4 ms·

I wonder if you've ever looked at a graph of wealth accumulation of every economic strata in the US, or just inequality. There's nothing wrong with inequality i

I wonder if you've ever looked at a graph of wealth accumulation of every economic strata in the US, or just inequality. There's nothing wrong with inequality if the poor are getting richer, have more access to resources, and a higher quality of life with time.

pydry 5y ago
Except they're getting relatively poorer - having less access to housing, lower purchasing power, lesser access to medical care and are dying sooner (even before COVID). But that's a nice hypothetical you've got there.
- defaultprimate 5y ago
  Not according to the data. https://fee.org/articles/the-myth-that-the-poor-get-poorer-when-the-rich-get-richer/ https://fee.org/articles/the-myth-that-the-poor-get-poorer-w...
  - croon 5y ago
    That's not data, that's extremely bad propaganda. Median wealth was the same in 1995 as it was in 2016 [0]. Median inflation adjusted household income was the same in 1974 as in 2016 [1]. If you go the full range it's gone from $54k to $67k between 1968 to 2021. That is technically higher, but it's not CPI adjusted. [0] https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality/ https://www.pewresearch.org/social-trends/2020/01/09/trends-... [1] https://dqydj.com/household-income-by-year/ https://dqydj.com/household-income-by-year/
    - defaultprimate 5y ago
      There's these things called citations, there's tons of them throughout the piece, those pieces further cite primary sources for the data. Learn these things before you try to engage in conversations about this topic: The difference between income and total compensation. The difference between income and wealth. The dynamic nature of economic mobility over the course of someone's life. (Older people have more human capital and therefore more wealth). Fun fact Denmark is one of the most wealth unequal countries.
      - croon 5y ago
        > There's these things called citations, there's tons of them throughout the piece, those pieces further cite primary sources for the data. I clicked 10 or so citations that all went to the same guys blog where he at best had skewered pew research I sourced directly instead. > Learn these things before you try to engage in conversations about this topic: > The difference between income and total compensation. If you have data on median compensation (outside of regular income) we can discuss it. It would however already be represented in wealth data, so it seems negligible. > The difference between income and wealth. Which is why I provided both. > The dynamic nature of economic mobility over the course of someone's life. (Older people have more human capital and therefore more wealth). How is this relevant to median income/wealth measured over time? It's not measuring one person's wealth growth, but a time series of snapshots of everyone's (meaning all ages).
        defaultprimate 5y ago
        lol at thinking Daniel Mitchell is just a "guy" >How is this relevant to median income/wealth measured over time? Because the age and dominant generation of the population massively affects the median household wealth. It's why the median wealth of Japanese Americans is significantly higher than Hispanic Americans. The median age of the Japanese American population is almost double that of Hispanic Americans.
        croon 5y ago
        > lol at thinking Daniel Mitchell is just a "guy" He's a global warming denialist often citing Daily Mail as a source. I know who he is. "just a guy" would've honestly been a better resume. What he is not is a primary source or a good source of unbiased anything. > Because the age and dominant generation of the population massively affects the median household wealth. It's why the median wealth of Japanese Americans is significantly higher than Hispanic Americans. The median age of the Japanese American population is almost double that of Hispanic Americans. Ok, median age in the 1990s was 32.9, and 37.9 in 2016 [0], so the wealth being the same means it actually shrunk even more since older people should have more. Got it. Thanks for clarifying. [0] https://www.statista.com/statistics/241494/median-age-of-the-us-population/ https://www.statista.com/statistics/241494/median-age-of-the...

pydry 5y ago

Except they're getting relatively poorer - having less access to housing, lower purchasing power, lesser access to medical care and are dying sooner (even before COVID). But that's a nice hypothetical you've got there.

defaultprimate 5y ago
Not according to the data. https://fee.org/articles/the-myth-that-the-poor-get-poorer-when-the-rich-get-richer/ https://fee.org/articles/the-myth-that-the-poor-get-poorer-w...
- croon 5y ago
  That's not data, that's extremely bad propaganda. Median wealth was the same in 1995 as it was in 2016 [0]. Median inflation adjusted household income was the same in 1974 as in 2016 [1]. If you go the full range it's gone from $54k to $67k between 1968 to 2021. That is technically higher, but it's not CPI adjusted. [0] https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality/ https://www.pewresearch.org/social-trends/2020/01/09/trends-... [1] https://dqydj.com/household-income-by-year/ https://dqydj.com/household-income-by-year/
  - defaultprimate 5y ago
    There's these things called citations, there's tons of them throughout the piece, those pieces further cite primary sources for the data. Learn these things before you try to engage in conversations about this topic: The difference between income and total compensation. The difference between income and wealth. The dynamic nature of economic mobility over the course of someone's life. (Older people have more human capital and therefore more wealth). Fun fact Denmark is one of the most wealth unequal countries.
    - croon 5y ago
      > There's these things called citations, there's tons of them throughout the piece, those pieces further cite primary sources for the data. I clicked 10 or so citations that all went to the same guys blog where he at best had skewered pew research I sourced directly instead. > Learn these things before you try to engage in conversations about this topic: > The difference between income and total compensation. If you have data on median compensation (outside of regular income) we can discuss it. It would however already be represented in wealth data, so it seems negligible. > The difference between income and wealth. Which is why I provided both. > The dynamic nature of economic mobility over the course of someone's life. (Older people have more human capital and therefore more wealth). How is this relevant to median income/wealth measured over time? It's not measuring one person's wealth growth, but a time series of snapshots of everyone's (meaning all ages).
      - defaultprimate 5y ago
        lol at thinking Daniel Mitchell is just a "guy" >How is this relevant to median income/wealth measured over time? Because the age and dominant generation of the population massively affects the median household wealth. It's why the median wealth of Japanese Americans is significantly higher than Hispanic Americans. The median age of the Japanese American population is almost double that of Hispanic Americans.
        croon 5y ago
        > lol at thinking Daniel Mitchell is just a "guy" He's a global warming denialist often citing Daily Mail as a source. I know who he is. "just a guy" would've honestly been a better resume. What he is not is a primary source or a good source of unbiased anything. > Because the age and dominant generation of the population massively affects the median household wealth. It's why the median wealth of Japanese Americans is significantly higher than Hispanic Americans. The median age of the Japanese American population is almost double that of Hispanic Americans. Ok, median age in the 1990s was 32.9, and 37.9 in 2016 [0], so the wealth being the same means it actually shrunk even more since older people should have more. Got it. Thanks for clarifying. [0] https://www.statista.com/statistics/241494/median-age-of-the-us-population/ https://www.statista.com/statistics/241494/median-age-of-the...