Both condescending and putting up strawmen? Kudos!
First I didn't say rich people are better of if they have their wealth taken. I said explicitly that they weren't.
What I did say was that we as a society priorities the needs of those that are the weakest by demanding from the strongest that they contribute a proportionally higher part of their income.
To make it less abstract. We find it more important that a poor person can still enjoy good health and is capable of giving his children the highest level of education that their intellect can sustain. Than we find it important that a wealthy person can take their fourth vacation abroad.
To be clear we have rich people and we have poor people but there is simply a smaller gap between them.
As you know, President Donald Trump is the first President to narrow the gap between the upper-income and the low-income worker. Obviously, you hated him having done that so you rallied to get him out of the office.
So glad to come across someone who knows what I know. But since I'm always someone who questions what I know I've decided to actually research my knowledge.
Income Inequality - Inequality.org. Hmm I guess my knowledge of Trump being the first president to narrow the gap was in error. He was in office in 2018 right?
And in 2019?
Income and Poverty in the United States: 2019
Care to state something else I know?
Next time seek current information.
US wealth, income inequality has declined, Baker Institute expert finds
JEFF FALK
– OCTOBER 28, 2020
POSTED IN: NEWS RELEASES
Jeff Falk
713-348-6775
jfalk@rice.edu
Avery Ruxer Franklin
713-348-6327
averyrf@rice.edu
US wealth, income inequality has declined, Baker Institute expert finds
HOUSTON – (Oct. 28, 2020) – Analysis of Federal Reserve survey data shows U.S. wealth inequality has declined for the first time in nearly 30 years, while income inequality has seen its largest decline in three decades, according to a new working paper from Rice University’s Baker Institute for Public Policy.
[...]
Wealth inequality rose persistently between 1992 and 2016 — a trend that saw a reversal in 2019, Barro found. “Income inequality also experienced the largest decline since 1992,” he wrote. “Both changes are a result of gains in the total shares (of wealth and income) by lower deciles (groups). While there are many plausible explanations, changing age demographics and the economic impact of the TCJA may have played a role in generating this outcome.”
[...]
The SCF collects granular data on the financial positions of U.S. families, with regards to assets and liabilities. The extent to which a family’s assets exceed their liabilities determines their net worth, which in turn defines the family’s wealth. Between 2016 and 2019, real median family wealth grew 17.7% from $103,460 to $121,760. Even as broad measures of wealth grew over this time period, the dispersion of wealth contracted, Barro said.
Between 2016 and 2019, real median U.S. family income rose 5.4% from $56,019 to $59,051. Over that period, income inequality experienced its sharpest decline since the decline between 1989 and 1992, Barro said
HOUSTON – (Oct. 28, 2020) – Analysis of Federal Reserve survey data shows U.S. wealth inequality has declined for the first time in nearly 30 years, while income inequality has seen its largest decline in three decades, according to a new working paper from Rice University's Baker Institute for...
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