23 Matching Annotations
  1. Last 7 days
    1. “In the last decade, especially with the pioneering work of Thomas Piketty and his co-authors, there has been a growing consensus that tax cuts for the rich lead to higher income inequality,” Hope and Limberg said.
    1. Even worse, Shadow Stat's numbers show so much inflation the past 25 years that, as Jim Pethokoukis points out, it implies the economy hasn't grown at all during that time.

      Important Point

      Real economic numbers validate a 25 year period (or more) of manipulated inflation and low growth economy. INCOME INEQUALITY statistics and recent studies ALL validate fuzzy math, rosy picture for the 1% and stagnant dismal picture for average Americans. Trump based his entire campaign and Presidency on Making America Great Again

      Supporting Link

    2. So which seems likelier: that we're no better off than we were a quarter century ago, or that Shadow Stats is total bunk?

      Great Question

      This is an easy question to answer from my perspective. For me (age 62) and most of my peers, their kids and their peers, we are NO better off than we were a quarter century ago! A large part is the change from Industrial/Manufacturing to Technology and the outsourced labor and manufacturing. America has changed, this is FACT

  2. Dec 2020
    1. wealth persist across racial groups.

      EXAMINE THE SYSTEMS WHICH HELP TO ENFORCE THIS RACIAL INCOME DIVIDE! Most relate. Fixing these systems could help to bridge the income gap between racial groups. Even laws so ingrained in us.

  3. Oct 2020
    1. James Bronterre O’Brien, told the people:‘Knaves will tell you that it is because you have no property, you are unrepresented. I tell you on the contrary, it is because you are unrepresented that you have no property …’16

      great quote

    2. A thousand years ago, the world was flat, economically speaking.

      I don't think we have to go back even this far. If I recall correctly, even 150 years ago the vast majority of the world's population were subsistence farmers. It's only been since the 20th century and the increasing spread of the industrial revolution that the situation has changed:

      Even England remained primarily an agrarian country like all tributary societies for the previous 4,000 years, with ca. 50 percent of its population employed in agriculture as late as 1759.

      --David Christian, Maps of Time (pp 401) quoting from Crafts, British Economic Growth, pp. 13–14. (See also Fig 13.1 Global Industrial Potential from the same, for a graphical indicator.

    1. Piketty, however, sees inequality as a social phenomenon, driven by human institutions. Institutional change, in turn, reflects the ideology that dominates society: “Inequality is neither economic nor technological; it is ideological and political.”
    2. For Piketty, rising inequality is at root a political phenomenon. The social-democratic framework that made Western societies relatively equal for a couple of generations after World War II, he argues, was dismantled, not out of necessity, but because of the rise of a “neo-proprietarian” ideology. Indeed, this is a view shared by many, though not all, economists. These days, attributing inequality mainly to the ineluctable forces of technology and globalization is out of fashion, and there is much more emphasis on factors like the decline of unions, which has a lot to do with political decisions.
  4. Sep 2020
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  9. Sep 2017
    1. Part of the wild success of the Silicon Valley giants of today — and what makes their stocks so appealing to investors — has come from their ability to attain huge revenue and profits with relatively few workers.Apple, Alphabet (parent of Google) and Facebook generated $333 billion of revenue combined last year with 205,000 employees worldwide. In 1993, three of the most successful, technologically oriented companies based in the Northeast — Kodak, IBM and AT&T — needed more than three times as many employees, 675,000, to generate 27 percent less in inflation-adjusted revenue.The 10 most valuable tech companies have 1.5 million employees, according to calculations by Michael Mandel of the Progressive Policy Institute, compared with 2.2 million employed by the 10 biggest industrial companies in 1979. Mr. Mandel, however, notes that today’s tech industry is adding jobs much faster than the industrial companies, which took many decades to reach that scale.

      It seems like this would certainly contribute to wealth inequality, since the majority of today's tech workforce is more well-educated than the industrial employees of decades past (who then shared in their employer's rise).