent a nice house on just an entry level wage?

    Today we see rapid inflation in nearly every sector. And the only group of people whose income is increasing faster than that inflation are the very wealthy.
     
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  5. Againsheila
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    Againsheila Gold Member

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    Interesting how few posts there are here, as if Americans refuse to admit what's happening to their country or they might have to do something about it.

    We ARE a 3rd world nation. In fact our income gap is now worse than many 3rd world nations. It's worse than France's was when they had their revolution.
     
  6. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    You could confiscate all the rich peoples wealth and that still wouldn't fund all the programs you want implemented.

    Bankers, like the ones in Obama Cabinet are ruining this nation. Rich people are not evil, the vast majority of them earned it.
     
  7. chikenwing
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    chikenwing Guest

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    The vast" wheres my check "crowd we have created just might have something to do with this question.
     
  8. Againsheila
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    Againsheila Gold Member

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    Yeah, right, they earned a 275% increase when the average persons income increased 3%....
     
  9. william the wie
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    william the wie Gold Member

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    272% increase in share over 40 years, do you have any idea how puny a difference in relative returns that is?
     
  10. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    REAL WAGES
    1964-2004
    Average Weekly Earnings (in 1982 constant dollars)
    For all private nonfarm workers
    Year Real $ Change
    1964 302.52
    1965 310.46 2.62%
    1966 312.83 0.76%
    1967 311.30 -0.49%
    1968 315.37 1.31%
    1969 316.93 0.49%
    1970 312.94 -1.26%
    1971 318.05 1.63%
    1972 331.59 4.26%
    1973 331.39 -0.06%
    1974 314.94 -4.96%
    1975 305.16 -3.11%
    1976 309.61 1.46%
    1977 310.99 0.45%
    1978 310.41 -0.19%
    1979 298.87 -3.72%
    1980 281.27 -5.89%
    1981 277.35 -1.39%
    1982 272.74 -1.66%
    1983 277.50 1.75%
    1984 279.22 0.62%
    1985 276.23 -1.07%
    1986 276.11 -0.04%
    1987 272.88 -1.17%
    1988 270.32 -0.94%
    1989 267.27 -1.13%
    1990 262.43 -1.81%
    1991 258.34 -1.56%
    1992 257.95 -0.15%
    1993 258.12 0.07%
    1994 259.97 0.72%
    1995 258.43 -0.59%
    1996 259.58 0.44%
    1997 265.22 2.17%
    1998 271.87 2.51%
    1999 274.64 1.02%
    2000 275.62 0.36%
    2001 275.38 -0.09%
    2002 278.91 1.28%
    2003 279.94 0.37%
    2004 277.57 -0.84%



    Source: U.S. Bureau of Labor Statistics

    And to think worker productivity has risen 86% and the US economy has grown 90% since 1978.
    Now whoever is holding the wages down is the culprit, you can't blame government for this BUT you can blame greed by those who drive the bottomline for the sake of dividends.
    This also shows trickle down hasn't worked.
     
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    Last edited: Apr 9, 2011

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