So, dupes, tell us when the nonrich and the country went to hell...
Memorize the facts, hater dupes:
1. WORKERS past 63 years worker productivity has grown by 2.0% per year.But after 1980, workers received a smaller share every year. Labor’s share of income (1992 = 100%):1950 = 101%1960 = 105%1970 = 105%1980 = 105% – Reagan1990 = 100%2000 = 96%2007 = 92%A 13% drop since 1980A 13% drop since 1980
2. THE TOP 10% GET A LARGER SHARE.Share of National Income going to Top 10%:1950 = 35%1960 = 34%1970 = 34%1980 = 34% – Reagan1990 = 40%2000 = 47%2007 = 50% TO MAKE UP FOR THE LOSS.Household Debt as percentage of GDP:1965 = 46%1970 = 45%1980 = 50% – Reagan1990 = 61%2000 = 69%2007 = 95% An increase of 16% since Reagan.
3. WORKERS COMPENSATED FOR THE LOSS OF INCOME BY SPENDING THEIR SAVINGS.The savings Rose up to Reagan and fell during and after.1950 = 6.0%1960 = 7.0%1970 = 8.5%1980 = 10.0% – Reagan1982 = 11.2% – Peak1990 = 7.0%2000 = 2.0%2006 = -1.1% (Negative = withdrawing from savings)
4.Household Debt as percentage of GDP:1965 = 46%1970 = 45%1980 = 50% – Reagan1990 = 61%2000 = 69%2007 = 95%A 45% increase after 1980.
5. SO THE GAP BETWEEN THE RICHEST AND THE POOREST HAS GROWN.Gap Between the Share of Capital Income earned by the top 1%and the bottom 80%:1980 = 10%2003 = 56%A 5.6 times increase.
6. AND THE AMERICAN DREAM IS GONE.The Probabilityy of Moving Up from the Bottom 40% to the Top 40%:1945 = 12%1958 = 6%1990 = 3%2000 = 2%A 10% Decrease.
Links:1 =
ftp://ftp.bls.gov/pub/special.requests/pf/totalf1.txt1 =
https://www.clevelandfed.org/Researc...s/No7Nov04.pdf1 = Clipboard01.jpg (image)2 – Congratulations to Emmanuel Saez | The White House3 =
http://www.demos.org/inequality/imag...ving_thumb.gif3 =
http://www.bea.gov/national/nipaweb/...&LastYear=20104 =
http://www.prudentbear.com/index.php...or-debt-of-gdp4 = FRB: Z.1 Release--Financial Accounts of the United States--June 6, 20135/6 = Wealth And Inequality In America - Business Insider
AND his final legacy, George W. BOOOSH...BARF...