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>it runs against the "growing wealth inequality" narrative There are two things happening at the same time. The bottom is doing a little better than they were
by WillPostForFood 6y ago
>it runs against the "growing wealth inequality" narrative
There are two things happening at the same time. The bottom is doing a little better than they were (lower poverty rate, lower unemployment, education gains, and even income improvement). At the same time, the top is doing amazing. So you get two different narratives that are both true.
There is growing inequality.
The bottom is doing better.
You shouldn't ignore either one. If you fixate too much on inequality, you can push the bottom back down (everyone has nothing is very equal). If you ignore the inequality, society starts to crack.
- BurningFrog 6y agoShorter: The rich are getting richer and the poor are getting richer.
- galaxyLogic 6y agoBut I assumes states and cities are getting into debt
- beisner 6y agoEr, maybe "the rich are getting richer and the poor are getting slightly less poor" is more accurate.
- BurningFrog 6y agohttps://tomdehnel.com/what-is-russell-conjugation/ https://tomdehnel.com/what-is-russell-conjugation/
- TT3351 6y agoDo you think that communicating the significant, material difference between the relative increases among the two groups is not important?
- BurningFrog 6y agoIt's perfectly good topic to talk about! Arguing about what emotionally charged wording to use to describe it is not a discussion about facts though.
- charwalker 6y agoThe poor can make rent and save a few bucks while the rich have another billion in stock.
- Thorentis 6y agoThe report clearly says: > the differentials between these rates and the white unemployment rate narrowed to their lowest levels on record Which means that wealth inequality (difference between top and bottom) is NOT increasing, but is decreasing. This contradicts your claim that the top is getting ahead and increasing the gap to the bottom. So yes, it does run against the "growing wealth inequality" narrative.
- WillPostForFood 6y agoEmployment and wealth are related, but still separate things. It is orthogonal to the "growing wealth inequality" narrative, not in contradiction. Lowering the gap in unemployment may or may not reduce the wealth gap.
- goldenManatee 6y agoYou’re interpreting too strong of a relationship between employment and inequality as if they were inverses of each other. Assume the rate at which top earners are accumulating wealth exceeds the rate of wealth accumulation for the poor. This presents a scenario in which employment is increasing but so is inequality, because low-earners are not realizing gains at the same, or faster, rate than top-earners.