Advertisement

Drudge Retort: The Other Side of the News
Tuesday, September 15, 2020

Since 1975 The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% This is not some back-of-the-napkin approximation. According to a groundbreaking new working paper by Carter C. Price and Kathryn Edwards of the RAND Corporation, had the more equitable income distributions of the three decades following World War II (1945 through 1974) merely held steady, the aggregate annual income of Americans earning below the 90th percentile would have been $2.5 trillion higher in the year 2018 alone.

More

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

Most eyes are going to glaze over trying to read this.

Just a quick summary:

The bottom 90% have been losing their collective posteriors.

#1 | Posted by Whatsleft at 2020-09-15 03:51 PM | Reply | Newsworthy 1

Here's an interview with one of the people who did the math.

cms.megaphone.fm

#2 | Posted by Whatsleft at 2020-09-15 03:52 PM | Reply

#1

Willingly because Negroes and abortion.

#3 | Posted by bocaink at 2020-09-15 03:53 PM | Reply

Oh boy

You know what this means!

The usual resident DR "economic majors", "investors", laffer/Brownback boosters, and general know-it-all's will be whistling past this thread

#4 | Posted by ChiefTutMoses at 2020-09-15 04:07 PM | Reply | Funny: 1

"The bottom 90% have been losing their collective posteriors."

It was bound to happen eventually.

Since 1975, practically all the gains in household income have gone to the top 20% of households.

That bottom 10% in the top 20% will just have to tighten their belts along with the rest of us!

Eventually, because our economy is 70% consumer spending, this house of cards will become unsustainable, with not enough spending by the increasingly impoverished bottom 80% to sustain their own low-paying jobs. Trump is simply accelerating the timetable for collapse, with full support from the GOP of course.

#5 | Posted by snoofy at 2020-09-15 07:32 PM | Reply | Newsworthy 5

How come this news never seems to impact enough people?

It's been happening since 1975, right?

That's a long time.

#6 | Posted by eberly at 2020-09-15 07:35 PM | Reply

"How come this news never seems to impact enough people?"

Impact enough people for what?

For them to kill themselves? Happens every day.

For them to vote for Trump? Millions who wanted to Make America Great Again did just that. And at least half of them are so stupid they are going to vote for Trump again, even as he's demonstrably made things worse.

#7 | Posted by snoofy at 2020-09-15 07:39 PM | Reply

Eventually, because our economy is 70% consumer spending, this house of cards will become unsustainable, with not enough spending by the increasingly impoverished bottom 80% to sustain their own low-paying jobs. Trump is simply accelerating the timetable for collapse, with full support from the GOP of course.
#5 | POSTED BY SNOOFY

Not only will automation bring robots that will take all the jobs, they will also replace humans as consumers. I don't know how, but they will figure it out.

#8 | Posted by rstybeach11 at 2020-09-15 07:44 PM | Reply

Who is "they," you mean the people replacing laborers with automation?

They already figured it out... They figured out they don't need us.

#9 | Posted by snoofy at 2020-09-15 07:47 PM | Reply

1975?

You yourself were tootling up laffer and Brownback right here on the DR as recent as 2017

You and jeffy would go at it like a couple of gay Greek wrestlers on viagra wooing each other with smug reach arounds

"Mark my Words" you two would reinforce
"You Just Wait" was the promise

Spineless turd

#10 | Posted by ChiefTutMoses at 2020-09-15 07:51 PM | Reply | Newsworthy 1

this is not news

#11 | Posted by RightisTrite at 2020-09-15 07:51 PM | Reply

this is not news
#11 | POSTED BY RIGHTISTRITE

Yet deserves to be reiterated EVERY time it is corroborated.

What's your issue?

#12 | Posted by rstybeach11 at 2020-09-15 07:59 PM | Reply

@#6 ... How come this news never seems to impact enough people? ...

How would you propose to fix the problem?

#13 | Posted by LampLighter at 2020-09-15 08:02 PM | Reply

... Since 1975 The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% ...

