America’s Unequal Economic Recovery

Go4Broke

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The 'American Dream' of Upward Mobility is Broken


A poll conducted by the PEW Charitable Trusts in 2009 found that about three-quarters of Americans strongly held the view that the American Dream meant “being free to accomplish anything with hard work,”and about 90% said hard work and having ambition were either essential or very important to getting ahead in life. (Economic Mobility Project 2009).

Yet, according to recent research, the United States has far less mobility and equality of opportunity today than the European Union or other OECD countries.

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A lower elasticity means a society with more mobility.
An intergenerational elasticity in earnings of tells us that if one father makes 100% more than another then the son of the high income father will, as an adult, earn 60% more than the son of the relatively lower income father. An elasticity of 0.2 says this 100% difference between the fathers would only lead to a 20% difference between the sons.

One of the reasons for lower US mobility is that the ladder of opportunity has become much harder to climb – because the rungs of the ladder have grown further apart. This is evidenced by the rising levels of income and wealth inequality. Currently, those in the top 20% of the income distribution earn nearly nine times more than those in the bottom 20%. This difference is far greater than in the European Union or the United Kingdom. Wealth inequality is even more skewed. In the United States, the top 5% of the population own three-quarters of the entire financial wealth of the country, while the bottom 60% possess less than 1%.

In addition, the United States has frequently viewed poverty and inequities through the lens of race and ethnicity. Poverty is often seen as a “black problem” rather than as an “American problem”. Race has been used to divide poor blacks and whites from seeing their common economic interests. As President Lyndon Johnson once explained to an aide in 1960, “I’ll tell you what’s at the bottom of it. If you can convince the lowest white man that he’s better than the best colored man, he won’t notice you picking his pocket. Hell, give him somebody to look down on, and he’ll empty his pockets for you.”

https://www.theguardian.com/commentisfree/2021/mar/13/american-dream-broken-upward-mobility-us
 
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Wally

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Gee you mean when you closed stores down and told people not to leave their homes a business that ships them goods made money. I’ll be damned.

Government gave them the money so government can take it.
🤣🤣🤣🤣🤣
 

Wally

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Democrats make their bid for dominance​


Republicans had their big shot at dominance in 2017, when they passed the Tax Cuts and Jobs Act. They blew it. Most families got a tax cut under the law, but the savings for businesses and the wealthy dwarfed the savings for middle- and working-class households. President Trump and other prominent Republicans claimed the trickle-down effects would boost spending throughout the economy and raise middle-class incomes by $4,000. It never happened. Trump also said the law would pay for itself by boosting economic activity and overall tax revenue. That never happened, either.

 

Wally

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During the pandemic, America’s 660 billionaires – major beneficiaries of the Trump tax cut – became $1.3tn wealthier, enough to give every American a $3,900 check and still be as rich as they were before the pandemic.

 

cncmin

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During the pandemic, America’s 660 billionaires – major beneficiaries of the Trump tax cut – became $1.3tn wealthier, enough to give every American a $3,900 check and still be as rich as they were before the pandemic.

BUT BUT BUT DON'T YOU DARE INCREASE THEIR TAXES! They deserved the Trump Windfall for the Elitists, as you well know.
 

FormerFatOL

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Democrats make their bid for dominance​


Republicans had their big shot at dominance in 2017, when they passed the Tax Cuts and Jobs Act. They blew it. Most families got a tax cut under the law, but the savings for businesses and the wealthy dwarfed the savings for middle- and working-class households. President Trump and other prominent Republicans claimed the trickle-down effects would boost spending throughout the economy and raise middle-class incomes by $4,000. It never happened. Trump also said the law would pay for itself by boosting economic activity and overall tax revenue. That never happened, either.


You're right. The $4,000 never happened. The increase in real household median income was $5,800 2019 to 2016. $4,900 2019 to 2017. https://fred.stlouisfed.org/series/MEHOINUSA672N/
 

golfing18now

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On February 18th, Walmart announced it would raise wages for 425,000 workers to average $15.00 per hour, likely due to the discussion we are having here.


At/around February 20th, Walmart announced it would be doing further testing on a self-checkout only model, which of course would lead to the loss of thousands of jobs if it becomes the norm.


I'm definitely not an economist but doesn't this hit at the issue? Progress?
 

Wally

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On February 18th, Walmart announced it would raise wages for 425,000 workers to average $15.00 per hour, likely due to the discussion we are having here.


At/around February 20th, Walmart announced it would be doing further testing on a self-checkout only model, which of course would lead to the loss of thousands of jobs if it becomes the norm.


I'm definitely not an economist but doesn't this hit at the issue? Progress?

It was going that way no matter what. As automation gets better it will replace even low paid workers.

Amazon has replaced millions of jobs with automation. All the businesses that are now gone due to Amazon were basically replaced with automated warehouses. If delivery gets there and becomes automated then millions more jobs will be eliminated.
 

Spoofin

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On February 18th, Walmart announced it would raise wages for 425,000 workers to average $15.00 per hour, likely due to the discussion we are having here.


At/around February 20th, Walmart announced it would be doing further testing on a self-checkout only model, which of course would lead to the loss of thousands of jobs if it becomes the norm.


I'm definitely not an economist but doesn't this hit at the issue? Progress?
Coincidence. I’m sure.
 

From the Parkinglot

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You don’t think societal changes have anything to do with that. In the Great Depression young Americans were hardly in the work force as they were working on their parents farms. Now young Americans are college educated and working, so of course they were more effected now that 90 years ago.
 

From the Parkinglot

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I honestly did not know driving for Uber was supposed to be a full time job. I always assumed is was a side hustle to offset your day job income. No one is forcing people to drive for Uber, go work for a taxi company and i bet your rates and fees are standard no matter your rating.
 

Wally

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Let’s get the rich guy! No one needs that much money! It isn’t fair! All I see is jealousy.

You think this ends well?

Just wait until someone way more crazy than Dump gets elected to president by a pissed off population. Maybe someone like Hitler or Stalin. Yea that would be great.
You are an idiot.
 

Spoofin

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You think this ends well?

Just wait until someone way more crazy than Dump gets elected to president by a pissed off population. Maybe someone like Hitler or Stalin. Yea that would be great.
You are an idiot.
No, the guy bringing Hitler and Stalin into this conversation is the idiot. The guy that thinks the solution is to just tax those damn rich people more is the idiot. Redistribute all that wealth Wally - the rich guys don't need it anyway, am I right?

IDGAF how much money Bezos has. IDGAF how much more he makes than a warehouse worker at Amazon. If that worker doesn't think he gets paid enough, he should get the skills needed to get a better paying job. Hell, who is stopping him form starting his own company and making billions?

Jealousy, Jealousy, Jealousy.
 
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