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Yeah, it's practically become a cliche that if you want to downplay wealth inequality (which is gargantuan), you cite income inequality (which is quite moderate
by pydry 3y ago
Yeah, it's practically become a cliche that if you want to downplay wealth inequality (which is gargantuan), you cite income inequality (which is quite moderate by comparison) instead and subtly try to pretend that they're the same thing (they're not) or equally important (they're not).
Nonetheless, this meme has reached the level of conventional wisdom, so any response feels a bit like trying to empty the Atlantic Ocean with a thimble.
The ultrawealthy know that there is no way to sate the desires of the poor to tax the rich but they can get away with pretending that "the rich" are exemplified not by them by people earning $150k with no assets and lead the charge to tax them to the hilt.
- bryanlarsen 3y agoIf you normalize by age, younger generations are wealthier than previous generations. A 50 year old gen-xer is wealthier than 50 year boomers were, a 25 year old z-er is wealthier than previous generations were at that age, etc. Yes, wealth inequality is increasing. There is more variation in that set of 50 year old gen-x'ers than there was in that set of 50 year old boomers. But on average and normalized for age, younger generations have both more wealth and more income than older generation.