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Is income equality really growing?

Simpletruther

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After adjusting for takes and wealth transfer payments, it doesn't appear to be. In fact there is less OF IT THAN 50 YEARS SGO.


It's a great populist talking point to stir up class resentment and get votes though.
 

StillBallin75

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Data for this chart ends in 2020 but anyone who says the answer to "is income inequality getting worse" isn't a resounding YES has a bootlicking agenda.

Wealth inequality is even worse.
2020 Gini.PNG
 

Antiwar

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Forget the opinion part. What about the facts presented?

I'm not going to bother with their supposed facts. I've heard that the most wealthy and most powerful got wealthier and more powerful, more than usual, during the Covid-19 fiasco.
 

Bullseye

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After adjusting for takes and wealth transfer payments, it doesn't appear to be. In fact there is less OF IT THAN 50 YEARS SGO.


It's a great populist talking point to stir up class resentment and get votes though.
Why would it be? Various jobs require skills, training and experience that demand a higher wage. The brain surgeon earns, and deserves more, than the guy mopping the floors outside the operating room.
 

SkyChief

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Crap. I clicked to read the story but it hits a pay-wall. :mad:

I could read this part though:

Income Inequality - Its rise is an illusion created by the Census Bureau’s failure to account for taxes and welfare.

Which stands to reason. There is probably less income inequality now than there was 30 years ago. There will always be the Haves and the Have Nots. That's how the market works. People have different skills and ability to earn income. Naturally not everyone's income will be the same.
 

Bullseye

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I'm not going to bother with their supposed facts. I've heard that the most wealthy and most powerful got wealthier and more powerful, more than usual, during the Covid-19 fiasco.
Mostly BS. Numerical dishonestly. They also suffered the the biggest DECLINE as the pandemic destroyed the economy in the early months.
 

Bullseye

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I always go to the Wall Street Journal for opinions on socioeconomic justice.
Maybe you should - they report facts not ideological effluvia.
 

Bullseye

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Crap. I clicked to read the story but it hits a pay-wall. :mad:

I could read this part though:

Income Inequality - Its rise is an illusion created by the Census Bureau’s failure to account for taxes and welfare.

Which stands to reason. There is probably less income inequality now than there was 30 years ago. There will always be the Haves and the Have Nots. That's how the market works. People have different skills and ability to earn income. Naturally not everyone's income will be the same.
Income inequality is a nonsensical "idea". How can you compare the income of a highly educated professional with a high grad drudge? Income is driven by training, education and experience - particularly for in-demand specialties.
 

Antiwar

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Mostly BS. Numerical dishonestly. They also suffered the the biggest DECLINE as the pandemic destroyed the economy in the early months.

What "numerical dishonesty" would that be?


1649638859905.png
 

Schism

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The left cry about low-wage labor jobs while importing illegal aliens for low-wage jobs.

The left want cheap hamburger, eggs, lettuce, and chicken, and don't want to pay any more for it.

The left want their hair cut, nails painted, car washed, and lawn manicured for $20 bucks.

You want to know what they're really crying about? Their own wages.
 

Simpletruther

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I'm not going to bother with their supposed facts. I've heard that the most wealthy and most powerful got wealthier and more powerful, more than usual, during the Covid-19 fiasco.
The left cry about low-wage labor jobs while importing illegal aliens for low-wage jobs.

The left want cheap hamburger, eggs, lettuce, and chicken, and don't want to pay any more for it.

The left want their hair cut, nails painted, car washed, and lawn manicured for $20 bucks.

You want to know what they're really crying about? Their own wages.

So you just go with what you hear that stirs you up?
 

ttwtt78640

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After adjusting for takes and wealth transfer payments, it doesn't appear to be. In fact there is less OF IT THAN 50 YEARS SGO.


It's a great populist talking point to stir up class resentment and get votes though.

Yep, but watch how quickly folks will want to change the topic to wealth inequality.
 

Nomad4Ever

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Yep, but watch how quickly folks will want to change the topic to wealth inequality.
I mean, isn't that the real one people are complaining about though? None of those billionaires became billionaires from making an income. It was all from assets.
 

rickc

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That's what's happening. Do want to pretend these illegal migrants are going to be working for $15/hr? LOL

The ones I work with in construction most make a lot more than that. Their productivity far exceeds American workers.
 

Razoo

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Of course it is growing. Millions of USA jobs with USA corporations are still off shore supporting communism and other dictatorships.

Until the USA is will to bounce up the minimum wage to a moderately comfortable annual salary of say $64,500 nothing will change anytime soon. $17.50 per hour is $33,000 per year ..... not enough. $64,500 annually will not buy nice boats and second homes in Aspen,Colorado.
 

ttwtt78640

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I mean, isn't that the real one people are complaining about though? None of those billionaires became billionaires from making an income. It was all from assets.

Those assets did not buy themselves. The idea that wealth (or net worth) is a zero sum affair, where a fixed amount of assets are (somehow) distributed (unfairly?) among the people, ignores reality. It makes prefect sense (to almost everyone) that differences in personal production would create difference in personal income. An hour of labor (production) by a burger flipper is simply worth (thus compensated) less than an hour of labor (production) by an auto mechanic.

One major driver of income inequality is how taxable income is (multiply) defined— wage/salary, business (corporate) and capital gains income are all treated differently by the federal income tax (FIT) code - with wage/salary income being taxed at the highest and most progressive rates.

Complicating matters further is the strange idea that an identical amount of annual income should be taxed differently based on how and upon who that income was later spent - much (if not most) of the 80K pages of the FIT law is dedicated to that ‘social engineering’ mission.

The concept of itemized deductions (income taken off the top) combined with progressive FIT bracket rates creates a bizarre and ”unfair” federal subsidy system. A $10K itemized deduction gets a $1.5 federal subsidy for someone (with a modest income) in the 15% bracket rate, while that identical $10K itemized deduction gets a $3.5 federal subsidy for someone (with a much higher income) in the 35% bracket rate. It makes absolutely no sense to offer larger federal subsidies (for an identical deductible expense amount) to those with higher incomes.
 

Simpletruther

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That's what's happening. Do want to pretend these illegal migrants are going to be working for $15/hr? LOL
My bed that was a double quote post above. I make that mistake too often. These boards suck technically.
 

pocket aces

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Why would it be? Various jobs require skills, training and experience that demand a higher wage. The brain surgeon earns, and deserves more, than the guy mopping the floors outside the operating room.
Obviously, but shouldn’t the guy mopping the floors be able to at least afford rent and food?
 
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