4 ms·
This, exactly. I don't know why you're getting down-votes. It's indisputable that both (1) the economy improving on average and (2) the distribution of those ga
by bmcusick 9y ago
This, exactly. I don't know why you're getting down-votes. It's indisputable that both (1) the economy improving on average and (2) the distribution of those gains is highly skewed to the right-side of the income/wealth table.
Stories based on average numbers lose a great deal of the details that matter.
- quuquuquu 9y agoCompletely agree, especially when the USA has nearly 330 million people! Last year according to credit Suisse, the median wealth of the typical American actually /decreased/! And if I remember correctly, it was by quite a sizeable chunk, from 49,000 usd to 45,000 usd. And the median excludes children, so it is adults only. I have all the statistics in the world to back up what I'm saying, but even more important for me is anecdotal stuff that inspires me to dig deeper. When you see the sheer number of young kids working chipotle or retail; when you see the demographics of uber drivers vs big 5 software engineers; when you realize that so much of the wealth in the US is old money that continues to centralize, pool, and grow (much like gravity); when you realize all that, at the very least, it makes you say "hmmm... I need to rethink and dig deeper into this topic on my own".