3 ms·
No economy is K shaped. The vast majority of US income (78%) is earned by people outside the top 1%. It was as high as 90% during the bad economy of the 1970s.
by rayiner 6mo ago
No economy is K shaped. The vast majority of US income (78%) is earned by people outside the top 1%. It was as high as 90% during the bad economy of the 1970s. Since 1975, real GDP per capita has increased by a factor of 2.8. So the proletariat have 12 percentage points less of a number that’s 2.8 times bigger.
- Ygg2 6mo agoSure there are. US economy is K shaped. You either become rich or end up poor. It's economy geared for the rich. Where poor only exist to give rich a confidence boost.
- rayiner 6mo agoYou: "US economy is K shaped. You either become rich or end up poor." Reality: "The vast majority of US income (78%) is earned by people outside the top 1%."
- Ygg2 6mo agoYour data is wrong. Highest quantile earns +50% https://www.statista.com/statistics/203247/shares-of-household-income-of-quintiles-in-the-us/ https://www.statista.com/statistics/203247/shares-of-househo... But Rich also account for majority of consumed goods purchased. Also why did Travel, Entertainment and Food services suffered during post COVID recovery? Why are McDonald's and other fast food joints that upped their price enjoyed a surge in value, when supply and demand tells otherwise. https://youtu.be/b1sKlSJ0Czk https://youtu.be/b1sKlSJ0Czk