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Income inequality in the US has not increased since 2014 via Piketty's methodology (the one most people use), but also hasn't increased since the 60s by other o
by astrange 3y ago
Income inequality in the US has not increased since 2014 via Piketty's methodology (the one most people use), but also hasn't increased since the 60s by other ones. It's also gotten better since 2019 because low end wages have dramatically improved.
https://x.com/jon_hartley_/status/1720510613775118690 https://x.com/jon_hartley_/status/1720510613775118690
Wealth inequality is largely (not entirely) illusionary since it's mostly based on the marginal price of stocks. Bezos has billions in Amazon shares, so theoretically he could sell them for billions in cash, but the only reason they're worth billions is investors know he will never do that.
(However, since he lost half his fortune by cheating on his wife, we can see how many billions he values Latina news anchors at.)
- jollofricepeas 3y agoI agree with Piketty that inequality is a political choice. Keep in mind pre-communist China rulers often would flip the “capitalism” switch and redistribute wealth whenever they felt inequality was too high. See: https://en.m.wikipedia.org/wiki/The_Story_of_Civilization https://en.m.wikipedia.org/wiki/The_Story_of_Civilization BUT… Piketty is only one opinion ANd he also very much believes there’s wealth and income inequality. Additionally many economist disagree with his point of view. https://www.chicagobooth.edu/review/how-piketty-is-wrong-and-right https://www.chicagobooth.edu/review/how-piketty-is-wrong-and...