Growing Income Inequality and Skewed Distribution of Wealth - Not Good for the Economy! (legal, borders)
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34%. That would be the same percentage that we saw in that "Golden" age between 1948 - 1965.
Excuse me, I made at typo in my post, it is actually 24% today, but you're reading the chart incorrectly it that's where you're getting the number from. The percentage on the side is not the precentage of income distribution.
Quote:
In 1915, a statistician at the University of Wisconsin named Willford I. King published The Wealth and Income of the People of the United States, the most comprehensive study of its kind to date. The United States was displacing Great Britain as the world's wealthiest nation, but detailed information about its economy was not yet readily available; the federal government wouldn't start collecting such data in any systematic way until the 1930s. One of King's purposes was to reassure the public that all Americans were sharing in the country's newfound wealth.
King was somewhat troubled to find that the richest 1 percent possessed about 15 percent of the nation's income. (A more authoritative subsequent calculation puts the figure slightly higher, at about 18 percent.)
This was the era in which the accumulated wealth of America's richest families—the Rockefellers, the Vanderbilts, the Carnegies—helped prompt creation of the modern income tax, lest disparities in wealth turn the United States into a European-style aristocracy. The socialist movement was at its historic peak, a wave of anarchist bombings was terrorizing the nation's industrialists, and President Woodrow Wilson's attorney general, Alexander Palmer, would soon stage brutal raids on radicals of every stripe. In American history, there has never been a time when class warfare seemed more imminent.
That was when the richest 1 percent accounted for 18 percent of the nation's income. Today, the richest 1 percent account for 24 percent of the nation's income. What caused this to happen? Over the next two weeks, I'll try to answer that question by looking at all potential explanations—race, gender, the computer revolution, immigration, trade, government policies, the decline of labor, compensation policies on Wall Street and in executive suites, and education. Then I'll explain why people who say we don't need to worry about income inequality (there aren't many of them) are wrong.
The middle class didn't offer up their jobs, they were transferred overseas to escape regulations (many recalls from China, huh?), because they could pay the lowest wages possible, and they could avoid U.S. taxes more easily. If sending one's business to another country to avoid paying American workers a decent wage with cost of living increases is seen as acceptable, and selling shoddy or unsafe products isn't a problem, I'd say that business owner has no idea what it means to be an American.
And you're absolutely right - excellent post!
I want to put a bag over my head when I read the opinions on this issue of most of my fellow conservatives. We are living amongst a new breed of ethically bankrupt business leaders who are every bit as misguided as the self-proclaimed divine right rulers of the Middle Ages were on their way to the guillotine. They are killing the country....and quickly....and they haven't a clue.
Awww geez. You're layin it on thick now. Why is it so hard for you to understand the middle class, as a whole, barely even tries to save money or do anything that requires sacrifice. There's always been rich people in America. They'll find their ways to avoid taxes no matter what the highest income bracket is. You know why, because they're the ones that write the laws, pay the lobbyist and are overall smarter than all the rest of the pack.
This isn't different at anytime in history or any group of people no matter what currency they used. At some point in time you'll have to accept this as fact or become a revolutionary who causes a bloody insurrection. Just remember if you go with the bloody insurrection path not to fall into the absolutely corrupt camp because you know what they say about absolute power!
Yeah I know, let's blame the stupid middle class who was some stupid until the the end of World War II when they smartened up, then in the late 70s they became stupid again...it's all their fault for working hard and expecting a good quality of life.
Another thing that most Americans don't realize is that poverty increased substantially in this country during the Bush 43 Administration. In 2001 when George Bush Jr. took offiice 32.907 million Americans lived in poverty or 11.7% of the population. In 2008 the last year of the Bush 43 Adiministration 39.829 million Americans lived in poverty or 13.2% of the population.
while those numbers are true, it also does not reflect the fact that the population grew by 28 million in those 8 years and many were poor
you post this like you are so holyier than thou elite person, thinking this is jsu a USA problem
why post about democrats and republicans, this income inequity is world wide and growing world wide, to include in the so-called socialist countries. Even denmark which has one of the lowest Gini ratings (least rich/poor gap) has had its gap grow in the last 2 decades
I am talking about the USA because I am a citizen of the country, I vote here. If you think I am coming off as holier than thou, maybe you haven't seen all the posts accusing Liberals of being jealous of the rich when that is NOT the issue. The point is that growing income inequality is a problem and the GOP agenda (getting rid of the minimum wage, cutting taxes for the rich and eliminating labor unions) IS NOT going to help the economy.
The faster China pulls ahead of us the happier I am. China, the new top polluter in the world.....
Now the world will complain about them instead of us..... The tree huggers and eco-terrorists will focus their attention on them, not us. Their people can choke on pollution, not us.
Don't whine and complain..we did it to ourselves. We turned from a producer nation to a consumer nation. Consumer nations do not move ahead when all they do is buy stuff and accumulate debt.
Look at India and China...growing producer nations with 8-9% GDP growth. That's used to be us but over the past 40 years various industries have moved offshore.
The real whiners are those who accuse others of same.
WE didn't do anything of the kind. It is tiresome to continue to read these feeble and disingenuous attempts to blame this sinking ship on the public at large. The vast majority of the population is nowhere near the decision making process that led to this....and you know it as well as I do.
I am talking about the USA because I am a citizen of the country, I vote here. If you think I am coming off as holier than thou, maybe you haven't seen all the posts accusing Liberals of being jealous of the rich when that is NOT the issue. The point is that growing income inequality is a problem and the GOP agenda (getting rid of the minimum wage, cutting taxes for the rich and eliminating labor unions) IS NOT going to help the economy.
the issue here according to your post is the dem-vs-rep. yet the income gap has been increasing worldwide. yet you want to keep harping about USA dem-vs-rep
why is there a minimum wage. wages should be set by the industry and the employee, not the government
your credibility is lost when you say cut the taxes on the rich, the bush tax cuts were mainly for the middleclass and the poor.
and unions, well they were useful 75 years ago, not they are just money greedy leaches that kill business
if you want to talk about the usa only, fine. then why are the liberals constanly pushing the globalist agenda that has made our jobs leave this country.? why have the dems not repealed the democrat passed and signed nafta? why have the democrats passed a insuranec mandate bill, instead of a real health care reform? why did democrat pelosi make the minimum wage bill take 2 yaers ti go fully in effect, and then exempt her own workers from it? why did the democrat clinton change the mortgae rules (supposedly for the poor) that caused a housing bubble (bust)? why have the democrats never made medicare 100%, they force old people to BUY suplemental insurance, why?
sorry, but its never that cut and dry, and still the rich/poor gap grows worldwide
Excuse me, I made at typo in my post, it is actually 24% today, but you're reading the chart incorrectly it that's where you're getting the number from. The percentage on the side is not the precentage of income distribution.
Yeah I know, let's blame the stupid middle class who was some stupid until the the end of World War II when they smartened up, then in the late 70s they became stupid again...it's all their fault for working hard and expecting a good quality of life.
What? We can do this in Spanish or German or English but you have to pick one.
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