Shocking Income Inequality in the US

  • metta

    Posts: 39167

    Mar 27, 2013 12:00 AM GMT
    Shocking Income Inequality in the US




    http://www.alternet.org/economy/five-ugly-extremes-inequality-america-contrasts-will-drop-your-chin-floor
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    Mar 27, 2013 12:23 AM GMT
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    Mar 27, 2013 12:40 AM GMT
    There's only shantys and mansions, nothing in between? Anyone born in any income bracket stays in that same bracket their entire life? No one ever has a chance to improve their lives? More flatulence from left wing propagandists.
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    Mar 27, 2013 1:50 AM GMT

    http://www.washingtonpost.com/blogs/wonkblog/wp/2013/03/22/good-news-for-people-who-like-bad-news-about-inequality/In an impressive new paper, Vasia Panousi and Ivan Vidangos of the Federal Reserve Board, Shanti Ramnath of the Treasury Department, Jason DeBacker of Middle Tennessee State University and Bradley Heim of Indiana University got tax data for 34,000 households between 1987 and 2009 and use it to track what was actually happening to individual families over that period.

    Sadly, they did not find households easily shifting up and down the inequality scale. Instead, they found “the advantaged becoming permanently better-off, while the disadvantaged becoming permanently worse-off.” For men, the added inequality was entirely of the permanent sort. For households, three-quarters was permanent.
  • tazzari

    Posts: 2940

    Mar 27, 2013 2:13 AM GMT
    Blakes7 saidThere's only shantys and mansions, nothing in between? Anyone born in any income bracket stays in that same bracket their entire life? No one ever has a chance to improve their lives? More flatulence from left wing propagandists.


    You raise a legitimate point. However, the very fact that such poverty, and such unnecessary wealth exist in the same country should give us something to think hard about.

    Of course people change brackets. But that change is getting a good deal harder, if for no other reason that extreme poverty limits education and access to information. It is deeply wasteful of human resources, and that in itself is enough should be enough to make elimination of poverty a national priority.

    There is a parallel issue as well: extreme wealth gives an enormous advantage in terms of influence, access to education, and access too information.

    Yes, we all know there is much in between, and that people can rise. But the deck is very loaded, and that is a national problem that should concern anyone interested in the wealth of the whole nation, and anyone with a conscience.
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    Mar 27, 2013 5:00 AM GMT
    http://www.decisionsonevidence.com/2012/10/is-americas-economic-mobility-exceptional/
    One standard measure for assessing the level of economic mobility is the “intergenerational elasticity in earnings.” More about that measure in a bit but for now all you need to know is the smaller the number the greater the economic mobility. Here’s a figure from a study by Corak (2012) depicting the degree of economic mobility among 22 countries, including the U.S.

    Social-Mobility-America-and-20-Other-Cou

    Economic-Mobility-Across-Developed-Count

    http://www.stanford.edu/group/scspi/cgi-bin/fact12.php
    Intragenerational income mobility refers to the rate at which a person moves to a higher or lower income level during her or his work career. More than half of those individuals in the bottom income quintile in 1994 remained there 10 years later, and less than 4 percent reached the top quintile.

    fact12.jpg
  • thadjock

    Posts: 2183

    Mar 27, 2013 6:20 AM GMT
    theantijock said

    Social-Mobility-America-and-20-Other-Cou




    maybe all this upward mobility pressure in the US is stressing us out and we're still not happy when we get there?

    on the bright side a non english speaking immigrant in NJ won the $338 mil powerball lottery. that's gotta skew the graph a bit.
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    Mar 27, 2013 2:51 PM GMT
    thadjock saidmaybe all this upward mobility pressure in the US is stressing us out and we're still not happy when we get there?

    on the bright side a non english speaking immigrant in NJ won the $338 mil powerball lottery. that's gotta skew the graph a bit.


    Wasn't the last big winner some rich white guy from Rhode Island? With the size of our population it just winds out at about a dollar per person. Graphically it's probably a wash. It only looks big. Now let's see what he can do with it.

    If upward mobility is so stressful that even its achievement brings no happiness, is that more reflective of the resiliency of participants or of the fairness (access or exploitation) & healthiness (benefits or detriments) of the system?

    Maybe the happy people are deluding themselves. Oh no, you're not truly happy that you just won $338 million. You're merely temporarily distracted from real problems that will kick in again in just a moment.

    http://www.ampyourstrat.com/2011/04/top-10-happiest-countries-in-the-world/
    Gallup released its wellbeing survey for 2010 in which The United States did not make the top 10 countries; instead it landed in 12th place.

    top10_countries_2010.png

    2010_thriving_countries_gallup.gif

    And here's some happiness graphs from various sites...

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    personal-annual-income-to-be-happy-jpg_1

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    TMSW-Kids-Happiness-by-Country-December2

    And here's something I found at random which seems to validate the OP's OP.

    http://economistsview.typepad.com/economistsview/2013/01/does-income-bring-happiness.html
    Thursday, January 24, 2013
    'Does Income Bring Happiness?'

