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US income inequality continues to grow - GMDino - 07-20-2018 Sigh...I guess the rest of us just have to "work harder". https://www.cnbc.com/2018/07/19/income-inequality-continues-to-grow-in-the-united-states.html Quote:US income inequality continues to grow RE: US income inequality continues to grow - fredtoast - 07-20-2018 95% of all the new wealth created in the United Sates since 1970 has gone to the top 5% of the population. Yet the middle class has fallen for the story that their biggest economic threat is from Mexican immigrants or people on government benefits drawing a few hundred dollars a month. The middle class is being destroyed by the upper class and the blame is landing on the lowest class. RE: US income inequality continues to grow - hollodero - 07-20-2018 (07-20-2018, 04:05 PM)fredtoast Wrote: 95% of all the new wealth created in the United Sates since 1970 has is owned by the to 5% of the population. Populism in a plutocracy. Oh and also there's now a tax cut that will hand 99% of the benefits to the top 5% in 2027. Not hard to figure who will pay for these cuts in the long run. That people eat that one up because of a possible bonus and some temporary crumbs is one of the most surprising things. For lack of a better explanation I figure that 95% of people believe they will be amongst the 5% in 2027. RE: US income inequality continues to grow - Belsnickel - 07-20-2018 RE: US income inequality continues to grow - Belsnickel - 07-20-2018 RE: US income inequality continues to grow - GMDino - 07-20-2018 I think Matt is trying to tell us something.... (07-20-2018, 04:16 PM)Belsnickel Wrote: (07-20-2018, 04:35 PM)Belsnickel Wrote: RE: US income inequality continues to grow - TheLeonardLeap - 07-20-2018 I'm not saying this is THE answer of why, but I have to imagine that it is a very large contributor..... -There are 22 of the 51 (50 States + DC) with a Top 1% of over $1m. -Those 22 have 99 professional sports teams in them. The remaining 29 have 36 professional sports teams in them. If you lower the threshold to $900k instead of $1m, the numbers become 119 and 16, respectively. In fact, there are only 4 of the 51 who have at least 1 professional team and are under $900k for the Top 1%. Arizona, Louisiana, Indiana, and Ohio. That's it. Also, of those 16 teams in the 4 under $900k, Ohio has 8 of them. In the NFL alone right now, there are 132 players making at least $10m/yr, 46 making at least $15m/yr, 17 making at least $20m/yr, 6 making at least $25m/yr, and 1 making $30m/yr. In 2011 those numbers were 52, 7, 0, 0, and 0, respectively. THERE is some income inequality skewing for you. ... and there are 5 professional sport leagues. - - - - - - - - - - - - Throwaway stat because this is P&R and this post thus far isn't nearly fight-provoking enough: 21 of the 51 voted Democrat in the election. That 21 contains 14/22 of the >$1m and 6/8 of the >$1.5m in the Top 1%. RE: US income inequality continues to grow - michaelsean - 07-20-2018 (07-20-2018, 04:05 PM)fredtoast Wrote: 95% of all the new wealth created in the United Sates since 1970 has gone to the top 5% of the population. It went solely to the top 5% or it went to the top 5% and moved people to the top 5%? Also wouldn’t the minimum wage violations have a lot to do with illegal immigrants? RE: US income inequality continues to grow - Nately120 - 07-20-2018 (07-20-2018, 08:27 PM)michaelsean Wrote: Also wouldn’t the minimum wage violations have a lot to do with illegal immigrants? Illegals and the job creators who choose to hire 'em rather than employ a greedy American, eh? RE: US income inequality continues to grow - michaelsean - 07-20-2018 (07-20-2018, 08:47 PM)Nately120 Wrote: Illegals and the job creators who choose to hire 'em rather than employ a greedy American, eh? Oh I’m on record blaming the employees most of all. I’m just saying it’s the illegal immigrants that in part make this possible. Maybe even some legal ones. RE: US income inequality continues to grow - Nately120 - 07-20-2018 (07-20-2018, 08:50 PM)michaelsean Wrote: Oh I’m on record blaming the employees most of all. I’m just saying it’s the illegal immigrants that in part make this possible. Maybe even some legal ones. I hear ya. I just happen to think there would be less incentive for them to come here if we all agreed to not hire them. That's a pipe dream, eh? RE: US income inequality continues to grow - michaelsean - 07-20-2018 (07-20-2018, 08:52 PM)Nately120 Wrote: I hear ya. I just happen to think there would be less incentive for them to come here if we all agreed to not hire them. That's a pipe dream, eh? Absolutely. I think we can say that the vast majority of employers who pay below the going rate know they are employing illegals. Or if they pay in cash. While I’m sure some people here legally will work for cash, I’m guessing most would see that as too big of a risk not to mention they would like to become established. RE: US income inequality continues to grow - fredtoast - 07-20-2018 (07-20-2018, 08:27 PM)michaelsean Wrote: Also wouldn’t the minimum wage violations have a lot to do with illegal immigrants? My point is "Who cares"? The top 10% control about 75% of the wealth in the United States. That is about $72 trillion. The $23 billion in minimum wage violations would be about 3 tenths of one percent of that amount. The middle class is losing