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It’s a nice soundbite, but not really accurate to describe US economic history as a process of wealth transfer to the ultra-rich. Everyone has gotten wealthier
by School-Cotton 2y ago
It’s a nice soundbite, but not really accurate to describe US economic history as a process of wealth transfer to the ultra-rich. Everyone has gotten wealthier over time, it’s just that the wealth of the rich has increased even faster than everyone else’s.
- ashoeafoot 2y ago? it was 40 years during the height of the cold war. This statement doesn't hold true before and after
- AngryData 2y agoRicher how, and relative to who and when? Because you could say the same thing for nearly every country on earth purely through technological advancements. Wealth is always measured in relative terms, and relative to the top of society much of the US hasn't gotten any richer. The average American only gained wealth relative to the past through technological means. Home ownership isn't really going up for the average American, education standards have been falling behind many other parts of the world, and while we have recently had a little bit of wage increases, it doesn't really make up for the decades of wage stagnation and only really came with an accompanying large increase in inflation for nearly every other consumer good.