    "...The general pattern is clear those in higher-income countries tend to report more life satisfaction....

    Of course, this result by itself doesn't prove the case either way. It could be that people in high-income countries are happier because they perceive that they are not in low-income countries, and so the happiness from their income is relative, rather than absolute. Thus, a second test is to look within individual countries at the happiness level of those with different income levels. If happiness from income is a relative concept, one might expect that, say, the rise in income from being a low-income person in the U.S to being a high-income person in the U.S. would bring more happiness, but the rise in happiness should be much less within a country than it would be across countries. However, the rise in happiness as a result of higher incomes within a country ends up looking very much like the relationship between countries.

    ...higher income levels over time are correlated with higher reported life satisfaction....

    ...But not for the United States! Sacks, Stevenson, and Wolfers write: "The US, however, remains a paradoxical counter-example: GDP has approximately doubled since 1972 and well-being, as measured by the General Social Survey, has decreased slightly." The authors point out that any individual country may have specific social changes that alter the reported "life satisfaction." In particular, they point out that inequality of income started rising in the U.S. economy in the 1970s, which may explain why the typical or median person in the economy isn't feeling much better off...
    "
  • conservativej...

    Posts: 2465

    Mar 27, 2013 3:05 PM GMT
    Ah ..... the argument for the Great Socialist Dream.
  • thadjock

    Posts: 2183

    Mar 27, 2013 4:08 PM GMT
    theantijock said
    thadjock saidmaybe all this upward mobility pressure in the US is stressing us out and we're still not happy when we get there?

    on the bright side a non english speaking immigrant in NJ won the $338 mil powerball lottery. that's gotta skew the graph a bit.


    Wasn't the last big winner some rich white guy from Rhode Island? With the size of our population it just winds out at about a dollar per person. Graphically it's probably a wash. It only looks big. Now let's see what he can do with it.


    No it was this guy:
    pedro-quezada-powerball-check.jpg?w=640&

    Pedro Quezada, a 44-year-old father of five, has 338 million reasons to smile.
    The New Jersey convenience store owner immigrated from the Dominican Republic 26 yrs ago
  • tazzari

    Posts: 2940

    Mar 27, 2013 5:00 PM GMT
    conservativejock saidAh ..... the argument for the Great Socialist Dream.


    Not a bad dream, either! icon_smile.gif Offer a better dream?
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    Mar 27, 2013 8:34 PM GMT
    thadjock said
    theantijock said
    thadjock saidmaybe all this upward mobility pressure in the US is stressing us out and we're still not happy when we get there?

    on the bright side a non english speaking immigrant in NJ won the $338 mil powerball lottery. that's gotta skew the graph a bit.


    Wasn't the last big winner some rich white guy from Rhode Island? With the size of our population it just winds out at about a dollar per person. Graphically it's probably a wash. It only looks big. Now let's see what he can do with it.


    No it was this guy:
    pedro-quezada-powerball-check.jpg?w=640&

    Pedro Quezada, a 44-year-old father of five, has 338 million reasons to smile.
    The New Jersey convenience store owner immigrated from the Dominican Republic 26 yrs ago


    Ya, I'd seen that. I was referring to this guy http://www.nydailynews.com/news/national/lotto-jackpots-hit-1-billion-report-article-1.1022213
    The $336 million Powerball jackpot won by a lucky Rhode Island lotto player on Saturday was the third largest in the lottery's history.

    Now if it ever goes up to a billion, I'm gonna risk a dollar and maybe I'll win too.
  • thadjock

    Posts: 2183

    Mar 27, 2013 10:08 PM GMT
    theantijock said
    Now if it ever goes up to a billion, I'm gonna risk a dollar and maybe I'll win too.


    if you win a billion, i better get an invite to your block party.
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    Mar 27, 2013 11:14 PM GMT
    thadjock said
    theantijock said
    Now if it ever goes up to a billion, I'm gonna risk a dollar and maybe I'll win too.


    if you win a billion, i better get an invite to your block party.


    Well I think the winner winds up with a measly $400 million.

    In any case, I don't think my party's gonna fit on the block.

    I'm gonna rename this "My Party"
    Ulysses-yacht-r.jpg

    Welcome aboard. We'll be weighing anchor shortly. Have a cocktail and then the steward will show you to your cabin.
  • metta

    Posts: 39167

    Mar 20, 2016 6:31 PM GMT
    America's explosion of income inequality, in one amazing animated chart

    d823a614-9e82-11e5-b45d-4812f209f861.img

    http://www.latimes.com/business/hiltzik/la-fi-hiltzik-ft-graphic-20160320-snap-htmlstory.html
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    Mar 22, 2016 8:34 PM GMT
    Thanks Obama!