Richest 1 percent earn biggest share since '20s

[DucatiMonster696]

But it did. There was tons of domestic demand for goods. Goods that could only be provided by manufactures in the USA. US manufacturing along with unions got fat and greedy.

Over time imports became available, competitive and cheaper then those made at home, and the job picture got worse. The period of time from the 50's to 70's were unique, to think those days will return is idiotic.

Additionally why was the 50's so unique in US economic history? The question can be answered when viewing the saving rates of Americans during the preceding years (WW2 era) when US citizens had no real alternative but to save money due to the US being at war and most production being forced into propping up the war effort.

That inability of producers to sate the needs of US consumers at that time created a situation where Americans built the largest savings pool reserve in US history which was unleashed once manufacturers were unshackled from government controls and manufacturing was able to now sell to and sate the pent up consumer demand and allow those savings to be spent on goods and services that people had to do without. In the end it was the promotion of and ability for Americans to pool money into savings that lead to future growth in the golden era of the 50's.

 

[OverVolt]

Additionally why was the 50's so unique in US economic history? The question can be answered when viewing the saving rates of Americans during the preceding years (WW2 era) when US citizens had no real alternative but to save money due to the US being at war and most production being forced into propping up the war effort.

That inability of producers to sate the needs of US consumers at that time created a situation where Americans built the largest savings pool reserve in US history which was unleashed once manufacturers were unshackled from government controls and manufacturing was able to now sell to and sate the pent up consumer demand and allow those savings to be spent on goods and services that people had to do without. In the end it was the promotion of and ability for Americans to pool money into savings that lead to future growth in the golden era of the 50's.

Looks like they managed to blow it all by 1948 :awe:

 

[DucatiMonster696]

Looks like they managed to blow it all by 1948 :awe:

If by "blow it all" you mean that the need or incentives for savings (or the inverse, lack of disincentives for spending) were reduced due by an already large established pool of savings that was built up by the average American in 1948 than you are right. That savings pool spike basically carried the US for several decades right up to the 1970's when eventually debt spending by Americans started creeping up on the average American versus their average savings rates and eventually debt spending start climbing exponentially by the 1980's in comparison to savings.

 

[fskimospy]

But it did. There was tons of domestic demand for goods. Goods that could only be provided by manufactures in the USA. US manufacturing along with unions got fat and greedy.

Over time imports became available, competitive and cheaper then those made at home, and the job picture got worse. The period of time from the 50's to 70's were unique, to think those days will return is idiotic.

Now go look at imports as a percentage of GDP in both 1939 and 1945 and then once again, realize that you are wrong as to the cause of growth.

 

[Exterous]

Figure in the cost of living in SF and get back to me.

Sorry - not going to do your research for you. If you have a point to make I suggest you make it and support it with evidence. Since this is comparing SF and Detroit you should include Detroit's cost of living.

Also - remember, you can't use any government data when you make your point because you said you can't trust the government's data.

People holding jobs that would barely pay rent today were buying homes and cars in the 1960s and 70s.

Yet more people own homes today than they did in 1960 or 1970. So you want to go back to a time when fewer people owned homes? Not sure how that helps your argument

 

[michal1980]

Now go look at imports as a percentage of GDP in both 1939 and 1945 and then once again, realize that you are wrong as to the cause of growth.

I did,

and I'm not.

 

[fskimospy]

I did,

and I'm not.

Did you now? Please post the numbers you came up with.

 

[WackyDan]

Regardless of that opinion, if the pendulum swings too far the other way (like it is starting to do), the unions will start up again. While the fast food walkout a few weeks ago may seem silly to many, I'm sure that unions started in a similar fashion.

The fast food walkout wasn't organic, it was orchestrated and funded by political action groups and unions. The workers at the McDonald's in San Diego didn't just phone up the workers at the Taco Bell in NYC and say "We're walking out, Pass it on".