Aided by Pres Trump's tax cut that transferred a couple trillion dollars of wealth to the already wealthy.


#14 | Posted by LampLighter at 2020-09-15 08:18 PM | Reply

"You yourself were tootling up laffer and Brownback right here on the DR as recent as 2017"

--------. We discussed it but I never supported it.

Geez, you're such a worthless lying ----------- troll.

#15 | Posted by eberly at 2020-09-15 08:21 PM | Reply

"How would you propose to fix the problem?"

My mind is open to all kinds of ideas. Not all of them, but I'm open.

My point is that it's an "old" problem that seems to be ignored by the same people it continually afflicts and has for a long time.

#16 | Posted by eberly at 2020-09-15 08:25 PM | Reply

Conservative economist Ben Stein went on Fox News and told their audience that this would be the case several years ago.

Did they listen? No!

#17 | Posted by Corky at 2020-09-15 08:25 PM | Reply

@#16 ... My point is that it's an "old" problem that seems to be ignored by the same people it continually afflicts and has for a long time. ...

My view is that this issue is not a ~go out and vote~ issue like abortion or gun control.

In other words, it doesn't seem, in and of itself, to get people to the polls. The Republicans, who are the party most responsible for this wealth transfer, have been able to bury it each time election day approaches.


#18 | Posted by LampLighter at 2020-09-15 08:34 PM | Reply | Newsworthy 1

Right To Work plays a big role in this.

Eberly's party did that.

Take a bow, Eberly.

#19 | Posted by snoofy at 2020-09-15 08:52 PM | Reply

I have a FB "friend" that's pretty much just an acquaintance I haven't removed (we have a mutual friend so we go to some of the same functions). She is a piercer in a local tattoo shop, single mom, living in a dilapidated house with five pitbulls and two teenage daughters. She's extremely low income, yet she posts DAILY about voting for Trump, MAGA, etc. There is absolutely no speaking to her though because she's a person that shouts and waves her hands when telling a normal story. She's just not someone you could have a conversation with where she would ever hear your side of it. I'm honestly not sure she actually votes, but if she does she's voting Trump against her own interests. She posts that he's rough and tough, won't take crap, draining the swamp, and loves America... Go figure

#20 | Posted by justagirl_idaho at 2020-09-15 09:03 PM | Reply

but if she does she's voting Trump against her own interests. She posts that he's rough and tough, won't take crap, draining the swamp, and loves America... Go figure
#20 | POSTED BY JUSTAGIRL_IDAHO

She's an authoritarian. Simple.

She would never admit to as much, but she also more than likely wouldn't admit to being a racist -- if she ever displayed racist behavior or used racist language.

I've met a few of these folks in rural Minnesota where my fiance is from. They are more than willing to provide all the racism you can (or can't) handle, but don't expect them to own up to it. They understand it's taboo to own the label "racist."

Son of a bitch poked his finger in my chest and said to me "To them, you're nothing more than an Irish ni**er."

Boy howdy was my blood boiling, but I wasn't in my home town, at my frequented bar. This was rural Minnesota with 15 guys and two girls in the bar. One of which was my fiance.

---- that bar.

#21 | Posted by rstybeach11 at 2020-09-15 09:14 PM | Reply | Newsworthy 1

#21 I would bet you're right. I'm not around her in any setting where she would freely speak racist so I can't say she does, but she does strike me as the 'go back' type.

#22 | Posted by justagirl_idaho at 2020-09-15 09:36 PM | Reply

Yes...it's 'Race Upwards Economics'.
or as I just call it, 'Greedonomics'
for short...

#23 | Posted by earthmuse at 2020-09-15 09:49 PM | Reply

"To them, you're nothing more than an Irish ni**er."

what does that mean?

To whom?

#24 | Posted by eberly at 2020-09-15 10:08 PM | Reply

-In other words, it doesn't seem, in and of itself, to get people to the polls.

no, it doesn't.

"The Republicans, who are the party most responsible for this wealth transfer, have been able to bury it each time election day approaches."

yes....by blaming unions, immigration, and regulations on democrats.

