Black People : INEQUALITY

[Kemetstry]

pioneering work on assessing inequality in the U.S., has just released his latest study, bringing his data up to 2012. His finding: The income share of the top 1 percent of earners in 2012 returned to the same level as before both the Great Recession and ...the Great Depression: over 22 percent. The study also shows that almost all the gains over the last 20 years have gone to the very top. Between 1993 and 2012, the real incomes of the top 1% grew 86.1%, while those of the bottom 99% grew 6.6% (the top 1% is defined as families with incomes above $394,000 in 2012). From 2009 to 2012, as the U.S. economy improved, incomes of the top 1% grew more than 31%, while the incomes of the 99% grew 0.4% - less than half a percentage point. Meanwhile, the typical worker saw almost no income gain at all. And we now have the lowest percentage of adults in the workforce than at any time in the last 35 years.

As I've argued, all this is not only savagely unfair but it's also bad for the economy. With so much of the nation's economic gains going to the top, the rest don't have the purchasing power to keep the economy going -- which explains why the recovery has been so anemic, and why it's also so fragile. This degree of inequality is also bad for our democracy: With so much income and wealth concentrated at the top, the rich have been able to entrench their wealth and privilege through laws that favor them and their businesses while putting ever-greater burdens on everyone else.

The question is: When do we reach a tipping point? When is inequality so wide that the vast majority of Americans refuse to take it any more? Is the upcoming mayoral race in New York -- centered as it has been on inequality, with the putative winner pledged to raise taxes on the City's wealthiest -- a sign of things to come?




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[crissy27]

pioneering work on assessing inequality in the U.S., has just released his latest study, bringing his data up to 2012. His finding: The income share of the top 1 percent of earners in 2012 returned to the same level as before both the Great Recession and ...the Great Depression: over 22 percent. The study also shows that almost all the gains over the last 20 years have gone to the very top. Between 1993 and 2012, the real incomes of the top 1% grew 86.1%, while those of the bottom 99% grew 6.6% (the top 1% is defined as families with incomes above $394,000 in 2012). From 2009 to 2012, as the U.S. economy improved, incomes of the top 1% grew more than 31%, while the incomes of the 99% grew 0.4% - less than half a percentage point. Meanwhile, the typical worker saw almost no income gain at all. And we now have the lowest percentage of adults in the workforce than at any time in the last 35 years.

As I've argued, all this is not only savagely unfair but it's also bad for the economy. With so much of the nation's economic gains going to the top, the rest don't have the purchasing power to keep the economy going -- which explains why the recovery has been so anemic, and why it's also so fragile. This degree of inequality is also bad for our democracy: With so much income and wealth concentrated at the top, the rich have been able to entrench their wealth and privilege through laws that favor them and their businesses while putting ever-greater burdens on everyone else.

The question is: When do we reach a tipping point? When is inequality so wide that the vast majority of Americans refuse to take it any more? Is the upcoming mayoral race in New York -- centered as it has been on inequality, with the putative winner pledged to raise taxes on the City's wealthiest -- a sign of things to come?




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This is one of the main REAL reasons (I think) for all of this sudden war stuff (race war, Syrian war, etc) hype in the Media lately...a giant distraction for the masses (have the 99% fighting/killing themselves) while this country continues to dive bomb into dispair and the 1% run off with all the wealth.

 

[MimiBelle]

Unfair? Meh. You're entitled to what youve earned ...and if the thieving a...s fed govt would stop digging in everyone's wallets, looking for more money to waste on crap, no one would have to go to such lengths to secure their resources, in the first place.
No - it can take *your* money. Don't blame others if you let it happen.
The only time I rail about business? When I think of all the corporatists in healthcare...bc that's one area that should b free of such a thing. Healthcare facilities are more concerened with the bottom line than pt care. Thats a shame. Other than that? *shrug* I usually don't care what business does. Making money is the entire point. I didnt see anyone complaining about capitalism when the economy boomed during the 90's. take the good with the bad. every system has its drawbacks.
besides, if the govt would enforce the regs in the books and practice some oversight -- if the fed reserve would stop tinkering/reinflating the bubble/enabling unscrupulous investing back in 2001 -- we wouldn't be in this mess, in the first place. America isn't truly capitalist --we have a mixed economy; capitalism is our econ foundation, for those who dont know. we are not laissez faire. --its govt just allowed business to operate as if it were.

