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So the poor can now have smartphones and financed cars but their education and healthcare is prohibitively expensive and they have no chance of owning a home.

So the poor can now have smartphones and financed cars but their education and healthcare is prohibitively expensive and they have no chance of owning a home. All the while those GDP increases have gone to fewer and fewer people. I'm sure they'll feel reassured when you tell them GDP per capita has gone up. It's not about the poor being a bit better off with things like luxuries. It's about their piece of the overall wealth and stake in the economy gradually shrinking.

ianai 8y ago
Anecdote, companies received bailouts during the financial crisis for being “too big to fail.” Meanwhile, people and families were kicked out of their homes and forced into bankruptcy. Companies rebounded and increased profits long ago. Meanwhile, workers didn’t see a wage increase until very recently (last 3-6 months or so - IIRC). And the increase for people was not very large.