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> That just means the rich get richer, leaving everyone else even further behind Why does it necessarily mean that?
by triceratops 3y ago
> That just means the rich get richer, leaving everyone else even further behind
Why does it necessarily mean that?
- solardev 3y agoBecause US wealth usually grows at the top and doesn't really trickle down. Data from 2020, but it's probably not changed much: 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-... 2023 graph: https://www.gspublishing.com/content/research/en/reports/2023/09/05/d33a1656-f37e-4661-9111-f6fe593ffa8a/jcr:content/report/chapter_2/exhibitGroup_7/exhibit_7.img.png https://www.gspublishing.com/content/research/en/reports/202... (from https://www.gspublishing.com/content/research/en/reports/2023/09/05/d33a1656-f37e-4661-9111-f6fe593ffa8a.html https://www.gspublishing.com/content/research/en/reports/202...) With the massive increases in inflation and housing costs, the middle class and below can't really keep up. A 5% increase in earning power for them is like a few thousand dollars a year (that they have to immediately spend on housing and services), vs millions or billions for capitalists that can then reinvest in growth sectors (AI and whatnot).
- triceratops 3y agoWealth is different from GDP.