Economic Curiosity Worthy of Discussion

[Homeslice]

So the author doesn't have an economics degree, so what. The fact remains that the richest 1% have accumulated a greater share of this country's wealth. Does that make me a liberal or a rich-hater for saying so? If you say so, I guess. But then I guess I'm free to call pauldun and shmike "rich apologists"

Regarding keeping up with inflation --- Just because your employer might be doing well enough to give you a cost of living increase every year doesn't mean they all do. Not even close. Mine hasn't for the last 3 years at least.

True, inflation has been next to zero these last few years, thus justifying low/no COL increases.......But do you really think the average employer is going to instantly start giving increases again, once inflation spikes? Fat chance.

And in many cases, people have even been forced to take permanent reductions, because thier company knows they could get cheaper labor offshore.

Unlike 20 years ago, you can't get out of high school and get a $25/hr job pulling parts at Delphi just because your buds with someone.

[shmike]

Originally Posted by Homeslice

The fact remains that the richest 1% have accumulated a greater share of this country's wealth.

Than when?

1980?

1880?

Somewhere in between?

100 years ago the richest 1% was a handful of families. They controlled nearly all money and industry in the entire nation.

Today, you are considered rich if you make over $380k.

[Homeslice]

Today, you are considered rich if you make over $380k.

I know we've had this debate about "what is rich" before, but what percentile do you think someone making $380K is? I'll bet less than 2% of Americans make that. But I'll let pauldun google it.

[shmike]

Originally Posted by Homeslice

I know we've had this debate about "what is rich" before, but what percentile do you think someone making $380K is? I'll bet less than 2% of Americans make that. But I'll let pauldun google it.

According to the OP that is the line for the top 1%.

Meanwhile, the richest 1% of Americans -- those making $380,000 or more -- have seen their incomes grow 33% over the last 20 years, leaving average Americans in the dust.

So, about that question I asked...

[pauldun170]

Originally Posted by Homeslice

I know we've had this debate about "what is rich" before, but what percentile do you think someone making $380K is? I'll bet less than 2% of Americans make that. But I'll let pauldun google it.

Whah? Whoosawhatsit?
http://www.census.gov/hhes/www/income/income.html

[Homeslice]

Originally Posted by shmike

So, about that question I asked...

shouldn't be too hard to believe that the imbalance of wealth is growing, when you think about the affects of offshoring........

http://static.businessinsider.com/im...h-gap-grow.jpg

http://static.businessinsider.com/im...tax-cuts-have-

[pauldun170]

Originally Posted by shmike

According to the OP that is the line for the top 1%.



So, about that question I asked...

I bet if we rephrased that it might....

Meanwhile, the smartest 1% of Americans -- those making $380,000 or more -- have seen their incomes grow 33% over the last 20 years, leaving average Americans in the dust.

Meanwhile, the Dumbest laziest 1% of Americans -- those making $20,000 or less-- have seen their incomes stagnate

[pauldun170]

Originally Posted by Homeslice

shouldn't be too hard to believe that the imbalance of wealth is growing, when you think about the affects of offshoring........

http://static.businessinsider.com/im...h-gap-grow.jpg

http://static.businessinsider.com/im...tax-cuts-have-

Screw your charts with the soucre of your chart - bitch
http://www.cbpp.org/cms/index.cfm?fa=view&id=1002

At least I came at you with real numbers. You are coming back with weak sauce

[Homeslice]

According to the OP that is the line for the top 1%.

If so, why is that not "rich"?

(never mind the whole subject of worth vs. income..........Yes, we know a young guy making $380K might be asset-poor with very little wealth........bla bla........But he is still among the top 1% of earners, so let's just call him a "rich earner" if nothing else.)

Income tax is income tax......The gov't is never going to say "Oh, I see your net worth isn't too impressive, so we'll give you a break and take less out of your paycheck"

[pauldun170]

Originally Posted by Homeslice

If so, why is that not "rich"?

(never mind the whole subject of worth vs. income..........Yes, we know a young guy making $380K might be asset-poor with very little wealth........bla bla........But he is still among the top 1% of earners, so let's just call him a "rich earner" if nothing else.)

Income tax is income tax......The gov't is never going to say "Oh, I see your net worth isn't too impressive, so we'll give you a break and take less out of your paycheck"

FYI:
Capital income
Definition
Any income resulting from the sale of capital investment assets.

Also source used for original article
http://www.econ.berkeley.edu/~saez/s...s-2006prel.pdf