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Topic Title: Biggest wealth disparity in 50 years
Topic Summary: Huge jump in wrong direction last year
Created On: 09/30/2019 07:33 AM
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 09/30/2019 07:33 AM
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3rdworldlover

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Florida tops the list for income disparity, not surprisingly

http://www.aol.com/article/fin...study-finds/23821815/

As politicians fight over who cares about the "little guy"more, the U.S. Census Bureau has found that income inequality is worse than it's been in 50 years. Not only that, but this is the first time any change in the metric has been statistically significant since 2013 and it's for the worse.

The data comes from the latest American Community Survey report, which collects information similar to what's in the census about income, race, age, and more but does so annually rather than every 10 years. Its most recent release found that the gap between America's richest and poorest households was "significantly higher" in 2018 than it was in 2017.

Counterintuitively, the gap has risen despite the fact that the median wage in the U.S. is higher than ever, per the Census Bureau. The problem is that the gains are not equal. In addition to disparity on the state-by-state level, there is also a huge difference based on race: For Asian households, the median income was $87, 243, while for white households, the median income was $65,902. For black households the number dropped to $41,511, per the North Carolina-based Jacksonville Daily News.
 09/30/2019 07:51 AM
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somebodyelse

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Florida-based economist Sean Snaith told Time that the salary contrast between the Baby Boomers, who are near retirement, and early-career workers who are millennials or from Gen Z, is hard to balance with policy. "A wealth tax isn't going to fix demographics," Snaith told the magazine. Old people have been in the work force a longer time then millennials. That extra time in the work place has enabled the old people to gain experience, work their way up the corporate ladder and so garner a higher paycheck. FLORIDA not surprisingly has a larger elderly workforce skewing the income disparity for the state.

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 09/30/2019 07:59 AM
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RustyTruck

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No war but class war

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 09/30/2019 08:01 AM
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tpapablo

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Equality is unimportant. People care more about how they are doing. And everyone is doing better. Our poor are richer than 60% of Europeans. Indeed, a grand 1% of people rate inequality as an important problem. This is a made up thing by progs.

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 09/30/2019 08:12 AM
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somebodyelse

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Counterintuitively, the gap has risen despite the fact that the median wage in the U.S. is higher than ever, per the Census Bureau. This is NOT counterintuitive, The MEDIAN WAGE IS HIGHER THAN EVER. The rising tide HAS LIFTED EVERYONE UP. EVERYONES wages are higher. IF, I am college educated and have been working in the industry for 30 years I am going to be making more money than a new hire with a high school diploma. A %25 raise to a high schooler just entering the work force might only be $100 a paycheck. A %10 raise to a 30 year middle management might be $200 a paycheck. The GAP in real money expands even as both parties get raises and the lower paid employee gets a much higher percent raise. Nothing counterintuitive about it, it is easily understood if you look at the facts. The WAGES are higher than ever, rejoice therefore....

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 09/30/2019 08:31 AM
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3rdworldlover

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The median is not an average, and is heavily skewed by all of the growth in the investor sector. Working Americans are not benefiting from Fed monetary policies (perpetual bailouts) and constant tax cuts for the "job creators." Wages for working Americans are lowest in 50 years, relative to cost of living.
 09/30/2019 08:40 AM
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Plan B

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Originally posted by: 3rdworldlover The median is not an average, and is heavily skewed by all of the growth in the investor sector. Working Americans are not benefiting from Fed monetary policies (perpetual bailouts) and constant tax cuts for the "job creators." Wages for working Americans are lowest in 50 years, relative to cost of living.
THIS..... is the big picture. Unfortunately many don't or choose not to see it.
 09/30/2019 08:41 AM
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tpapablo

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Originally posted by: 3rdworldlover The median is not an average, and is heavily skewed by all of the growth in the investor sector. Working Americans are not benefiting from Fed monetary policies (perpetual bailouts) and constant tax cuts for the "job creators." Wages for working Americans are lowest in 50 years, relative to cost of living.
It is a pretty sad person who is envious to the point that he wants to bring down successful people though it will result in no gain for himself (and will probably hurt him). The Bible says something about this, I believe. Would the country be better off without Bill Gates, Steve Jobs, Warren Buffett, and the like? Would the "working man" be richer without those people? Obviously, the answers are no and no. As I said, this is propaganda spewed by sad, envious people.

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 09/30/2019 08:55 AM
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3rdworldlover

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The propaganda is your lie that progressive tax and economic policies would bring down the Warren Buffets and Steve Jobs, and is exactly what's enabled the erosion of the foundation of the US economy.
 09/30/2019 09:10 AM
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somebodyelse

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Household incomes nationally ticked up by 0.8% between 2017 and 2018. Although a smaller increase than in previous years, it marks the second year in a row that the........ national average............ household income was higher than in 2007, the year before the Great Recession. (the great recession that started in 2008) Many say the weak recovery is related to the continued reluctance of young adults to have children and form households. We're talking about 400,000 fewer babies being born a year," Getting married is being delayed, having children within marriage is being delayed, and how many children people are having is getting delayed.". buying houses which is an indicator of wealth is being delayed. Employment made continued gains since the recession, with 4.7% of the labor force unemployed in 2018 versus 5% the year before. That's compared to 2010, when the unemployment rate stood at 10.5%.

