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The title threw me a bit, i was expecting an article on redistribution of existing wealth. The thesis is that if wage growth kept pace with GDP growth, the med
by Pfhreak 6y ago
The title threw me a bit, i was expecting an article on redistribution of existing wealth.
The thesis is that if wage growth kept pace with GDP growth, the median salary would be 102k.
Wages for the bottom 90% have stayed fairly constant, while the top ten percent have quadrupled their wages.
- CPLX 6y agoLoosely speaking it’s the same concept. The point is that the gains as the economy grows are nearly all going to the same small group of people.
- gridlockd 6y agoIt's not the same concept at all, it's an undue conflation of GDP growth, income and income inequality. (See my other reply)
- pnutjam 6y agoThat's the GOP plan, classic horse and sparrow economic policy (old name for "trickle down").
- 082349872349872 6y agoFor those unfamiliar with "horse and sparrow", an admittedly rural metaphor: http://2.bp.blogspot.com/-nHfCt5rEDOI/UVqr2tUVvpI/AAAAAAAARAI/rWeqaz4yKe4/s800/redwingsma1617.jpg http://2.bp.blogspot.com/-nHfCt5rEDOI/UVqr2tUVvpI/AAAAAAAARA... https://www.chronofhorse.com/forum/forum/discussion-forums/around-the-farm/9812354-what-creature-is-constantly-scattering-the-manure-around https://www.chronofhorse.com/forum/forum/discussion-forums/a...
- randomdata 6y agoWhich makes sense, I suppose, as they are the ones who are responsible for the mechanization/automation that allowed productivity to continue to grow beyond the natural capability of humans alone. They decided to invest in that technology explicitly for the added gains it would bring them personally. There was once a promise that schooling would provide the path to allow everyone to contribute their own automation to the economy, allowing everyone’s income to continue to increase with the productivity gains they created, but it hasn’t played out in practice. The burger flipper still flips burgers rather than focusing on developing a burger flipping machine.