4 ms·

>I can make hundreds of thousands more while still hoping and contributing to raising the floor in quality of life. I used to believe this too. Sadly the stati

>I can make hundreds of thousands more while still hoping and contributing to raising the floor in quality of life. I used to believe this too. Sadly the statistics suggest this is no longer happening and millennials as a generation are the first to be worse off than their parents, with rising income inequality being a driving factor. Robert reichs class is available for free on YouTube, interesting stats to follow to help entertain other perspectives.

check89 3y ago
Robert Reich is a far-left hack who claimed that "a libertarian vision of an uncontrolled internet [is] the dream of every dictator, strongman and demagogue". [0] http://web.archive.org/web/20220412104542/https://www.theguardian.com/commentisfree/2022/apr/12/elon-musk-internet-twitter http://web.archive.org/web/20220412104542/https://www.thegua...
endisneigh 3y ago
Global inequality is actually decreasing (potentially at the expense of Americans).
- aaronblohowiak 3y ago
  Sadly this is looking more and more like the rich countries becoming more like poor countries in terms of income distribution within country than the poor countries looking more like the rich countries, though likely some kind of meeting in the middle ( still a bad outcome if you are interested in rising standards of living for poor globally)
  - njarboe 3y ago
    This is not really true. China has seen a dramatic rise in wealth spread over much of the population with the rest of SE Asia seeing a smaller but dramatic per capital growth over the last 3 decades. India is also seeing huge improvements. Here is a good study to look at[1]. [1]https://www.brookings.edu/articles/new-insights-into-the-distribution-of-world-income/ https://www.brookings.edu/articles/new-insights-into-the-dis...
- elliotto 3y ago
  Do you have a source for this? Thomas Piketty's Capital in the 21st century goes into wealth inequality in great depth, and would suggest that intra-country wealth inequality is dramatically increasing in the west, but he doesn't have sources on inter-country wealth distributions. I would be interested to know more.
  - endisneigh 3y ago
    check out your world in data. For better or worse the income equality thing is outweighed by the gains in China and India but most of the world seems to be improving on that front. There are still countries getting worse though sadly
    - ColoursofOSINT 3y ago
      > check out your world in data. For better or worse the income equality thing is outweighed by the gains in China and India but most of the world seems to be improving on that front. >There are still countries getting worse though sadly Do you mean https://ourworldindata.org/ https://ourworldindata.org/? It would be far more constructive to give an actual link to proof than some massive site. No offense, but that's like me saying, "You want proof that climate change is real? Check the internet," that's not proof, just some nebulous hand-waving. No one would or should believe that. Their source data for the slight decline [1] in global inequality (which is only hypothetical) is the Worldbank [2], a source that has been heavily criticized for data-rigging [3-5]. The Worldbank also tries to present itself as helping to reduce inequality [6], so they have a bias for showing results. I am not saying you are wrong or right, but let us keep the conversation quality on this website strong. [1]: https://ourworldindata.org/grapher/global-and-between-country-income-inequality?facet=metric https://ourworldindata.org/grapher/global-and-between-countr... [2]: https://documents1.worldbank.org/curated/en/959251468176687085/pdf/wps6259.pdf https://documents1.worldbank.org/curated/en/9592514681766870... [3]: https://www.reuters.com/business/world-bank-imf-face-long-term-damage-after-data-rigging-scandal-2021-10-04/ https://www.reuters.com/business/world-bank-imf-face-long-te... [4]: https://www.bloomberg.com/opinion/articles/2021-10-15/the-georgieva-scandal-and-its-lessons-for-the-imf-and-world-bank#xj4y7vzkg https://www.bloomberg.com/opinion/articles/2021-10-15/the-ge... [5]: https://www.washingtonpost.com/politics/2021/09/20/theres-deeper-story-behind-world-banks-ratings-scandal/ https://www.washingtonpost.com/politics/2021/09/20/theres-de... [6]: https://www.washingtonpost.com/politics/2021/09/20/theres-deeper-story-behind-world-banks-ratings-scandal/ https://www.washingtonpost.com/politics/2021/09/20/theres-de...
paulddraper 3y ago
> the statistics suggest this is no longer happening and millennials as a generation are the first to be worse off than their parents Why? What are we doing differently now than we used to?
- afavour 3y ago
  To bring it back to the article posted: CEO pay has skyrocketed 1,460% since 1978 https://www.epi.org/publication/ceo-pay-in-2021/ https://www.epi.org/publication/ceo-pay-in-2021/
  - paulddraper 3y ago
    I would think that's a symptom, but do you think that is the underlying cause?
    - aaronblohowiak 3y ago
      There are many, check out the lecture series (not just the intro lecture) that starts here: https://youtu.be/1f2blKai7HA https://youtu.be/1f2blKai7HA

check89 3y ago

Robert Reich is a far-left hack who claimed that "a libertarian vision of an uncontrolled internet [is] the dream of every dictator, strongman and demagogue". [0] http://web.archive.org/web/20220412104542/https://www.theguardian.com/commentisfree/2022/apr/12/elon-musk-internet-twitter http://web.archive.org/web/20220412104542/https://www.thegua...

