What is revealing
is that the broken clock is finally right, right now in this immediate time frame
the rich really are getting richer and the poor really are getting poorer
It does not usually happen,
but it is happening now,
And suddenly the Dems have shut up about it.
it is sincerely very funny.
They won’t say it now,
not until someone spoon feeds them some talking points so they can spin this to their advantage.
Pandemic shut downs caused by far the largest transfer of wealth upwards in history. Who was for that again?
If he was allowed to depreciate the cost of making that net to calculate his income taxes, that would pass for a government subsidy around here.
Ain’t that the truth!
What an ad-hoc explanation.
Perhaps foreign millionaires realize that US government can confiscate their property using sanctions as a pretext.
The UK has taken the lead in efforts to develop a legal pretext for confiscating assets of Russian citizens. The US is following their lead. They are coming for Russians now, but similar confiscations could affect wealthy citizens of China, Middle East countries, etc.
It has been happening for the last 40 years. Not just the last 2 years.
They do agree with you, that it started in 1975.
The three decades following the Second World War saw a period of economic growth that was shared across the income distribution, but inequality in taxable income has increased substantially over the last four decades. This work seeks to quantify the scale of income gap created by rising inequality compared to a counterfactual in which growth was shared more broadly. We introduce a time-period agnostic and income-level agnostic measure of inequality that relates income growth to economic growth. This new metric can be applied over long stretches of time, applied to subgroups of interest, and easily calculated. We document the cumulative effect of four decades of income growth below the growth of per capita gross national income and estimate that aggregate income for the population below the 90th percentile over this time period would have been $2.5 trillion (67 percent) higher in 2018 had income growth since 1975 remained as equitable as it was in the first two post-War decades. From 1975 to 2018, the difference between the aggregate taxable income for those below the 90th percentile and the equitable growth counterfactual totals $47 trillion. We further explore trends in inequality by applying this metric within and across business cycles from 1975 to 2018 and also by demographic group.
Nope as I keep showing you just before you move to another thread to re re rerepost the same false tire arguments.
Until the recent past
Right now
Yes, but I was happy with a rising income until I found out other’s income was rising faster than mine. Now, all is ashes.
The stats from from the Rand report disagree with your assertions.
Rand does not speculate the cause (as I have). They just put out the numbers.
Your argument is with them, not me.
Given the high rates of inflation, we are rapidly approaching the situation in South Korea where you a millionaire if you own a new refrigerator. The Korean won is worth less than $.001.
A million dollars today is worth only $50,000 in 1940 dollars.
No the Rand report says
Growth has not been shared equally
Does not mean “incomes went down for some folks”
“incomes went down for some folks” is not what happened (until now)
“incomes went down for some folks” is not what the Rand study says.
Try reading the first line of your own study
It reads
The three decades following the Second World War saw a period of economic growth that was shared across the income distribution
Income growth that was share.
means income growth that was shared.
You are not a stupid person why are you pretending to be one?
How do you interpret this data?
We document the cumulative effect of four decades of income growth below the growth of per capita gross national income and estimate that aggregate income for the population below the 90th percentile over this time period would have been $2.5 trillion (67 percent) higher in 2018 had income growth since 1975 remained as equitable as it was in the first two post-War decades. From 1975 to 2018, the difference between the aggregate taxable income for those below the 90th percentile and the equitable growth counterfactual totals $47 trillion
[/quote]
Here, from page 4 in your own study
For the next three decades during the 1975-1979, 1980-1990, and 1991-2000 cycles, the US settled into a pattern of unequal growth—the bottom four quintiles grew
Here let me help you out
Grew, grew grew grew,
does “grew” mean "shrunk?
They grew at the same rate as the previous decades?
I said “the poor are getting poorer”
You said
You responded by posting a study that shows it has NOT been happening for the last 40 years… The poor have not been getting poorer fo the last 40 years and your study agrees.
It’s the facts, and me and your study all saying “the poor have not been getting poorer for the past 40 years.” . . . and you on the other side.
True. When I was a kid in the fifties someone with a million dollars was imagined with a diamond tie pin, spats and a rolls. Now it’s someone who doesn’t have to worry a lot if he needs a new refrigerator.
Worry not they will be just fine and if it gets to be too much they can follow their friends to the socialist hell hole that is the EU or so I’ve heard.
The middle class is smaller today, than in 1975.
About 60% to 40% That has been my point the entire time. It was also the point of the rand article.
Please address that.
Must just be woke left wing millionaires heading to Europe.
