MYTH: Rich Get Rich and Poor Get Poorer

[the nature boy]

I wouldn't say this is true in the US

http://minneapolisfed.org/research/qr/qr2122.pdf page 2

"The United Nations Development Program (UNDP) reported in 1998 that the world's 225 richest people now have a combined wealth of $1 trillion. That's equal to the combined annual income of the world's 2.5 billion poorests people. "

some other interesting facts on global distribution of wealth.

http://www.cooperativeindividualism.org/wealth_distribution1999.html

 

[KAYNE]

I'M STILL RECOVERING FROM THE SUMMER SEMESTER'S FINANCE AND ECON CLASSES. AT THIS PIONT IN TIME I REFUSE TO ANSWER ANY ECONOMICAL OR FINANCIAL QUESTIONS. PLEASE REFER ALL QUESTIONS TO MY LAWYER.


KAYNE

 

[p0ink]

this article isnt focusing on the US; it is focused primarily upon foreign countries.

 

[KAYNE]

REMINDS ME OF THE SAYING: "THE TOP 5% OF THE RICHEST PEOPLE CONTROL 95% OF THE MONEY. THE BOTTOM 95% OF THE PEOPLE CONTROL 5% OF THE MONEY."


KAYNE

 

[MattTheSkywalker]

"What about the argument that income gaps are widening within these rapidly advancing countries? With a few exceptions, it is true, but still misleading.

The rich did get richer faster than the poor did. But for the most part the poor did not get poorer. They got richer, too. In exchange for significantly rising living standards, a little more internal inequality is not such a bad thing."

These are the facts. You need to argue fot the acceptability of the current situation instead of denying the facts yourself.

Those are worldwide stats, not US.



NB

Not much on page 2.

 

[the nature boy]

this article isnt focusing on the US; it is focused primarily upon foreign countries.

read the 2nd link, it's mostly from a global perspective.

 

[p0ink]

The American middle class is shrinking.

a good way to fix that problem is to eliminate the capital gains tax, so the middle class can actually keep more of the money they make....i know it would be another 'unfair advantage' for 'the rich', but they simply have more money to save and invest than people with less.

 

[the nature boy]

Those are worldwide stats, not US.



NB

Not much on page 2.

this is the main jist of page to Matt.

The bottom 40 percent of all households have only
about 1 percent of all the wealth in the nation.

The top 1 percent of all households have nearly 30
percent of all the wealth; the top 5 percent, 55 percent
of the wealth; and the top 20 percent, 80 percent of
the wealth.

 

[p0ink]

read the 2nd link, it's mostly from a global perspective.

interesting stuff. it made me so proud to be an american, i started chanting "USA!" over and over again.

 

[Prometheus]

In the US, there is a growing disparity of wealth between rich and poor. Again, the rich are becoming super-rich. I agree that as the middle class of the world grows, there is not so much of a worldwide disparity growth.

Not only is this contradictory, but it uses a great word: "growing"

"growing" with respect to what? to 1990, 1890, how about 1790? you cannot contend that wealth levels are more unequal now than in the age of feudal barons and royal land grants. or how about the Great Depression era, with 30%+ unemployment?

weren't the rich "super-rich" before? how about JP Morgan, Carnegie, Rockefeller? are you talking about the median, the average, or the outliers of the population? what about the effect of women not having full property rights until the 20th century? or of the Emancipation?