Income inequality explained in one chart
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If I'm reading this chart correctly, I'd argue that the change in growth has more to do with the dawn of securitization, fixed income derivatives, and technology-driven finance.
Also, the bottom 90% has enjoyed >50% growth since the early 1940's, whereas the top 1% just broke that growth threshold in the mid-1980's.
If anything, this chart might be used to argue that that "trickle-down" economics stopped working at some point (or never worked), as the huge growth for top earners hasn't caused similar growth for the bottom 90%.
EDIT:
What's with the poop slinging on this thread? Is OP butthurt that we all didn't collectively shake our heads in agreement that the demise of the gold standard is to blame? Because it's not. It has nothing to do with what silly commodity fetish was entertained. The social contract changed and people no longer argued for their fair share of the wealth they had a hand in creating. They got robbed and they just took it lying down. That was the whole point of selling people on supply side economics: to get them to willingly act against their own best interests. Now everyone's got their panties in a bunch but they still won't join a union because they're so brainwashed. Everyone is so afraid of being called a socialist that they won't act on common sense. Labor bargaining was around long before Marx, it's a common sense thing and not an ideology unto itself. "Fuck you, pay me" isn't a socialism thing, it's a survival thing that people in this country have taken for granted. People are stupid. No one is sitting at the bargaining table on behalf of the American worker anymore, and things will continue to deteriorate until they do.
Put that in your pipe and smoke it.
You need to take a statistics class. Your chart can be used to argue that the Rolling Stone's release of "Brown Sugar" in 1971 caused income inequality.
Pretty much this just shows me I need to work harder to be in the top 1%
Thanks.
Go read some Piketty.
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