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Sherman A1

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Member since: Sat May 13, 2006, 07:37 AM
Number of posts: 34,098

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'We were shocked': RAND study uncovers massive income shift to the top 1%



The median worker should be making as much as $102,000 annually—if some $2.5 trillion wasn’t being “reverse distributed” every year away from the working class.

Just how far has the working class been left behind by the winner-take-all economy? A new analysis by the RAND Corporation examines what rising inequality has cost Americans in lost income—and the results are stunning.

A full-time worker whose taxable income is at the median—with half the population making more and half making less—now pulls in about $50,000 a year. Yet had the fruits of the nation’s economic output been shared over the past 45 years as broadly as they were from the end of World War II until the early 1970s, that worker would instead be making $92,000 to $102,000. (The exact figures vary slightly depending on how inflation is calculated.)

The findings, which land amid a global pandemic, help to illuminate the paradoxes of an economy in which so-called essential workers are struggling to make ends meet while the rich keep getting richer.

“We were shocked by the numbers,” says Nick Hanauer, a venture capitalist who came up with the idea for the research along with David Rolf, founder of Local 775 of the Service Employees International Union and president of the Fair Work Center in Seattle. “It explains almost everything. It explains why people are so pissed off. It explains why they are so economically precarious.”

https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1?

'We were shocked': RAND study uncovers massive income shift to the top 1%

The median worker should be making as much as $102,000 annually—if some $2.5 trillion wasn’t being “reverse distributed” every year away from the working class.

Just how far has the working class been left behind by the winner-take-all economy? A new analysis by the RAND Corporation examines what rising inequality has cost Americans in lost income—and the results are stunning.

A full-time worker whose taxable income is at the median—with half the population making more and half making less—now pulls in about $50,000 a year. Yet had the fruits of the nation’s economic output been shared over the past 45 years as broadly as they were from the end of World War II until the early 1970s, that worker would instead be making $92,000 to $102,000. (The exact figures vary slightly depending on how inflation is calculated.)

The findings, which land amid a global pandemic, help to illuminate the paradoxes of an economy in which so-called essential workers are struggling to make ends meet while the rich keep getting richer.

“We were shocked by the numbers,” says Nick Hanauer, a venture capitalist who came up with the idea for the research along with David Rolf, founder of Local 775 of the Service Employees International Union and president of the Fair Work Center in Seattle. “It explains almost everything. It explains why people are so pissed off. It explains why they are so economically precarious.”

https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1?

No need to worry about the smart phone or Alexa spying on us

Apparently the vacuum cleaner has been digging up dirt for years........

African Americans Hit By Job Losses During The Pandemic Find It Hard To Recover

Robin Grinston’s world turned upside down in March when she had to shut down the massage therapy business she started two years ago.

She joined business owners throughout the St. Louis region and closed her doors to help keep the coronavirus from spreading.

Grinston, of Belleville, thought she’d only have to stop seeing clients for a short time.

“Months went by. I'm like, 'When are we going back to work?'” recalled Grinston, 31. “The whole time my landlord asking for money, you know. I'm like, ‘We're not working.’ Like how can we pay anything? At that point, I got into a deep depression.”

https://news.stlpublicradio.org/2020-09-01/african-americans-hit-by-job-losses-during-the-pandemic-find-it-hard-to-recover?

Man Charged In Death Of St. Louis Police Officer

The man accused of fatally shooting one St. Louis police officer and wounding another has been charged with several felonies.

Circuit Attorney Kim Gardner announced Tuesday that her office had filed murder, assault, burglary and weapons charges against 43-year-old Thomas Kinworthy. He remains in jail and is not eligible for bail.

According to charging documents, Kinworthy, armed with a pistol, broke into the house of Mary and Steven Haag, in the Tower Grove South neighborhood, and ordered them to leave. He then fired on officers responding to a 911 call the Haags had made about a shooting in the alley behind their house.

Officer Tamarris Bohannon, 29, was shot in the head and died later at St. Louis University Hospital. His partner, Officer Arlando Bailey, 30, suffered a gunshot wound to his leg and was treated and released.

https://news.stlpublicradio.org/law-order/2020-09-01/man-charged-in-death-of-st-louis-police-officer?
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