Wealth Distribution in the USA

thebaz

Stinicker wrote: »

History will ultimately judge Bush in a far fairer light than Obama, Bush had neck and would have bombed Assad to kingdom come and invaded Iran if he got a third term, Obama lacks any of this and seems hell bent on a single mission of wiping out the WASP Middle class while enriching the 1% and securing the minority vote.

Bush was and is in that 1% Upper class;
Obama cares about the 99% , Bush looked after his own - I hope the history books will reflect this.

drumswan

Sir Digby Chicken Caesar wrote: »

how does other people having lots of money make my life any worse?

Is this a serious question? Wealth is a finite resource, if its hoarded by a tiny part of the population it obviously impacts negatively on the rest.

Permabear

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Grayson

Permabear wrote: »

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Apple makes loads, but look at how many people they actually employ in the US and look at where they store their money. It's the nasty thing about tech companies (And to be completly honest, I work for one).

Wompa1

Some of the tax rates being thrown around on this thread are false. I'm paying US Federal tax and ON PAPER the wealthy pay more. That being said, it's just like in Ireland and likely every developed country around the world, in that, what's on paper likely isn't what they are paying.

Even when not on paper, the wealthy are likely paying more in tax. Could they pay more? Yeah. Should they? I think all of the loop holes need to be closed.

For the United States, money needs to be taken out of politics. Corporations should not own the government. The FDA and USDA are approving products here which are an abomination. Americans here seek out Coca Cola imported from Mexico, rather than drink the High Fructose corn syrup batch here. There's feckin wood in bread, the Bread here is also laced with Sugar.

You have to go to a Market to get quality products here. If you go to a Mexican market, they are actually cheaper than Walmart! If you go to WholeFoods or Sprouts, you'll end up spending close to what you would spend back home in Ireland.

Something stinks here, that's for sure. But then, every country has it's problems. I'm starting to think that the Irish government just acts in a more secretive manner.

Geuze

Sir Digby Chicken Caesar wrote: »

how does other people having lots of money make my life any worse?

Their increasing share of income, means a lower share of total income for you.

Real wages for average workers have been stagnant for decades in the US, which incomes of the top 10% have been rising.

Unless you are a member of the top 10%, you are worse off.


Example: GDP-per-worker and GDP-per-person have risen over last 20-30 in the USA, but have not been followed by similar rises in real wages.

Real wages have in some sense "decoupled" from the output of the worker.

The worker is more productive, yet somebody else is capturing those gains in income.

Wompa1

Geuze wrote: »

Their increasing share of income, means a lower share of total income for you.

Real wages for average workers have been stagnant for decades in the US, which incomes of the top 10% have been rising.

Depends on your source. Heard the other day that the majority of middle income Americans have recieved a pay increase over the last 2 years and\or took a job which paid more.

Where I am, the people I have spoken to have said the recession was a blip. There was a bad 2 year period but for the most part things were ok. There's also been job growth and an up swing in the housing market.

donegal__road

here is a screen-shot of the wealth distribution graph that wouldn't fit on the screen in the video.

JONJO THE MISER

thebaz wrote: »

What I don't understand is how the Tea Party conservative Republicans are so popular , with ther anti Tax scaremongering policy , that in reality just looks after this privilleged 1% - sure the 1% will vote and support them , but they have well over 1% support, which I just cant comprehend.

Its called brain washing the ignorant and poor.

I am pie

All J curve trajectories end up in spectacular collapse or at least dramatic decline. Wealth concentration in a very small minority surely cannot be immune. Something, at some stage, has to give.

Geuze

Jonny7 wrote: »

If you earn more than, what is it, 32k euros per year, then you're in the 1%

That is not correct.

I haven't time now, but look at this:

http://www.cso.ie/en/media/csoie/releasespublications/documents/silc/2011/silc_2011.pdf


Top decile in Ireland, i.e. top 10% of pop:

http://www.cso.ie/en/media/csoie/releasespublications/documents/silc/2009/silc_2009.pdf


Earned income = 2915 pw
Social transfers = 307 pw
Gross = 3,222pw
Direct tax = 946 pw

Disposable = 2276 pw

So to be in the top 10% you need to be earning well beyond 100k household income

Geuze

http://www.econbrowser.com/archives/2011/11/taxing_the_1.html

US income and wealth dist data.


