Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent [...]
It’s very disruptive and destabilizing to communities when a large corporation can simply uproot and offshore its production to China, Mexico, or anywhere else on the globe. The tax base gets destroyed and it leads to a “dismantling of the ladders of upward mobility that made the US an “opportunity society,” an extraordinary worsening of the income distribution, and large trade and federal budget deficits that cannot be closed by normal [...]
Total US national income per person rose by 99.3% over the 30 years from 1969 to 2009. Why then have incomes for most Americans been stagnant or falling? Why do American families now need two incomes to have the standard of living they used to have with just one? Why aren’t today’s young adults making twice as much as their parents did were when they first entered the labor market [...]
“…it is strictly impossible for an economy to be moved offshore and for the country with the offshored economy to remain prosperous.”
Offshoring Has Destroyed The U.S. Economy: Nobel Economist …
For a decade I have warned that US corporations, pressed by Wall Street and large retailers such as Wal-Mart, to move offshore their production for US consumer markets, were simultaneously moving offshore US GDP, US tax base, US consumer income, and irreplaceable career opportunities for [...]
The nature of inequality is a topic that is getting a lot of attention these days. It’s worth taking a careful look at how inequality arises in our economy. In fact, inequality is built into capitalism and it perpetuates itself, steadily increasing, even in the absence of greed. Inequality naturally arises whenever future wealth is contingent upon the wealth you already have — almost the definition of capitalism — even if individual decision-making is no better than a [...]
By James Pethokoukis
November 28, 2011, 11:52 am
The core argument of the Occupy movement and its Obamacrat friends is this: The rich stole all the money. That explains why over the past four decades, the income of the broad American middle class supposedly has stagnated even as the economy expanded. Why? Did you forget already? The rich stole all the money. And now it’s time to take it back.
And here are [...]
There’s nothing more American than going from rags to riches. Or so the image goes.
The reality, according to a recent study, is far less rosy.
The ability to go from poor to rich — or at least to climb out of poverty — has become much harder to do in the last three decades, according to an analysis by Wells Fargo Securities. The percentage of low-income people who moved up the [...]
Exposing Faux Capitalism
November 1, 2011
In an October 24, 2011 interview with Charlie Rose, former Fed Chairman and fellow Bilderberger, Paul Volcker, laughed at the great increase in wealth disparity in the United States over the past 10 to 15 years, and at Americans for not speaking out more forcibly against it (starting at 18:27).
“But there is a feeling — which I’ve been a little surprised has not been expressed more forcibly [...]
(CBS News) The Occupy Wall Street movement has, for the most part, been formed around the idea that wealth distribution in America is unfair, and that the economic system is skewed to reward the already wealthy with the highest gains. A new report from the Congressional Budget Office appears to have confirmed that.
Specifically, it has confirmed that the rich really are getting richer.
Between 1979 and 2007, the top 1 percent [...]
To judge by its most famous slogan, Occupy Wall Street sees itself as a movement made up of those in the bottom 99% of the income distribution. But what are the actual demographics of the committed protesters inside New York’s Zuccotti Park, the movement’s birthplace and most visible manifestation?
Douglas Schoen, a veteran Democratic Party pollster who has also worked for Mayor Michael Bloomberg, sent a researcher from his polling firm [...]
By Michael A. Fletcher, Washington Post
Nearly one in three Americans who grew up middle-class has slipped down the income ladder as an adult, according to a new report by the Pew Charitable Trusts.
Downward mobility is most common among middle-class people who are divorced or separated from their spouses, did not attend college, scored poorly on standardized tests, or used hard drugs, the report says.
“A middle-class upbringing [...]
Courtesy of the Stanford Center for the Study of Poverty and Inequality:
1. Wage Inequality
Over the last 30 years, wage inequality in the United States has increased substantially, with the overall level of inequality now approaching the extreme level that prevailed prior to the Great Depression. This general characterization of the inequality trend oversimplifies, though, the actual pattern of change: The chart below shows [...]
I wonder if these guys at the Fed understand income distribution in this country and the fact that those who skew in the bottom half of the economic strata are not going to be pleased that food inflation is being offset by iPad deflation.Â Apparently not.Â Showing he lives in the same ivory tower as his peers, it appears William Dudley was asked a series of [...]
This chart shows that the poorest 90 percent of Americans make an average of $31,244 a year, while the top 1 percent make over $1.1 million:
â€¢Â According to this chart, most income groups have barely grown richer since 1979. But the top 1 percent has seen its income nearly quadruple:
â€¢Â And this chart suggests most Americans have little idea of just how unequal income distribution is. And [...]
by John Mason, SA
John Maynard Keynes is remembered for many quotes and one of the most memorable ones is his claim that â€œIn the long run we are all dead.â€ Keynes wrote this remark to criticize the belief that inflation would acceptably control itself without government intervention. That is, he argued that the theoretically determined equilibrium of an economy [...]
Updated with additional explanation of how the chart controls for different costs of living around the world.
I had a review this weekend about â€œÂ The Haves and the Have-Nots,â€ a new book by the World Bank economist Â Branko Milanovic about inequality around the world. My favorite part of the book was this graph, next to which I actually wrote â€œawesome chartâ€ in the margin:
Branko Milanovic, â€œThe Haves and [...]
by H.J. Huneycutt
WASHINGTON ” The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession.
The top-earning 20 percent of Americans â€” those making more than $100,000 each year â€” received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent earned by those below the [...]