From an 11-chart overview of inequality in America at Mother Jones.
Look insideThe Kelly Letter
Bankers have to eat, too. I can’t imagine that gap ever closing as long as money flows into politics and elections.
Do not worry, the money from the top 1% is going to trickle down
Why don’t they understand that a happy upper lower class – middle class is good for the country? If people are living comfortably they are going to buy things (more profits for business owners), and also they are not going to revolt or protest. However, if they are poor and living miserably, what do they have to lose by protesting against the money hoarders? Not much!
There must be something more at work here than just runaway collusion between business and government, though, and I have a sneaking suspicion it’s partially explained by changing demographics. That’s a highly emotional issue, so I’m going to get all of my ducks in a row before presenting any evidence on that front and will only do so if a reasonable solution is also possible.
I’ve read several books showing that the less productive, less money-savvy parts of America’s population are the ones that have grown rampantly these past few decades while the successful group that made America great has been shrinking. That trend partially explains the subprime mortgage crisis, wherein wealthy bankers had no trouble finding unsophisticated marks for their scam. It seems the percentage of marks has gone up over the years.
More on this later.
Interesting, do the books you mentioned speculate on the cause? Is it illegal immigration? The poor education system (in some counties/cities)? Both? If you ask me, personal finance must be a mandatory course in high school.
Anyway, no matter the cause, what should be the solution? On their defense, the less savvy people didn’t know/understand fully what they were doing. What is the savvy bankers’ excuse? With power comes responsibility. ALL must be personally responsible, but that responsibility increases with the power/effect you have.
Why don’t people see the truth which Jason Kelly explains so well iin his Financially Stupid People book…. The US government is controlled by wealthy corporations, which include insurance health companies, pharmaceutical, and other corporations in the private health systems. This would only get worse with more Republican control since they want to return to the Bush policies which toppled regulations and focused legislation on helping wealthy corporations and individuals. They are responsible for our financial crisis and unemployment which the recession has brought. We need to have all the corporations and wealthy individuals pay their fair share of taxes and stop sticking to the middle class and the poor.
Hear, hear, Albert!
This is before tax. After tax would be more interesting. Also, per hour worked. This is an apples to oranges comparison.
Big business has bought politics – so why is investing in them the model to use?
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