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Message
The wealth gap is a farce
Posted on 9/16/20 at 2:49 pm
Posted on 9/16/20 at 2:49 pm
At least in this country.
Outside of those with mental health issues or drug abuse, no one is starving or homeless.
The difference between our wealthiest and poorest is generally a matter of travel and leisure.
People on welfare can have a similar cell phone, television and cable package as Jeff Bezos. They can have a home with air conditioning, clean water and sewage, garbage pick up, public schools, free or heavily subsidized college or trade school and a car.
The list goes on and on.
Less than 100 years ago, this discrepancy could have meant starvation, being homeless, etc.
Now the differences are a matter of luxury, not functionality.
Outside of those with mental health issues or drug abuse, no one is starving or homeless.
The difference between our wealthiest and poorest is generally a matter of travel and leisure.
People on welfare can have a similar cell phone, television and cable package as Jeff Bezos. They can have a home with air conditioning, clean water and sewage, garbage pick up, public schools, free or heavily subsidized college or trade school and a car.
The list goes on and on.
Less than 100 years ago, this discrepancy could have meant starvation, being homeless, etc.
Now the differences are a matter of luxury, not functionality.
9
Posted on 9/16/20 at 2:52 pm to Bjorn Cyborg
quote:
The list goes on and on.
Most folks in the upper 2 quintiles of earnings were in the lowest quintile as young folks.
Our classes are remarkably flexible, whereas the "Democratic Socialist" countries in Europe have relatively rigid classes with limited mobility and limited opportunity (and do no better in overall health and well-being).
Our system has many more opportunities to do well because you do well by being of service to others. Make a product/service that is novel, better or cheaper (or some combination) or work hard for someone who does - which generally enriches our society as a whole. In more controlled economic systems, one does better by sucking up to the authorities.
This post was edited on 9/16/20 at 2:54 pm
Posted on 9/16/20 at 2:54 pm to Bjorn Cyborg
The way tLibs measure wealth inequality is a static non dynamic calculation without factoring in the variations in individuals income on a year by year basis.
Posted on 9/16/20 at 2:55 pm to Bjorn Cyborg
There will always be people that are in poverty. Most of those can't be helped because the won't help themselves. No amount of free stuff will change the behavior that causes their problems.
Most of the wealth inequality talk to pure jealousy.
Most of the wealth inequality talk to pure jealousy.
Posted on 9/16/20 at 2:55 pm to Bjorn Cyborg
The truth is that our poorest citizens live at a comparable level to middle class Europeans.
Years ago, I read somewhere the income at the poverty level in the USA would be in the top 20-25% of worldwide income.
Years ago, I read somewhere the income at the poverty level in the USA would be in the top 20-25% of worldwide income.
Posted on 9/16/20 at 2:56 pm to wutangfinancial
The gap is irrelevant.
What matters is the lifestyle of those at the bottom. Anything else is just jealousy.
What matters is the lifestyle of those at the bottom. Anything else is just jealousy.
Posted on 9/16/20 at 2:57 pm to Bjorn Cyborg
quote:
no one is starving
Posted on 9/16/20 at 2:58 pm to Zach
quote:
no one is starving
Edit: Against their will
Posted on 9/16/20 at 2:58 pm to Zach
You know when you see a post and you know who made it without looking at the name.. I knew that was going to be a Kafka post but then I saw who it was and said.... eh close enough.
Posted on 9/16/20 at 3:00 pm to Bjorn Cyborg
I understand this but I'm just explaining the fallacy that we don't have higher economic mobility than the rest of the world. When we cap the upside on how much we can earn then it's all over. The Biden tax plan would never pass as is but if it did we would pass the rubicon where business owners are being allowed to keep a portion of the government's profits based on effective rates.
Posted on 9/16/20 at 3:02 pm to wutangfinancial
I agree with you
Posted on 9/16/20 at 3:03 pm to Bjorn Cyborg
quote:You don't think those at the bottom would hope for an economic contraction so they could take a 60% in income in order to close that gap?
What matters is the lifestyle of those at the bottom.
Posted on 9/16/20 at 3:11 pm to NC_Tigah
This is why we know it's not about the gap. Rich people's wealth is more convex by nature. When you own a company like Amazon you'll never realize the market value of the company and it could collapse in theory at any point in time. But that number is still used to be more hyperbolic.
Posted on 9/16/20 at 3:17 pm to wutangfinancial
It doesn't affect the lifestyle of a random person if Bill Gates is worth a billion or a trillion.
Most of that may not be "real" money anyway, as you allude to.
If the bottom 10 percent doubles their wealth, but the top 10 percent triples their wealth, then the gap has increased. But the lifestyle of the bottom has significantly improved.
Most of that may not be "real" money anyway, as you allude to.
If the bottom 10 percent doubles their wealth, but the top 10 percent triples their wealth, then the gap has increased. But the lifestyle of the bottom has significantly improved.
Posted on 9/16/20 at 3:31 pm to Bjorn Cyborg
Which is why in the US it's a fake problem and is just whiny people complaining life isn't fair 
In China you might have a point if you complained
In China you might have a point if you complained
Posted on 9/16/20 at 3:49 pm to Bjorn Cyborg
I will say that wages need to rise overall. I’m not talking about people moving up the ladder to earn higher wages as they gain experience. I’m taking about the fact that a job that paid $50k per year in the late 80s to early 90s is still paying $50k today, even though the dollar has lost buying power and the cost of living has increased.
Posted on 9/16/20 at 3:50 pm to Bjorn Cyborg
100 years ago the average family spent close to 50% of their income just to feed themselves. Now even the poor don’t do that.
Posted on 9/16/20 at 3:54 pm to Jeff Boomhauer
quote:
I will say that wages need to rise overall. I’m not talking about people moving up the ladder to earn higher wages as they gain experience. I’m taking about the fact that a job that paid $50k per year in the late 80s to early 90s is still paying $50k today, even though the dollar has lost buying power and the cost of living has increased.
But that’s not true of many jobs or really any jobs.
Posted on 9/16/20 at 4:36 pm to Jeff Boomhauer
Total compensation has kept pace though. You can't incentivize highly taxed and regulated corporations and expect them to not offshore low skill labor and replace wage growth with other compensation. We need a labor force with a better skill set not some policy to save us all.
BTW big tech is looking at not just offshoring but paying lower wages inland which needs to be known and taken advantage of by middle America.
BTW big tech is looking at not just offshoring but paying lower wages inland which needs to be known and taken advantage of by middle America.
This post was edited on 9/16/20 at 4:39 pm
Posted on 9/16/20 at 4:40 pm to Floyd Dawg
quote:
The truth is that our poorest citizens live at a comparable level to middle class Europeans.
Years ago, I read somewhere the income at the poverty level in the USA would be in the top 20-25% of worldwide income.
And we raise the 'poverty level' every year.
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