More here:

http://www.econbrowser.com/archives/2011/10/cbo_on_income_i.html

Permabear

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Wompa1

Permabear wrote: »

This post had been deleted. think it's down to greed.

donegal__road

BBC Panorama clip on poverty in the States, made in 2012.

20,000,000 Americans (half the poor) earn less than $11,000 per annum for a family of 4.

K-9

Permabear wrote: »

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That's what the OP is about so barring some political point scoring about Obama, it's reinforcing the OP's point.

Permabear

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Seaneh

Permabear wrote: »

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Actually the video addressed both wealth inequality AND income inequality.

thebaz

Permabear wrote: »

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lol - don't believe all you read - the reality is, Obama cares a lot more for the less fortunate than Bush - Obamacare is about helping 40 % or so in the U.S. who live in fear of getting sick - Bush , and most of his family , were born into New England money , and really only care about themselves and ther 1% cronies. The reality is Obama is trying to make a fairer U.S. after years off Bush's years of Greed, that ended up nearly bankrupting the country. Similar to Ireland , the way some people have forgotton how Fianna Fail created our own current economic mess, and just blame Fine Gael and Labour for todays austerity.

Geuze

Permabear wrote: »

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No.

But you are relatively worse off than you could have been if workers and wages had maintained their share of overall income.

awec

SEPT 23 1989 wrote: »

Where would we be without the 1%?

Paying more tax.

Stroke Politics

Poverty and greed will be the problems to be faced by America in the future. Too few people control too much of the country's resources, and the vast majority are scratching out a living. Will not be a bit surprised when there is an Arab-spring type mass public order issue in the US during my lifetime......

Sky King

Who deserves money more than the person who earns it?

donegal__road

List of tent cities in the USA.

Permabear

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Karl Stein

Obama is little more than Republican lite. The US is ****ed. Income inequality is only going to get worse and that will lead to one of two outcomes.

1. Social movements grow from grass roots (not astro-turf Tea Party dupes) and demand a greater share of the pie and it will be respected (unlikely).

2. Social movements will grow from grass roots and they will be suppressed by the 'have mores' and their ready-to-go surveillance state and there will be trouble (likely if history is anything to go by).

Karl Stein

awec wrote: »

Paying more tax.

This is wrong. As a % of income middle and lower earners pay the most tax (all taxes). The richer you get the less tax you pay proportionately and the more likely it is you will have income or wealth that is difficult or impossible to consider.

Also, unlike for the rich, the pay of lower and middle income earners all goes back into the system, primarily locally, which keeps the economy buoyant.

Permabear

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Sleevoo

biko wrote: »

CEO wages have increased beyond scope and for some countries it's worse than others.

In Sweden an average CEO earns as much as 89 of the average workers combined.
In UK 84 times as much.
In Portugal 53 times as much.
Germany is jump higher at 147 times as much.

But in the US it is a mind blowing 354 times as much!

And the company that makes the most? Apple!
Four out of the five highest-paid executives in S&P 500 companies all worked at Apple. Bob Mansfield, who runs Apple's hardware engineering group earned €65.54m, largely in share awards, with legal head Bruce Sewell pocketing €52.9m. Senior Apple executives Jeffrey Williams and Peter Oppenheimer both earned about €52m each.
That's why your iphone is so expensive...

Why is it anyone elses business what a ceo earns. The only people it should concern concern are the shareholders and someother stakeholders perhaps.

Its such a childish attitude to have so concerned what ceos of privatw companies are earning.

Honestly if people on this thread haf their way we'd all be living in poverty.

Why would anyone set up a business ( thus creating wealth and employment) if the rewards are stripped away. They wouldn't and we would all be left with less wealth.

Permabear

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