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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsInside Our Profoundly Unequal ‘New Normal’
from Too Much: A Commentary on Excess and Inequality:
Inside Our Profoundly Unequal New Normal
AUGUST 2, 2014
Wealths current tilt to the top sometimes seems almost eternal. But can our economy self-correct? A provocative new paper out of the developed worlds official research agency contemplates our tomorrow.
By Sam Pizzigati
The Commerce Department released some revised figures on Americas economy last week. Previous numbers, Commerce researchers noted, had overestimated the share of the nations income going to workers and underestimated the share going to Americas asset-rich.
Everythings coming up roses for people who own a chunk of American capital, observed Brookings Institution economist Gary Burtless after the new stats emerged. What weve seen in the economic recovery is inequality on steroids. The market is giving wealthy people a very good run.
That very good run has actually been lasting a very long time. Since 1982, the income share of Americas top 1 percent has more than doubled, from 10.8 percent in 1982 to 22.5 percent in 2012.
Americans down below those top 1 percent heights, meanwhile, havent been on much of a run at all. Theyve been falling. The wealth of the typical American household has dropped nearly 20 percent since 1984, says a new Russell Sage Foundation study.
As of June 2014, adds a new analysis of private sector wages, average American worker real wages have dipped 16.2 percent since 1972, their record high point. .............(more)
- See more at: http://toomuchonline.org/inside-our-profoundly-unequal-new-normal/#sthash.8m8KeUTP.dpuf
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Inside Our Profoundly Unequal ‘New Normal’ (Original Post)
marmar
Aug 2014
OP
cantbeserious
(13,039 posts)1. Same Message Provided By Piketty
eom
el_bryanto
(11,804 posts)2. I was in a meeting recently when a local government official said "I think we all accept that raises
are a thing of the past." Most depressing comment I'd heard in a long time. But he was quite sincere about it.
Bryant
blkmusclmachine
(16,149 posts)3. Yay, Third Way (and all your other names you've gone by)!
woo me with science
(32,139 posts)4. I feel sick. nt
xchrom
(108,903 posts)5. du rec.
Laelth
(32,017 posts)6. k&r for the truth, however depressing it may be. n/t
-Laelth
for truth