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Most of the Economic Gains of this Expansion went to 1%

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SLD

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http://www.nytimes.com/2014/09/27/u...st-americans.html?ref=business&abt=0002&abg=1

Interesting article about the economic gains since we've experienced during this so called economic growth period from 2009. All of the economic gains from this so called expansion that started in 2009 went to the top 10% and 95% went to the top 1%. The rest of the nation has had negative income growth during this so called great expansion. This is further proof of Piketty's thesis so excoriated by the right wing media.

Until we return to 91% marginal tax rates we will continue to see this phenomena and continue to sink to third world status: massive poor and a few extremely rich. And all along we will listen to the libertarians talk about how that's freedom.

This is the most important issue of the day. This is what is driving so many of our social problems, even potentialy leading to serious international conflicts. Yet it is not part of our national discourse. Every now and then there are a flurry of articles about it, and a lot of people are saying oooh that's bad. But if the rhetoric gets too heated, then the right wing screams class warfare. And so we all go on about the Kardashians or some other such bullshit.

Even the Democrats are ignoring this issue. I suspect because they too are on the payroll of Wall Street, if to a lesser extent than the Republicans. But why we can't get this to be a consistent theme of discussion is beyond me. I doubt that the 90% are even aware of this phenomena. The top are, because they are scared about it - some at least.

SLD
 
I think most people are well aware of this shit happening. I think most of them are also upset about it to varying degrees. Unfortunately, the public at large won't do anything about it until things get *really* bad. The Occupy movement tried and fizzled out. It's hard to protest when you can't afford a day off work. It's even harder to protest to the point of civil disobedience when you still have food on the table and something left to lose.

In a way, the economic growth of the past (the kind which we all benefited from) has been our undoing and the victory of the elites; used to be that when the rich got too rich, the poor started starving to death en masse and rose up. Now, the poor are squeezed dry for as much as they're worth, but not quite to the point where they rise up in armed revolt because they no longer have bread. And so the poor grumble but otherwise stay complacent; hoping tomorrow will be different than today, because they can't afford to risk losing what they still have left.
 
dystopian said:
I think most people are well aware of this shit happening. I think most of them are also upset about it to varying degrees. Unfortunately, the public at large won't do anything about it until things get *really* bad. The Occupy movement tried and fizzled out. It's hard to protest when you can't afford a day off work. It's even harder to protest to the point of civil disobedience when you still have food on the table and something left to lose.

In a way, the economic growth of the past (the kind which we all benefited from) has been our undoing and the victory of the elites; used to be that when the rich got too rich, the poor started starving to death en masse and rose up. Now, the poor are squeezed dry for as much as they're worth, but not quite to the point where they rise up in armed revolt because they no longer have bread. And so the poor grumble but otherwise stay complacent; hoping tomorrow will be different than today, because they can't afford to risk losing what they still have left.
Click to expand...

I don't know. It seems to me that the mass of people in the US are not aware of this issue, or if they are they actually deny it is happening. Granted, I live in the conservative south where the majority of people believe Obama is a communist if not an out and out antichrist. Believe me, I have seen where they just actively deny this phenomena. They believe it is all part of a liberal plot to take their guns and force them to stop worshiping jebus. It's very different from the Netherlands. You should visit. I'll be your guide.

Even the violence we see in the third world does not seem to be directed at a particular wealthy class, just a general high crime rate. Only rarely do we see a massive revolt against the uber wealthy that results in a serious redistribution fo wealth. That was something that we saw in the past with the likes of the French Revolution.

In part I blame religion for a lot of the apathy that people have about this. They accept their lot because that is the way god made the world. They'll get their reward in heaven. It's another reason I truly hate religion.

SLD
 
Well, you are truly missing out! Maybe one of these days, we'll get the society we wish, and we can travel the world like the uber rich.

SLD
 
This is another version of this thread
http://talkfreethought.org/showthre...out-the-American-economy-you-ll-see-this-year

I would like to point out that people who talking about 1% taking all the money forget that the very same 1% took most of the losses during 2008 crash. So they merely took back what they lost.

Also, equating stock market with economy is bullshit. You need to look at consumption, not capital gains. So article in the OP is crap and it is part of the problem.
 
barbos said:
This is another version of this thread
http://talkfreethought.org/showthre...out-the-American-economy-you-ll-see-this-year

I would like to point out that people who talking about 1% taking all the money forget that the very same 1% took most of the losses during 2008 crash. So they merely took back what they lost.

Also, equating stock market with economy is bullshit. You need to look at consumption, not capital gains.
Click to expand...

"Most of the losses"? Millions lost their jobs, their livelihoods, their homes. What, in comparison, did the one percent lose?
 
ZiprHead said:
barbos said:
This is another version of this thread
http://talkfreethought.org/showthre...out-the-American-economy-you-ll-see-this-year

I would like to point out that people who talking about 1% taking all the money forget that the very same 1% took most of the losses during 2008 crash. So they merely took back what they lost.

Also, equating stock market with economy is bullshit. You need to look at consumption, not capital gains.
Click to expand...

"Most of the losses"? Millions lost their jobs, their livelihoods. What, in comparison, did the one percent lose?
Click to expand...
Article in the OP counts money, not jobs.
So 1% got their money back and "millions" got their jobs back, so everybody is happy.
 
barbos said:
ZiprHead said:
"Most of the losses"? Millions lost their jobs, their livelihoods. What, in comparison, did the one percent lose?
Click to expand...
Article in the OP counts money, not jobs.
So 1% got their money back and "millions" got their jobs back, so everybody is happy.
Click to expand...

Sorry, the job losses have only barely returned. And by all evidence the income certainly has not.
 
Reality: The gains made by the rest of the population were offset by real estate losses.
 
dystopian said:
I think most people are well aware of this shit happening. I think most of them are also upset about it to varying degrees. Unfortunately, the public at large won't do anything about it until things get *really* bad.
Click to expand...
Which they might not. We seem to be arriving at an equilibrium of sorts where things don't improve (or improve very slowly) for most while nearly all gains go to a few. People will tolerate that with careful grooming.

It might destabilise itself through financial crises, reliant as it seems on widespread indebtedness and financial insecurity, while the winners tend to generate speculative and asset bubbles.

But there are ways round that as we've already seen. Welcome to the new plantation, as someone said the other day.
 
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