endisneigh 3y ago

Global inequality is actually decreasing (potentially at the expense of Americans).

aaronblohowiak 3y ago
Sadly this is looking more and more like the rich countries becoming more like poor countries in terms of income distribution within country than the poor countries looking more like the rich countries, though likely some kind of meeting in the middle ( still a bad outcome if you are interested in rising standards of living for poor globally)
- njarboe 3y ago
  This is not really true. China has seen a dramatic rise in wealth spread over much of the population with the rest of SE Asia seeing a smaller but dramatic per capital growth over the last 3 decades. India is also seeing huge improvements. Here is a good study to look at[1]. [1]https://www.brookings.edu/articles/new-insights-into-the-distribution-of-world-income/ https://www.brookings.edu/articles/new-insights-into-the-dis...
elliotto 3y ago
Do you have a source for this? Thomas Piketty's Capital in the 21st century goes into wealth inequality in great depth, and would suggest that intra-country wealth inequality is dramatically increasing in the west, but he doesn't have sources on inter-country wealth distributions. I would be interested to know more.
- endisneigh 3y ago
  check out your world in data. For better or worse the income equality thing is outweighed by the gains in China and India but most of the world seems to be improving on that front. There are still countries getting worse though sadly
  - ColoursofOSINT 3y ago
    > check out your world in data. For better or worse the income equality thing is outweighed by the gains in China and India but most of the world seems to be improving on that front. >There are still countries getting worse though sadly Do you mean https://ourworldindata.org/ https://ourworldindata.org/? It would be far more constructive to give an actual link to proof than some massive site. No offense, but that's like me saying, "You want proof that climate change is real? Check the internet," that's not proof, just some nebulous hand-waving. No one would or should believe that. Their source data for the slight decline [1] in global inequality (which is only hypothetical) is the Worldbank [2], a source that has been heavily criticized for data-rigging [3-5]. The Worldbank also tries to present itself as helping to reduce inequality [6], so they have a bias for showing results. I am not saying you are wrong or right, but let us keep the conversation quality on this website strong. [1]: https://ourworldindata.org/grapher/global-and-between-country-income-inequality?facet=metric https://ourworldindata.org/grapher/global-and-between-countr... [2]: https://documents1.worldbank.org/curated/en/959251468176687085/pdf/wps6259.pdf https://documents1.worldbank.org/curated/en/9592514681766870... [3]: https://www.reuters.com/business/world-bank-imf-face-long-term-damage-after-data-rigging-scandal-2021-10-04/ https://www.reuters.com/business/world-bank-imf-face-long-te... [4]: https://www.bloomberg.com/opinion/articles/2021-10-15/the-georgieva-scandal-and-its-lessons-for-the-imf-and-world-bank#xj4y7vzkg https://www.bloomberg.com/opinion/articles/2021-10-15/the-ge... [5]: https://www.washingtonpost.com/politics/2021/09/20/theres-deeper-story-behind-world-banks-ratings-scandal/ https://www.washingtonpost.com/politics/2021/09/20/theres-de... [6]: https://www.washingtonpost.com/politics/2021/09/20/theres-deeper-story-behind-world-banks-ratings-scandal/ https://www.washingtonpost.com/politics/2021/09/20/theres-de...

paulddraper 3y ago

> the statistics suggest this is no longer happening and millennials as a generation are the first to be worse off than their parents Why? What are we doing differently now than we used to?

afavour 3y ago
To bring it back to the article posted: CEO pay has skyrocketed 1,460% since 1978 https://www.epi.org/publication/ceo-pay-in-2021/ https://www.epi.org/publication/ceo-pay-in-2021/
- paulddraper 3y ago
  I would think that's a symptom, but do you think that is the underlying cause?
  - aaronblohowiak 3y ago
    There are many, check out the lecture series (not just the intro lecture) that starts here: https://youtu.be/1f2blKai7HA https://youtu.be/1f2blKai7HA