 

[Engineer]

The fast food walkout wasn't organic, it was orchestrated and funded by political action groups and unions. The workers at the McDonald's in San Diego didn't just phone up the workers at the Taco Bell in NYC and say "We're walking out, Pass it on".

Doesn't matter. Once enough people get it in their head that they want more, they will push to get it one way or another. All it takes is a seed for the tree to grow....

 

[Sonikku]

Prove how you have "earned it".

We earned those government contracts and subsidies by paying our dues with Congress. You have the same right to donate millions to the superpacs of your choice and earn some money same as the rest of us.

 

[Jhhnn]

Now go look at imports as a percentage of GDP in both 1939 and 1945 and then once again, realize that you are wrong as to the cause of growth.

Yeh, but he has truthiness, and that's all that really matters.

http://krugman.blogs.nytimes.com/2012/11/19/the-europe-in-rubble-excuse/

It's what he wants to believe. It justifies other things that he believes, so he does.

 

[Jhhnn]

We earned those government contracts and subsidies by paying our dues with Congress. You have the same right to donate millions to the superpacs of your choice and earn some money same as the rest of us.

I like the way you think.

 

[fskimospy]

Yeh, but he has truthiness, and that's all that really matters.

http://krugman.blogs.nytimes.com/2012/11/19/the-europe-in-rubble-excuse/

It's what he wants to believe. It justifies other things that he believes, so he does.

But wait, he said he looked at it.

Shocking.

 

[Engineer]

And even when they screw up the whole damn country (much less their company), they come out relatively unscathed.....

http://finance.yahoo.com/photos/the...all-street-ceos-still-living-large-slideshow/

 

[DucatiMonster696]

Yeh, but he has truthiness, and that's all that really matters.

http://krugman.blogs.nytimes.com/2012/11/19/the-europe-in-rubble-excuse/

It's what he wants to believe. It justifies other things that he believes, so he does.

All that shows is that between 1939-1945 exports dipped as the rest of the world was embroiled in a world war where many nations ended up being occupied by enemy forces and had much of their cities and manufacturing capacity bombed to hell and back again. Meanwhile their economies wrecked as civilian populations were displaced or killed off around the world.

Yet that graph does not even account for how GDP was being distributed across the US economy during the war time period, i.e. it was not going toward the civilian consumer side of the economy as rationing, shortages were the norm along with people having no choice but to save the money made while they worked in factories which gobbled up all economic resources to support the war time effort. Never mind the fact that PK draws a false causation with the correlation of this increased government directed wartime GDP spurt as being the product of increased union membership and a "progressive" tax rate of which PK ignores the fact that no one paid in full at the top due to the significant deductions one could take at the time on taxes.

 

[Zaap]

And even when they screw up the whole damn country (much less their company), they come out relatively unscathed.....

For the most part, those are called POLITICIANS.

The biggest difference is, most sane people don't expect CEOs that lost billions to magically fix everything. I just expect them to get more bailouts on your dime from the politicians.

I'm guessing you're one that expects politicians that have lost TRILLIONS (and expect you/your kids/their kids to pay the bill) to magically fix everything. I just expect them to give away more bailouts and top government positions to their billionaire buddies. (And did I mention you and yours will be getting the bill?)

 

[Jhhnn]

Never mind the fact that PK draws a false causation with the correlation of this increased government directed wartime GDP spurt as being the product of increased union membership and a "progressive" tax rate of which PK ignores the fact that no one paid in full at the top due to the significant deductions one could take at the time on taxes.

Krugman attributes much of the *postwar* broad based prosperity to union membership, not union membership during the war.

Of course nobody paid the full rate on top tier taxes back then, but they were still much higher & more progressive than they are today. That was true as recently as 1979.

 

[Engineer]

Employment gap between rich and poor highest on record:

http://news.yahoo.com/employment-gap-between-rich-poor-widest-record-072956259.html

Rates of unemployment for the lowest-income families — those earning less than $20,000 — have topped 21 percent, nearly matching the rate for all workers during the 1930s Great Depression.

