5mo ago

Since 1975, $79 Trillion Has Flowed From Bottom 90% to Top 1% in US: Analysis

www.commondreams.org

Since 1975, $79 Trillion Has Flowed From Bottom 90% to Top 1% in US: Analysis | Common Dreams

cross-posted from: https://lemmy.zip/post/33332812

Sanders used the findings of a recent working paper to denounce Republicans' determination to pass tax cuts that will benefit wealthy Americans the most.

United States | News & Politics @midwest.social

BrikoX @lemmy.zip

5mo ago

Since 1975, $79 Trillion Has Flowed From Bottom 90% to Top 1% in US: Analysis

www.commondreams.org /news/white-paper-sanders-rand-tax

14 comments

WHAT??? I thought it was called trickledown economics not trickleup economics??? American politicans lie??? WHAT???
- It is literally in the name. Trickle-down. You do know what a trickle is?
  Trickledown and firehouse up!
- what trickled down was piss
One reason Nixon kept the Vietnam War going for so long was that it was a money maker for US industry. Besides the steel mills making the bombs, there were ships carrying the munitions, trucks delivering the munitions, etc etc.
Remember, in 1960 US minimum wage was $1.00/hour and the price of a home was $11,000.00
- Oh so at 7.25 an hour, checks math we should be at like 80k for a house today, right? right guys?
  
  No, the way to read that is: a home costs about 11,000 hours of labor at that time. So assume 400k house, that would mean $36/hr min wage. Now that will be much less in rural areas, but the wages have not kept up with inflation (or productivity). Demand higher wages.
  
  Two points. First, the 'merely rich' aren't doing much better than their counterparts of the past. Angelina Jolie isn't substantively richer than Elizabeth Taylor was. Second, the price of luxuries has skyrocketed. The original Corvette cost about $6,000.00 when the average worker made $5,000.00 a year. Today the new Corvette, which isn't even the most expensive car, is about $250,000.00. Tickets to Super Bowl I were about $12.00 iirc.
- Let's have a war!
  Jack up the Dow Jones! - FEAR
Yeah, it feels like it.
Due largely in part by the party that he keeps aligning with. Capitalism is a cancer that needs to be cut out.
- Do you prefer Soviet, or Chinese, style socialism?
  
  Neither the Soviets or Chinese have socialism.
  Many democratic socialists would contend that neither system fully realized socialism's core principles of democratic economic participation and equitable distribution of resources.

14 comments