Quote:
Originally Posted by Hoonose
But is there a limit on USD?
How is our middle class doing?
Is our middle class flush with USD's?
Do we want to augment our middle class?
Can we augment our middle class without further taxes?
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Quote:
Originally Posted by Hoonose
Or should we leave things be as they are and let our current system of capitalism do its thing?
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Capitalism is the greatest force for good yet invented by Mankind. Around the world, capitalism has brought more people out of abject poverty than any other system devised. Closer to home, the US middle class is doing very well and is not recovering from the horrendous anti-business policies of the prior administration.
What about the very poor?
Poverty has declined significantly over the past 50 years. Those who disagree ignore data because they don't like what it shows.
Some argue that the official poverty measure from the US Government indicates little improvement since the early 1970s. But this measure is misleading.
First, over the past 40 years America’s safety net has shifted substantially towards in-kind programs such as SNAP (food stamps) and housing benefits, and towards tax expenditures such as the Earned Income Credit while shifting away from traditional cash-transfer programs (live checks). It turns out the US "Official Poverty Measure" doesn't count in-kind assistance or tax expenditure programs.
Second, the official poverty measure relies on incomplete survey data. Americans are less willing today to take the time to respond accurately to government interviewers. For example, the official poverty survey registered only half of the cash welfare the government actually paid out.
Third, the official measure accounts for inflation using the Consumer Price Index for all Urban Consumers, or CPI-U, a benchmark that does not accurately reflect the influence of new consumer products, changes in the quality of goods, or the shift to low-cost stores. While such errors in accounting for inflation have only a small effect on changes from one year to the next, they accumulate over decades and substantially alter long-term trends.
If, instead of focusing on reported incomes, you evaluate poverty based on actual consumption, you get a much better picture. So look at what food, housing, transportation and other goods and services people actually purchase and consume. The data clearly shows that there is much, much less material deprivation than there was decades ago.
For example, according to the American Housing Survey, the poorest 20% of Americans live as the middle class did a generation ago as measured by the square footage of their homes, the number of rooms per person, and the presence of air conditioning, dishwashers and other amenities.
It still sux to be dirt-poor compared to being wealthy, but life is unquestionably getting better for the bottom quintile. It is unquestionably getting better for the middle-class as well.
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