#25 | Posted by eberly at 2020-09-15 10:11 PM | Reply

To whom?
#24 | POSTED BY EBERLY

The liberal elite.

#26 | Posted by rstybeach11 at 2020-09-15 10:13 PM | Reply

Haha

Asserting "Tax Cuts Pay for Themselves" is a "discussion" and not a position

How lame

#27 | Posted by ChiefTutMoses at 2020-09-15 10:27 PM | Reply

I asserted no such thing, savage.

I hate trolls. You I find cute and weak enough to insult and harass.

But I'm losing my enjoyment.

#28 | Posted by eberly at 2020-09-15 10:43 PM | Reply

She posts that he's rough and tough, won't take crap, draining the swamp, and loves America... Go figure
#20 | POSTED BY JUSTAGIRL_IDAHO

They love the man, and don't know what his actual agenda is.

They don't care what his agenda is.

Like the Trump voter who married an illegal immigrant, whom Trump then deported.

There's a reason Trump loves the poorly educated, and vice versa. Look at the Trumpers we have here, are any of them people you'd trust?

#29 | Posted by snoofy at 2020-09-15 10:45 PM | Reply | Newsworthy 5

#29 | POSTED BY SNOOFY

Let's be honest: Many people abuse democracy. For no other reason than simply because they have the right to vote, do not appreciate or value the fact, so they throw it away on superficial fantasies. These are the people of America who live in an black/white world, nuance is of no consideration. Gut feeling and immediate gratification is all that's considered.

We have regressed as a society. The overt defense of Confederate monuments stands as exhibit A.

#30 | Posted by rstybeach11 at 2020-09-15 10:50 PM | Reply

We have regressed as a society.

True.

But this is what Deplorables wanted.

"Make America Great Again" was never intended to be a forward-looking statement.

It was a revolt against the social justice progress of the Obama years, and the LBJ years.

#31 | Posted by snoofy at 2020-09-15 10:57 PM | Reply | Newsworthy 1

"These are the people of America who live in an black/white world, nuance is of no consideration. Gut feeling and immediate gratification is all that's considered"

You're right. That describes many of the most ardent Trump supporters.

But.........not trying to be an ------- here......but you described more people than just Trump supporters.

#32 | Posted by eberly at 2020-09-15 11:03 PM | Reply

"Make America Great Again" was never intended to be a forward-looking statement.
It was a revolt against the social justice progress of the Obama years, and the LBJ years.
#31 | POSTED BY SNOOFY

It's still jarring. Worse, I can't interact with some people, I care about dearly, on this level because it is a trigger. I am not active on Facebook or MySpace in any way, so these people who are accustomed to having conversations through such means are lost when I approach them in person, save for the outwardly (rat caught in the corner) outburst that dissuades any future consideration of interaction on such topics.

#33 | Posted by rstybeach11 at 2020-09-15 11:06 PM | Reply

If you were a liberal like me you wouldn't have friends like that to begin with.

Might be worth picking sides. You can certainly perceive what's at stake.

#34 | Posted by snoofy at 2020-09-15 11:08 PM | Reply

but you described more people than just Trump supporters.
#32 | POSTED BY EBERLY

My intent was not to single out Trump supporters.

As a sociology major (undergrad), I'm fully aware that such behavior and attitudes are beholden by the left just as much on the right.

This is not a zero-sum game (hot ---- on a platter, I hope I used that phrase correctly!).

#35 | Posted by rstybeach11 at 2020-09-15 11:08 PM | Reply

you described more people than just Trump supporters.
#32 | POSTED BY EBERLY

But don't you think Trumpers are... generously over-represented in that group?

#36 | Posted by snoofy at 2020-09-15 11:10 PM | Reply

Might be worth picking sides. You can certainly perceive what's at stake.
#34 | POSTED BY SNOOFY

That's entirely fair. Just as fair as those folks high tailing for Canada.