So, I'm really not about to get into what's 'fair'....LOL Meanwhile, I dont judge how anyone 'cheats'. Truly. LOL I only go there when ppl, for instance, complain about what 'the rich' need to give...when they're recving $7000 refunds every year. What is that, like... $1000 per child? LOL Their entire existence is subsidized and they've the nerve to talk about what someone else owes? Other than that?
Nah, I don't care. Everyones on the take. So what? The govt ought to fix the tax code. Until then...I shall legally scheme all I like, along with everyone else. WWTGD? What would timothy geithner do? LOL
How the heck am I stealing my own money? Better off in my possession than to help fund another stupid war.

The bottom recvs supplements and those who can...'get over' (legally). The only group who plays 'Booboo, the Fool' - the only ones who have my sympathy - is 'the middle'....
This govt is trying to throw a backdoor flat tax on them as we speak. Its wrong...especially when u hear the rationale for how something meant to tax high earners, now taxes those who, by and large, are not.

taxing high income earners won't solve the multifaceted problem but its a start.
However, they'd do well to ease into it. hike taxes to a great extent and ppl will just shift the money beyond reach. increase the cost of doing business and business owners will just spread the cost among consumers (let the market decide). make a certain area unpleasant for some people and they'll just pack up and leave the state or country...and take their wealth with them.

Anyway --
I support 'redistributions of wealth'. Seriously. What i said before...that was just me being emotional. LOL I understand that sacrifices must be made though. I really do...because Im not stupid. LOL Everyone will go down with the ship if we don't. Even 'the wealthy'. No one is truly infallible. Everyone is vulnerable to market forces...bc thats how everyone earns their wealth. They'll do better than others but they'll b stuck on a hill in their shiny houses surrounded by chaos. If the bottom fell out, virtually everyone would lose their butts. No better off than others if they stay in the states. Coupled with everything else, a deep wealth disparity will be one of the many nails in the coffin that's going to kill this economy.
Contributed to the G. Depression, I know that. Taxing high income earners won't solve this multifaceted problem...but its a start.

I'm not worried about the '0.1% of one percenters'. If sucking up money and killing jobs is the worst that they can do...? *shrug* My family rode out the first G. Depression. We'll ride out the next.
Net worth may b lost for us. That would suck. I'd probably have to put my mother on an Ativan/Morphine drip to help her cope with life. LOL Some of us, like virtually everyone in america, have a reliance on the system but such a thing would b irrelevant in an economy thats stagnant. The greenback would b so degraded that it wouldnt matter, anyhow.

Im just glad that we've diversified our interests. I'm thinking...we could probably retain our businesses in some sort of barter/trade fashion. Maybe...? Either way, the only way to survive would be to band together and create a fiefdom, of sorts. LOL

If america does collapse then it just will. This country would probably do well to hit the reset button and start over, anyway.

...but to answer the question:
People will 'do something about it' once they understand that the Fed govt and Fed Reserve own the lions share of the problem....

...as it was with picketing of wall street. Wall Street's the problem...why? The media said so? Obama said so?
There was a 'Pyramid of Culpability'...as it is with all things concerning the financial markets and our economy. The Fed Gov and Fed Reserve never cease to be at the apex. The poor arent the problem. The rich arent the problem. The goverment is the problem.
Capitalists only do...what capitalists are allowed.

 

[Kemetstry]

This is one of the main REAL reasons (I think) for all of this sudden war stuff (race war, Syrian war, etc) hype in the Media lately...a giant distraction for the masses (have the 99% fighting/killing themselves) while this country continues to dive bomb into dispair and the 1% run off with all the wealth.

It's up to us to change the focus then






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[Kemetstry]

Preato's Law.



Empires have collapsed because of unequal wealth distributions.



Tipping point will be financial collapse.

We haven't changed the laws to protect us from the evil rich. Each successive collapse is worst than the last. I agree, the next one will take us over the edge






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