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Centrist1984

(32 posts)
10. Misleading IMO
Wed Oct 8, 2014, 05:20 PM
Oct 2014

I would have to disagree with the basic gist of the article. For one, there is no such thing really as the "income pie." No more then there is such a thing as a "Weight Pie" or a "Height Pie" in society, even though you could record the height and weight of all 300+ million Americans, and then look at the "distribution," if you will, of height and weight in society. Obesity is a problem among the poor right now. But it obviously wouldn't make sense to claim that the poor are being unfairly forced to carry around an excessive amount of "society's weight."

Income is very similar. There is no societal "pie" of income. Income is just what one earns in exchange for what they produce. Nor are statistical brackets such as the top 10% and bottom 90% representative of fixed classes of people. Many people who thirty years ago were in the bottom income brackets are not in higher income brackets. People move between them.

One thing I would ask is, if the period starting in the 1980s was so terrible for the general population, then why are those remembered as being such economic golden times? Reagan was re-elected in a landslide. And everyone remembers the golden economic times of the Clinton years. But according to many who look at the data, the general population was getting pounded and crushed during the 1980s and 1990s and 2000s. Had that really been the case, Reagan would likely not have been re-elected, nor would Clinton.

The large income gains seen by those who make up the richest in society are a result of the massive amount of wealth creation that we saw starting in the 1980s, primarily due to technology. You had lots of very huge fortunes that were created, which thus created an overall increased concentration of wealth at the top.

Recommendations

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That was the goal of Reaganonomics from the very start deutsey Oct 2014 #1
Isn't that a scary graph? dixiegrrrrl Oct 2014 #3
This is NOT an accident. hifiguy Oct 2014 #7
Oh, shush! It's all good. Just eat your peas (if you can afford them) and wait for the trickle. Tierra_y_Libertad Oct 2014 #2
But what exactly is IN that trickle, I wanna know. dixiegrrrrl Oct 2014 #5
This is where "trust" comes in. We must trust our wise politicians are doing it for our own good. Tierra_y_Libertad Oct 2014 #6
HUGE K & R !!! - THANK YOU !!! WillyT Oct 2014 #4
Right click on that graph madokie Oct 2014 #8
I think that is hot linking and we are not to do that? dixiegrrrrl Oct 2014 #9
I used to use tinypic dot com Fumesucker Oct 2014 #12
Hey, thanks for that.... dixiegrrrrl Oct 2014 #15
Didn't know that madokie Oct 2014 #14
Misleading IMO Centrist1984 Oct 2014 #10
Those "golden economic times" are not remembered as that onethatcares Oct 2014 #13
Capitalism is biting Donald on the ass... dixiegrrrrl Oct 2014 #16
Majority of population didn't see it that way though Centrist1984 Oct 2014 #17
No MFrohike Oct 2014 #18
Well Centrist1984 Oct 2014 #19
Sigh MFrohike Oct 2014 #21
Response Centrist1984 Oct 2014 #22
This message was self-deleted by its author 1000words Oct 2014 #23
The Post-Keynesian Conference will be Live Streamed. Octafish Oct 2014 #11
This message was self-deleted by its author 1000words Oct 2014 #20
K&R liberal_at_heart Oct 2014 #24
Latest Discussions»General Discussion»the rich aren’t just grab...»Reply #10