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Our Broken Economy, in One Simple Chart

nytimes.com

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Re: Our Broken Economy, in One Simple Chart

#21

Post by rco8786 »

grondilu wrote: post #14
jcriddle4 wrote: post #8

Earlier quoted context omitted.

"Why is this a problem, as long as everyone is not worse off?". Well actually for a large number of people it is getting worse. Here is data on middle class losing ground: http://www.pewsocialtrends.org/2015/12/09/the-american-middl... Here is data on life expediencies: http://www.npr.org/sections/health-shots/2016/12/08/50466760...

> Well actually for a large number of people it is getting worse. Maybe, but that's not what was complained about in the original article. So OP's point stands.

Uh, OP's point was why does it matter if people are no worse off and people are worse off. Point does not stand.

Re: Our Broken Economy, in One Simple Chart

#22

Post by hammock »

TheAdamAndChe wrote: post #17
hammock wrote: post #10

Earlier quoted context omitted.

>shouldn't things improve for everyone? Are they not? According to the chart, income growth is positive (things improving) for everyone but those below the 5th percentile.

The income growth for the lower percentages has been below inflation. Combined with the fact that the middle class is shrinking while the lower and upper classes are growing, it means that things aren't improving for many, but growing worse.

Footnote on the chart says the figures are already adjusted for inflation.

Re: Our Broken Economy, in One Simple Chart

#24

Post by maxxxxx »

monocasa wrote: post #18
maxxxxx wrote: post #11

Earlier quoted context omitted.

Because a society doesn't work well if only a few people receive the benefits of progress. The big strength of the western economies since the 50s that most people benefited from advances. If more and more people start to feel that their life stagnates the economy will stagnate too.

> If more and more people start to feel that their life stagnates the economy will stagnate too. Or worse, they start pulling out the guns and guillotines.

That has historically been the fine balance for the upper class. How much can you squeeze the lower ranks before they cut your head off?

Re: Our Broken Economy, in One Simple Chart

#25

Post by sharemywin »

maxxxxx wrote: post #11
anovikov wrote: post #2

Why is this a problem, as long as everyone is not worse off? Growth should go to the people who make it possible - in 1960s it were highly qualified, unionized industrial plant workers. Now these are people like us. Not some imaginary predatory capitalists.

Because a society doesn't work well if only a few people receive the benefits of progress. The big strength of the western economies since the 50s that most people benefited from advances. If more and more people start to feel that their life stagnates the economy will stagnate too.

or bury their sorrows in drugs and video games.

Re: Our Broken Economy, in One Simple Chart

#26

Post by [deleted] »

maxxxxx wrote: post #24
monocasa wrote: post #18

Earlier quoted context omitted.

> If more and more people start to feel that their life stagnates the economy will stagnate too. Or worse, they start pulling out the guns and guillotines.

That has historically been the fine balance for the upper class. How much can you squeeze the lower ranks before they cut your head off?

[deleted]

Re: Our Broken Economy, in One Simple Chart

#27

Post by aerovistae »

anovikov wrote: post #2

Why is this a problem, as long as everyone is not worse off? Growth should go to the people who make it possible - in 1960s it were highly qualified, unionized industrial plant workers. Now these are people like us. Not some imaginary predatory capitalists.

Why is it a problem that policy inhibits upward mobility while (in conjunction with technology) handing enormous power to those who already had money to begin with ? Hmm, I wonder how such a powerfully self-preserving and generally harmful system could possibly be considered a problem.

Re: Our Broken Economy, in One Simple Chart

#28

Post by buttcoinslol »

monocasa wrote: post #18
maxxxxx wrote: post #11

Earlier quoted context omitted.

Because a society doesn't work well if only a few people receive the benefits of progress. The big strength of the western economies since the 50s that most people benefited from advances. If more and more people start to feel that their life stagnates the economy will stagnate too.

> If more and more people start to feel that their life stagnates the economy will stagnate too. Or worse, they start pulling out the guns and guillotines.

1793 France -> 1918 Russia -> 20xx ______ ?

Re: Our Broken Economy, in One Simple Chart

#29

Post by sharemywin »

sokoloff wrote: post #19
api wrote: post #3

Earlier quoted context omitted.

It would be significantly less of a problem if it weren't for massive inflation in real estate, tuition, and health care. There are other gravity-defying areas but these three are the real killers. Wages are stagnant but the cost of housing, education, and health care can only go up and up and up. There's a cause and effect connection too. All that wealth at the top increasingly has nowhere to go. Stagnant wages resu…

> Wages are stagnant but the cost of housing, education, and health care can only go up and up and up. Wages are not stagnant. From the article: The news regarding the American middle class is not all bad. Although the middle class has not kept pace with upper-income households, its median income, adjusted for household size, has risen over the long haul, increasing 34% since 1970. That is not as strong as the 47% in…

median home values: 1970: $17,000. 1980: $47,200. 1990: $79,100. 2000: $119,600.

a lot more than 34%.

Re: Our Broken Economy, in One Simple Chart

#30

Post by sharemywin »

sokoloff wrote: post #19
api wrote: post #3

Earlier quoted context omitted.

It would be significantly less of a problem if it weren't for massive inflation in real estate, tuition, and health care. There are other gravity-defying areas but these three are the real killers. Wages are stagnant but the cost of housing, education, and health care can only go up and up and up. There's a cause and effect connection too. All that wealth at the top increasingly has nowhere to go. Stagnant wages resu…

> Wages are stagnant but the cost of housing, education, and health care can only go up and up and up. Wages are not stagnant. From the article: The news regarding the American middle class is not all bad. Although the middle class has not kept pace with upper-income households, its median income, adjusted for household size, has risen over the long haul, increasing 34% since 1970. That is not as strong as the 47% in…

four-year colleges and universities and also two-year community colleges. In 1970, the. average yearly tuition was $358 for public four-year institutions and $1,561 for four-year. private institutions.

The College Board predicts the average annual cost of a four-year college in 2020 will be $46,368, up 38% from current fee

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