U.S. households with income of more than $150,000 a year have an unemployment rate of 3.2 percent, a level traditionally defined as full employment. At the same time, middle-income workers are increasingly pushed into lower-wage jobs. Many of them in turn are displacing lower-skilled, low-income workers, who become unemployed or are forced to work fewer hours, the analysis shows.

Damnit, what's wrong with these people? Don't they know that if they all went to college, they would all have a good paying job by now?

/sarcasm-rolleyes

 

[bshole]

Engineer,

In other words, my loathing for the upper class is based on cold reality. They are my and America's mortal enemy. They have corrupted our government and kicked out the foundations of our nation. Until the middle and working classes unite and actively go to war against the elites, we will continue our slide into morass and decay.

 

[OCGuy]

If OP has money, I doubt he has any time to count it.....the way he is constantly counting others'.

 

[Zaap]

Damnit, what's wrong with these people? Don't they know that if they all went to college, they would all have a good paying job by now?

Who told anyone that except for idiot "progressives"? (I even hate that term- progressives are really regressives.)

The same people that now want to open the borders wide so that the US poor can slug it out with 30 million more people willing to work for EVEN LESS. That'll fix everything, right? There's just not enough competition for jobs lately, right?

Hitch your wagon to idiot progressive bullshit and then don't complain about the result. Maybe it'll occur to more people: if you want to be well off, independent, mobile, comfortable and happy you're NO USE to liberal Democrats. Since when are you of any use to them like that? Angry, poor, constantly complaining, helpless and looking to them for your salvation- now that's the way to go. Just be angry and whiney and do your duty: keep voting to give government more money and power, and ignore where all the money goes, just accept your "share" of the bill. It's all part of the plan.

Everyone who's been cheerleading for this very situation for years: YOU GOT WHAT YOU WISHED FOR. LIVE WITH IT.

 

[Zaap]

If OP has money, I doubt he has any time to count it.....the way he is constantly counting others'.

Someday when whiney, needy, busibody skilled at posting class-envy screeds online becomes the hot resume items that every business is clamoring for, there will be a lot of people here in line for top positions in any company they choose. Many will go straight to being CEO.

Of course until that magic day arrives, about the only thing most are good for is being good little serfs for the out of control government they wished for.

 

[bshole]

Someday when whiney, needy, busibody skilled at posting class-envy screeds online becomes the hot resume items that every business is clamoring for, there will be a lot of people here in line for top positions in any company they choose. Many will go straight to being CEO.

Damn, now that is a job I could do. I think I do the class-envy bit better than anybody here.... including Engineer. Engineer doesn't put enough hatred into his "screeds". I have all the hate, I leave the logic to the intellectuals like Engineer.

 

[Zaap]

Well, it's a job you could do until it's turned into yet another "job Americans won't do!"

Even 'whiney needy busibody' can be gutted out and turned into a shit job.

What then, when even pure uselessness doesn't pay? I guess the US-useless will have to invent an even lower rung of uselessness that's sought after.

I have faith in those of you that have already taken uselessness to lows previously thought impossible. You can do it, just keep on minding someone else's business, keep on striving to be the biggest wanker possible, keep on envying and demonizing. "Be all that you're jealous someone else can be" - isn't that the new uplifting slogan?

 

[dmcowen674]

9-16-2013

http://news.yahoo.com/employment-gap-between-rich-poor-widest-record-072956259.html

Employment gap between rich, poor widest on record



Rates of unemployment for the lowest-income families — those earning less than $20,000 — have topped 21 percent, nearly matching the rate for all workers during the 1930s Great Depression.


U.S. households with income of more than $150,000 a year have an unemployment rate of 3.2 percent, a level traditionally defined as full employment. At the same time, middle-income workers are increasingly pushed into lower-wage jobs.


"This was no 'equal opportunity' recession or an 'equal opportunity' recovery," said Andrew Sum, director of the Center for Labor Market Studies at Northeastern University. "One part of America is in depression, while another part is in full employment."