Listen, my father was a Vietnam War draft dodger just like our sitting president and I still vocally thank him for being such on a yearly basis, usually around Veteran's Day. Mostly because I am a firm believer that he would have succommed to the odds and have been a casualty of war in some way or another. My uncle (mother's brother) stepped on a landmine in Vietnam, rendering him a gimp for the rest of his life. The military hospital fed him alcohol as a means of taking on calories for months, rendering him an disabled alcoholic.

That's the context I've grown up with when it comes to war in my family. Prior to that was massive patriotic elements involving WW I and II, but Vietnam was the turning point for all of us in my family for multiple reasons.

I'm not sure where I'm going with this after a couple IPAs; I'm just hoping it adds context to my perspective in general.

#37 | Posted by rstybeach11 at 2020-09-15 11:14 PM | Reply | Newsworthy 1

My dad dodged by getting into grad school in Canada. He would have gotten academic deferment either way - just like Dick Cheney's five deferments while in seminary school -- but Canada is where he met my mom. I'll be sure and mention it on Armistice Day.

#38 | Posted by snoofy at 2020-09-15 11:17 PM | Reply | Newsworthy 1

I am having the Karl Strauss/New Realm collaboration India Pale Lager. It's a damn tasty beer.

#39 | Posted by snoofy at 2020-09-15 11:18 PM | Reply | Newsworthy 1

35

NW

#40 | Posted by eberly at 2020-09-15 11:21 PM | Reply

37

NW

#41 | Posted by eberly at 2020-09-15 11:23 PM | Reply

Four Roses.....on the rocks

#42 | Posted by eberly at 2020-09-15 11:24 PM | Reply | Newsworthy 1

My roommate grabbed some Don Julio 70 at the border. I didn't realize the 70 means its only 70 proof. I feel kinda ripped off now. Smooth though.

#43 | Posted by snoofy at 2020-09-15 11:28 PM | Reply

Buffalo Trace on ice. ..Oh, and a little indica.

#44 | Posted by Whatsleft at 2020-09-15 11:56 PM | Reply | Newsworthy 1

Since this is trending, Hybrid Flower, indica oil, Blue Moon, one Naproxen for a mild toothache...

AND BOTH PARTIES ARE NOT THE SAME LEVEL OF MALFEASANCE!

Get out of here with that --------

#45 | Posted by bocaink at 2020-09-16 12:38 AM | Reply | Newsworthy 1

Ibuprofen is very good for toothache. Almost as good as morphine.

#46 | Posted by snoofy at 2020-09-16 12:42 AM | Reply

#46

Really? Figures, it's the only one I don't have... ugh. too late to go anywhere in sleepy Las Vegas. (barely joking)

#47 | Posted by bocaink at 2020-09-16 01:01 AM | Reply

Thanks, EB.

#48 | Posted by rstybeach11 at 2020-09-16 01:06 AM | Reply

Myspace is still a thing?

#49 | Posted by WhoDaMan at 2020-09-16 01:08 AM | Reply | Funny: 2

This write-up is about wisdom tooth removal, so there are lots of different kinds of dental pain, and ibuprofen may not be as effective on all of them.

www.drchristophermorris.com
For example, the placebo medication in the study scored 18. For every 18 people that took a placebo, one would get pain relief. Here are how the medications scored, listed in order from worst to best:
Codeine alone: 16 (almost as bad as a placebo)
Codeine with Tylenol: 4.2
Tylenol alone: 3.8
Vicodin, Lortab, Norco (hydrocodone/Tylenol): 3.0
Demerol: 2.9
Morphine: 2.9
Percocet (oxycodone/Tylenol): 2.6
Torodol oral: 2.6
Ibuprofen alone: 2.4
Two Alleve (naproxen sodium): 2.3
Ketorolac IM: 1.8
100mg Ketoprofen: 1.6
Advil (ibuprofen) and Tylenol: 1.6
Medicines with lower scores give better pain relief.

*******
DO NOT TAKE TYLENOL (Acetominophen) when you are drinking.

#50 | Posted by snoofy at 2020-09-16 01:08 AM | Reply

and a little indica.
#44 | POSTED BY WHATSLEFT

A lot...ahem.

