1 - The rich getting richer is not a bad thing.
Yes, it is........for a democracy, its a major problem when more and more of a country's wealth is concentrated in their hands. It allows them to wield power way beyond their numbers.
2 - When you compare the rich in one period to the rich in another you aren't comparing the same group of people.
What does it matter? I am most concerned with the rich now and how much they control.
3 - "It is statistically dubious to compare long-term growth of average income in any top income group with growth below. Only the top group has no income ceiling, and the lower income limit defining membership in that top group rises whenever incomes are rising. In 2003, a household needed an income above $86,867 to make it into the top 20%, but an income above $68,154 (in 2003 dollars) would suffice in 1983. When the Census Bureau averaged all the income above $86,867 in 2003, they were sure to come up with a larger figure than in 1983, when the average was diluted by including incomes nearly $20,000 lower."
- Alan Reynolds (not an argument from any real or imagined authority or expertise that he is supposed to have but rather just giving him credit rather than plagiarizing him)
4 - Even if the very rich are getting a lot richer and there share of income is growing that isn't moral or legal justification for taking their money away from them.
Its a reason for raising taxes on the rich.
But in fact, economic mobility - moving from one income group to another over a lifetime - has actually stopped rising in the United States, researchers say. Some recent studies suggest it has even declined over the last generation.
"Stopped growing" isn't an important issue. It would be great if it did grow but since it was fairly high in the past if it merely stopped growing it is still good. Mobility doesn't have to grow over time to be good, just like unemployment doesn't have to (and can't) keep shrinking forever.
That's the point....its not that high and it does not compare favorably with the European countries.
Again, I ask.......why do you defend the rich?
ted |
