Rich Are Not Getting Richer While The Poor Getting Poorer
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You're missing the point. The data shows that the people that are rich now are richer than the people that were rich in the past. What it also shows is that those people are not the same people.
Is this not your thread? Is the title representative of the above statement? Forgive me, but I may have missed the odd post in the thread but, adjusted for inflation, what would the net worth of a Vanderbilt or a Carnegie be in todays money? Nevertheless, do you imagine a 2011 billionaire has anything to worry about? Does the relativity matter? Please, if you would, explain the raison (d'etre) of this thread?
Is this not your thread? Is the title representative of the above statement? Forgive me, but I may have missed the odd post in the thread but, adjusted for inflation, what would the net worth of a Vanderbilt or a Carnegie be in todays money? Nevertheless, do you imagine a 2011 billionaire has anything to worry about? Does the relativity matter? Please, if you would, explain the raison (d'etre) of this thread?
Yes, it does matter. It shows that it is not the case, as frequently argued, that there is one group becoming more rich while keeping others stuck being poor. People who were classified as poor moved up in income (at a greater rate than the wealthy), and many that were rich moved down. It means that people are not stuck as victims and are able to make significant progress. That's a pretty big deal.
I haven't read the entire thread but I doubt ANYONE has brought up the pesky DEVALUATION of our currency.
Also who is the O.P. calling "rich"?
I would say all but the top 2% are getting poorer and have been getting poorer ever since we went off the gold standard and the purchasing power of the dollar has been sinking like a stone.
Just in the last 5 years or so (or certainly 10 years) the cost of food has DOUBLED. I don't even think that most of the so called "rich" have doubled their incomes to even KEEP UP with the purchasing power their incomes had 10 years ago. Think about it.
If you made $100k 5 or 10 years ago, you'd need to make $200k today to just MAINTAIN your style of living that you had before when you made half as much.
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