Originally published at: http://boingboing.net/2017/01/11/the-world-wealth-and-income-da.html …
So the Blue Line Folks have more money? Imagine that...
This is what the modern conservative hopes to conserve.
President Trump will need to reinvent the EPA's mission, and rename it the "Wealth Protection Agency."
Lumping the 1% with the .01% is misleading. It's grouping incomes of $400K with incomes of $30Mil.
The real shocker is found in the wealth disparity, which is far greater than the income disparity. You can clearly see the decline of the middle class, the blue line, since 1980. And the bottom 50% don't have shit, and never did.
I think wealth inequality is more significant than income inequality. The people with the top 1% of income can vary considerably from year to year. Those with high income tend to have a much more variable income than those at the low end. Income from sales commissions and investing can vary considerably from year to year.
I also suspect that the wealth of households divided by the number of people in each household is more significant than the wealth of individuals or households. If one measures individuals instead of households then individuals in a household who are supported by one high wealth person are counted as poor.
Note that this is marking changes in pre-tax income.
Once you factor in the massive reduction in taxation on the wealthy over the last few decades, the shift is much larger. The rich are getting more to start with and paying less tax; for the poor, the reverse.
Note the effect of the GFC on the bottom 50%; from fuck-all to less than nothing.
I'm reminded of Micawber.
The idea that passive capital gains should be taxed less than earned income still startles me, it's obviously insane to anyone but the investing class.
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