A Bigger Economic Pie, but a Smaller Slice for Half of the U.S.

[elleng]

'Even with all the setbacks from recessions, burst bubbles and vanishing industries, the United States has still pumped out breathtaking riches over the last three and half decades.

The real economy more than doubled in size; the government now uses a substantial share of that bounty to hand over as much as $5 trillion to help working families, older people, disabled and unemployed people pay for a home, visit a doctor and put their children through school.

Yet for half of all Americans, their share of the total economic pie has shrunk significantly, new research has found.

This group — the approximately 117 million adults stuck on the lower half of the income ladder — “has been completely shut off from economic growth since the 1970s,” the team of economists found. “Even after taxes and transfers, there has been close to zero growth for working-age adults in the bottom 50 percent.”'>>>

http://www.nytimes.com/2016/12/06/business/economy/a-bigger-economic-pie-but-a-smaller-slice-for-half-of-the-us.html?

[Wellstone ruled]

1. Been screaming about these facts for years.

Funny how the real truth has been stomp down by our great unbiased Media,isn't. And the future looks even more bleak for my 117 million friends and neighbors.

[progressoid]

2. And Trump conned a lot of people into thinking he would change it for them.

[sab390]

3. Social Security

And a smaller piece for FICA and Medicare. Capital income pays no tax into these, and the cap means the wealthy only pay $17,000. If those 117 were getting their piece of the pie, everything would be fine.