I don't normally delve into these topics here on ISP and for the most part stayed far from the election related discussions..but thought many would find these charts interesting. United States today is truly a story of the rich getting richer and the poor getting poorer...
I had been hearing about this concept for a long time but had to move down here last year to really understand what is meant. I lived on the East Coast and now on the West Coast, it's all the same.
The fact of the matter is the far right talks about culture of entitlements crippling this country but I think the true entitlement mentality that is to blame is held by the super wealthy in this country that believe just because they're successful that they earned it 100% due to their own abilities and 0% at the cost of the general society..they feel entitled to everything including keeping more of the economy's output at the expense of employees and paying less in taxes at the expense of the middle class.
The bad news for everyone (including the super rich) is that this is not sustainable...at the end of the day it's the 98% that keeps the economy going and if their incomes don't go higher, the real economy won't either. The "job creators" won't do jack shit until there is an opportunity for them to make more money - so don't count on them to get this economy back on its feet.
Companies' profit margins at highest ever but paying the lowest wages in history as a % of the economy:
The long-run history of taxes on the super rich (over $2m in income):
The end result is this:
and this : 64% of all income growth since 1979 has gone to the top 10%...
I had been hearing about this concept for a long time but had to move down here last year to really understand what is meant. I lived on the East Coast and now on the West Coast, it's all the same.
The fact of the matter is the far right talks about culture of entitlements crippling this country but I think the true entitlement mentality that is to blame is held by the super wealthy in this country that believe just because they're successful that they earned it 100% due to their own abilities and 0% at the cost of the general society..they feel entitled to everything including keeping more of the economy's output at the expense of employees and paying less in taxes at the expense of the middle class.
The bad news for everyone (including the super rich) is that this is not sustainable...at the end of the day it's the 98% that keeps the economy going and if their incomes don't go higher, the real economy won't either. The "job creators" won't do jack shit until there is an opportunity for them to make more money - so don't count on them to get this economy back on its feet.
Companies' profit margins at highest ever but paying the lowest wages in history as a % of the economy:
The long-run history of taxes on the super rich (over $2m in income):
The end result is this:
and this : 64% of all income growth since 1979 has gone to the top 10%...