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 09/30/2019 09:27 AM
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RustyTruck

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Wealth tax will help. There should be no billionaires. It's unconscionable that billionaires and hungry children can exist together in this world. Spin it however you like, it's still immoral.

You're worried about Bill Gates, Steve Jobs, Warren Buffett? Was Al Einstein a billionaire? Michelangelo? Aristotle?

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 09/30/2019 10:15 AM
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somebodyelse

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Was Al Einstein a billionaire? Michelangelo? Aristotle...... No they were NOT Billionaires, HOW MUCH MONEY IN REDISTRIBUTED WEALTH DID THEY GET???

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 09/30/2019 10:38 AM
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RustyTruck

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Originally posted by: somebodyelse

Was Al Einstein a billionaire? Michelangelo? Aristotle...... No they were NOT Billionaires, HOW MUCH MONEY IN REDISTRIBUTED WEALTH DID THEY GET???


No shit Sherlock, that's my point. Apparently they made their legendary contributions to humankind without demanding obscene wealth. You guys act like no one would create or innovate without the inventive of massive wealth accumulation.

Einstein was a freaking socialist.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 09/30/2019 10:58 AM
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tpapablo

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Originally posted by: RustyTruck Wealth tax will help. There should be no billionaires. It's unconscionable that billionaires and hungry children can exist together in this world. Spin it however you like, it's still immoral. You're worried about Bill Gates, Steve Jobs, Warren Buffett? Was Al Einstein a billionaire? Michelangelo? Aristotle?
When there weren't any billionaires, there were more hungry children, much more. Humanity is in the best economic shape it has every been in right now.

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I :heart; Q
 09/30/2019 12:05 PM
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RustyTruck

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Originally posted by: tpapablo

Originally posted by: RustyTruck

Wealth tax will help. There should be no billionaires. It's unconscionable that billionaires and hungry children can exist together in this world. Spin it however you like, it's still immoral.



You're worried about Bill Gates, Steve Jobs, Warren Buffett? Was Al Einstein a billionaire? Michelangelo? Aristotle?


When there weren't any billionaires, there were more hungry children, much more.

Humanity is in the best economic shape it has every been in right now.


I'm shooting for no billionaires AND no hungry children. 60% of Americans don't have $1K in the bank.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 09/30/2019 12:06 PM
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Greensleeves

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Jeez the dimwits that represent the GOP on this board can't represent the rest of the GOP can they? "Humanity is in the best economic shape it has every been in right now." Says who, one of tspank's "climate experts"?

The pay has to be in context! Housing affordability has gone to $Hit compared to when baby boomers could get their slice of the American Dream. The wealth gap has made for a huge group of people that pay cash for houses as investments. Low rates and greed mean markets hotter that ever. People with limited means (hard workers in today's economy, young people and so on) can't win a bidding war when a wealthy person can just dip in their bank account and sweeten the pot.

And that is just housing:

"Millennials and other generations have benefited from a 67 percent rise in wages since 1970," Student Loan Hero reports. "However, these gains have not been enough to keep up with ever-inflating living costs. Rent, home prices and college costs have all increased faster than incomes in the U.S."

Duh!!!


Edited: 09/30/2019 at 12:07 PM by Greensleeves
 09/30/2019 12:09 PM
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somebodyelse

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You guys act like no one would create or innovate without the inventive of massive wealth accumulation.......and you act like without redistribution of wealth no one would create or innovate either...... All those guys from history DID NOT NEED a REDISTRIBUTION OF WEALTH to create masterpieces, great literature, theories of everydamn thing.. NO, They worked for a living and still succeeded without stealing other peoples money.

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 09/30/2019 12:23 PM
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RustyTruck

Posts: 33300
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Originally posted by: somebodyelse

You guys act like no one would create or innovate without the inventive of massive wealth accumulation.......and you act like without redistribution of wealth no one would create or innovate either...... All those guys from history DID NOT NEED a REDISTRIBUTION OF WEALTH to create masterpieces, great literature, theories of everydamn thing.. NO, They worked for a living and still succeeded without stealing other peoples money.


What? Michelangelo was an artist who survived on patronage, Einstein trained and taught in public universities, and Aristotle was a philosopher in Plato's academy, none of them were capitalists, they all worked for the public good without the need for grotesque self enrichment.

-------------------------
Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 09/30/2019 12:27 PM
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somebodyelse

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60% of Americans don't have $1K in the bank.......63% of all Americans OWN THEIR OWN HOUSE.....

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 09/30/2019 12:46 PM
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RustyTruck

Posts: 33300
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Originally posted by: somebodyelse

60% of Americans don't have $1K in the bank.......63% of all Americans OWN THEIR OWN HOUSE.....


"The name "homeownership rate" can be misleading. As defined by the US Census Bureau, it is the percentage of homes that are occupied by the owner. It is not the percentage of adults that own their own home. This latter percentage will be significantly lower than the homeownership rate because many households that are owner-occupied contain adult relatives (often young adults, descendants of the owner) who do not own their own home, and because single building multi-bedroom rental units can contain more than one adult, all of whom do not own a home.

The term "homeownership rate" can also be misleading because it includes households that owe on a mortgage and do not fully own the equity in their own that they are said to "own". According to ATTOM Data Research, only "34 percent of all American homeowners have 100 percent equity in their properties - they've either paid off their entire mortgage debt or they never had a mortgage""

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
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