Sunday, April 9, 2017

"The Growing Divide Between The Haves and The Have-nots, In One Stunning Chart”

"The Growing Divide Between The Haves and The Have-nots,
 In One Stunning Chart”
by Shawn Langlois

"The 1% tend to sweep it under their elegant Persian rugs, while those struggling to make rent scream it from the unemployment line: Inequality in the United States is bad and it’s only getting worse. To further the discussion, the Center for Economic and Policy Research, a Washington, D.C.-based think tank, this week shared research from a trio of contributors, led by French economist Thomas Piketty, in an attempt “to create inequality statistics for the U.S. that overcome the limitations of existing data.”

This chart, originally published in December on the Washington Center for Equitable Growth website, caught some refreshed social-media buzz:
“It’s a tale of two countries,” the authors wrote. “For the 117 million U.S. adults in the bottom half of the income distribution, growth has been nonexistent for a generation, while at the top of the ladder it has been extraordinarily strong.”

And it’s not due to the aging population. Rather, income has actually dropped for the working class. In fact, none of the growth from 1980 to 2014 went to the bottom 50%, the study pointed out. Only 32% went to the middle class, while the top 10% reaped 68% of the growth. A full 36% went to the 1% alone. Troubling? “An economy that fails to deliver growth for half of its people for an entire generation is bound to generate discontent with the status quo and a rejection of establishment politics,” the authors said.

University of Michigan economist Justin Wolfers, who helped make the chart a hot topic on Twitte, had this say when he saw the illustration: “Just think how amazing it is that both of these lines even fit on the same chart with the same axes.”
Related:
"Income Share for the Bottom 50% of Americans is ‘Collapsing,’"

2 comments:

  1. it's obvious the value of welfare checks and burger flipping has not kept up with the value of stocks, bonds, and other investments

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  2. Many things have become obvious, cannon, about the true nature of "free enterprise" and the current economic system. Of course the Fed only had the best interests of the American people at heart when they saved the banksters in 2008/9 with $23 trillion in phony "loans" and guarantees, right? The system wasn't rigged then, or now, right? What a deal! The banks "borrow" billions from the Fed at .25% interest, then loan that exact same money back to the Treasury at 4.5% interest, which of course the taxpayers must pay, while charging the sheeple 24.99% interest on credit cards, "late fees", overdrafts, and anything else they can get away with! And on and on it goes, trillions of $ for the stocks, bonds and investments of the 1%. What a great racket, for those in "The Club", the privileged, the oh-so-deserving, the entitled, right? Perhaps you've benefitted personally. If so, good. Good for you, enjoy it while you can. But what happens to them, and you, when this inconceivably gigantic financial bubble bursts into world wide economic collapse, including the $1.5 QUADRILLION in derivatives, the commissions from which also funded those stocks, bonds, and investments? What happens then? In the resulting, and inevitable, social chaos do you think their high walls and compounds will save them from the burger flippers, human nature being what it is? If you do you're a fool, which I don't believe, just a tad too smug and condescending. Time, and events, will cure that...
    Thanks for stopping by and commenting!

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