Americans Want to Live in a Much More Equal Country (They Just Don't Realize It)

[applegrove]

Americans Want to Live in a Much More Equal Country (They Just Don't Realize It)

by Dan Ariely at the Atlantic

http://www.theatlantic.com/business/archive/2012/08/americans-want-to-live-in-a-much-more-equal-country-they-just-dont-realize-it/260639/?google_editors_picks=true

"SNIP..................................

The inequality of wealth and income in the U.S. has become an increasingly prevalent issue in recent years. One reason for this is that the visibility of this inequality has been increasing gradually for a long time--as society has become less segregated, people can now see more clearly how much other people make and consume. Owing to urban life and the media, our proximity to one another has decreased, making the disparity all too obvious. In addition to this general trend, the financial crisis, with all of its fall out, shined a spotlight on the salaries of bankers and financial workers relative to that of most Americans. And on top of these, and most recently, the upcoming presidential election has raised questions of social justice and income disparities, bringing the issues into focus even more.

It is relatively easy to think about inequality as being too great or too little in abstract terms, but ask yourself how much you really know about wealth distribution in the U.S. For example, imagine that we took all Americans and sorted them by wealth along a line with the poorest on the left and continuing as wealth increases until on the right we have the richest. Now, imagine that we divide them into five buckets with an equal number of citizens in each. The first bucket contains the poorest 20% of the population, the next contains the second wealthiest tier, and so on down to the wealthiest 20% (see Figure 1).

...........................

With this in mind, from the total pie of wealth (100%) what percent do you think the bottom 40% (that is, the first two buckets together) of Americans possess? And what about the top 20%? If you guessed around 9% for the bottom and 59% for the top, you're pretty much in line with the average response we got when we asked this question of thousands of Americans.

The reality is quite different. Based on Wolff (2010), the bottom 40% of the population combined has only 0.3% of wealth while the top 20% possesses 84% (see Figure 2). These differences between levels of wealth in society comprise what's called the Gini coefficient, which is one way to quantify inequality.

...................................SNIP"

[NYC_SKP]

1. But if we lived in Finland or France, we couldn't be all Superior and Exceptional!

[Ilsa]

2. I was just watching a rerun of Secrets of the Manor House on PBS.

They cover economic and sociological issues during the Edwardian period. The similarities to current day are amazing. There was a huge, very poor, underprivileged class, very small middle class. In other countries, it was bad enough to evoke revolution. In Great Britain, things were changing because of the switch from agrarian to industrialization. The Lords in Parliament had denied assistance to the poor until finally the king insisted they give up their absolute authority to veto change.

Even now, the 1% are blatant in their opposition to any kind of change. Like the kings and aristocrats, the 1% have been convinced through new church theology that god has favored them and ordained their financial success.

That last paragraph with the Gini coefficient is astounding.

[applegrove]

3. Yup. I'm watching "Upstairs Downstairs". The difference between the two lifestyles is

astounding. The staff are up at dawn and go to bed late in the evening. There seems to be no chance for them to do anything but consider themselves lucky they are not starving. The rich ring a &^*%&^% bell at the littlest inconvenience.

Contrast that with Downton Abby which takes place a decade later during and after WWI. The staff there are trying to educate themselves, or go into business for themselves, or go into politics. The middle class is developing and their is hope. Still a tough, tough life. But at least their is a chance of a better life with hard work &/or luck. I'm certainly glad I was born when & where I was.