trillions to the upper class and the upper class has them all worked up over 3 tenths of one percent of the wealth split up among 90% of the population. RE: US income inequality continues to grow - Nately120 - 07-20-2018 (07-20-2018, 08:56 PM)michaelsean Wrote: Absolutely. I think we can say that the vast majority of employers who pay below the going rate know they are employing illegals. Or if they pay in cash. While I’m sure some people here legally will work for cash, I’m guessing most would see that as too big of a risk not to mention they would like to become established. I think it's one of those things people do and then justify why they are doing it, while still thinking everyone else who does it is a scumbag. It's easier to hire illegals and then spend your time badmouthing them and calling for the government to keep them out of the country and pull that "I might as well...everyone else is doing it!" card out of your sleeve. Anyways, the fact that we elected a man who hired zounds of illegals to be our president has me pretty skeptical we'll be going after the big fish any time soon. RE: US income inequality continues to grow - bfine32 - 07-20-2018 (07-20-2018, 09:05 PM)fredtoast Wrote: My point is "Who cares"? And the top 10% pay about 70% of the taxes. What do folks what: 1. successful people to make less? 2. Give more of their money to the poor? 3. Throw it all in a big pot and split it evenly among everyone? I'm middle class and I'm doing fine. RE: US income inequality continues to grow - Nately120 - 07-20-2018 (07-20-2018, 09:16 PM)bfine32 Wrote: And the top 10% pay about 70% of the taxes. Personally, I want us to stop electing politicians who promise to spend obscene amounts of money on things we don't need all while promising to slash our taxes. I'd like for us to treat money as if it were a viable asset and not something the government continuously prints until we all find ourselves bitterly laughing that a normal American can find himself using a credit card to buy something that used to cost 10 cents. I just get skeptical any time the government does something that would be insane or illegal for me to do. Hey, I'm going to quit my job and then buy a giant house. It's ok, I don't need money...I'll just print it myself! But hey, we just elected a guy who will build a giant wall for free and cut our taxes, so I'm sure we're on the right path towards that. FAIRNESS ALERT - Obama promised to get us free phones or something, too. RE: US income inequality continues to grow - Belsnickel - 07-20-2018 I heard a DSA member talking recently about the idea of a maximum wage instead of a minimum wage. It was rather interesting, this idea that essentially any income beyond a certain amount would be taxed at 100%. Not saying I'm for it, just throwing this out there for people to think about. Me, personally, I'd much rather have a tax structure closer to what we had in, say, the 50s. I know that the MAGA types talked about that era with high esteem, though I suspect they felt that way for other reasons. Me, I like the idea that we were bringing in revenues and taking care of our people. There was this idea that was the role of government, promoting the welfare of the people. Crazy idea, that one. RE: US income inequality continues to grow - bfine32 - 07-20-2018 (07-20-2018, 09:20 PM)Nately120 Wrote: Personally, I want us to stop electing politicians who promise to spend obscene amounts of money on things we don't need all while promising to slash our taxes. I'd like for us to treat money as if it were a viable asset and not something the government continuously prints until we all find ourselves bitterly laughing that a normal American can find himself using a credit card to buy something that used to cost 10 cents. I just get skeptical any time the government does something that would be insane or illegal for me to do. Not sure you really answered what you want the rich to do; but you did type a lot of words RE: US income inequality continues to grow - Nately120 - 07-20-2018 (07-20-2018, 09:23 PM)bfine32 Wrote: Not sure you really answered what you want the rich to do; but you did type a lot of words I'm saying it doesn't matter because the rich control the government which prints money. More money being printed causes money to lose its value which is why wages don't keep up with inflation and why the gap grows. You and I are both middle class and we are fine with it. I was born middle class, but my parents were lower-middle class by the end because the point at which they were standing financially slid down the proverbial hill that our system creates. And that system is eagerly propped up by voters, even though so many people swear to be fiscally conservative. I don't want the rich to do anything specific, I just want us all to be using a system of currency that isn't play money for the powers that be. Again, a pipe dream. RE: US income inequality continues to grow - michaelsean - 07-20-2018 (07-20-2018, 09:22 PM)Belsnickel Wrote: I heard a DSA member talking recently about the idea of a maximum wage instead of a minimum wage. It was rather interesting, this idea that essentially any income beyond a certain amount would be taxed at 100%. Not saying I'm for it, just throwing this out there for people to think about. People also forget that the world was in pieces and one country was still together with the ability to rebuild it. |