#51 | Posted by rstybeach11 at 2020-09-16 01:12 AM | Reply | Funny: 1

DO NOT TAKE TYLENOL (Acetominophen) when you are drinking.

#50 | POSTED BY SNOOFY AT 2020-09-16 01:08 AM | FLAG:
(CHOOSE)

oops....

#52 | Posted by bocaink at 2020-09-16 02:38 AM | Reply

This funnelling of money from the poor to the rich was exacerbated by the GOP and the Drumpf Regime's massive tax cut for the rich, and now their COVID response is funneling even more cash into the pockets of the 1%, while those at the other end of the wage scale are expected to risk their lives and those of their families and go back to their menial wage jobs so the 1% can pocket even more cash.

I know the whataboutists will claim it's a both sides issue, but that's a lie. Labor unions have long been one of the great equalizers in this country, negotiating higher wages and benefits for workers that even trickled down to non-union workers in the same industries. The Dems have always been supportive of labor unions, while the GOP has systematically destroyed any strength labor had so the rich could get even richer. One of the primary reasons the GOP is so opposed to the USPS is because they have a strong union, and have been a step up to the middle class for millions of brown and black Americans and veterans, while at the same time, no 1%er is getting rich on their backs.

#53 | Posted by _Gunslinger_ at 2020-09-16 02:38 PM | Reply

"It was bound to happen eventually."

Not necessarily.

Income inequality is primarily the function of easy access to credit. This outcome was one where lenders agreed to loosen access to loans and revolving credit, which many Americans voluntarily took advantage of.

The other smaller part has to do with a change in labor demand-away from unskilled or low skilled labor needed in manufacturing to high skilled individuals working in Knowledge Industries.

But no credit card company has ever made someone open up a line of credit, get a mortgage, or take out a car loan. Nor has anyone ever stepped in and prevented an unskilled worker from going to college.

#54 | Posted by madbomber at 2020-09-16 02:38 PM | Reply

"Aided by Pres Trump's tax cut that transferred a couple trillion dollars of wealth to the already wealthy."

How does a tax cut for those paying the taxes equate to them being given someone else's money?

#55 | Posted by madbomber at 2020-09-16 02:40 PM | Reply

Who transfers money to the middle class when they get a tax cut?

#56 | Posted by madbomber at 2020-09-16 02:41 PM | Reply

"Eventually, because our economy is 70% consumer spending, this house of cards will become unsustainable, with not enough spending by the increasingly impoverished bottom 80% to sustain their own low-paying jobs."

This is the sort of economic apocalypse Marx predicted would occur as a result of capitalism. The problem is, it never did. Maybe access to easy credit is the catalyst that will cause this to happen...I can't say.

What I can say is that median household income continues to increase, or at least did before the government ordered millions of people to stop working. And even those who max out their credit cards, those minimum payments are a constant revenue stream for lenders. And that money will be distributed in the form of dividends, invested into new industries, or maybe even loaned to other people who will max out their credit cards. But As long as wealth is being generated, it will result in positive economic activity.

#57 | Posted by madbomber at 2020-09-16 02:47 PM | Reply

"that money will be distributed in the form of dividends"

Which is subject to favorable tax rates.

If a Trust Funder gets $50,000 in Wall-Mart dividends, he owes no federal taxes.

If a janitor profits $50,000 from sweat-of-the-brow labor, he owes over $10,000 in federal taxes.

#58 | Posted by Danforth at 2020-09-16 02:53 PM | Reply

"The problem is, it never did."
It's happening all around us, in slow-motion, since 1975.
Well, not so much you, since you're in Germany.

"What I can say is that median household income continues to increase"
You always say that, since you spend your entire life never looking at quintiles.
You also never deny this, because you know it's true:
Since 1975, practically all the gains in household income have gone to the top 20% of households.

Maybe you'd like to explain why the CIA included that sentence, since you find it completely irrelevant.
What do you know that they don't?

#59 | Posted by snoofy at 2020-09-16 02:53 PM | Reply

"Income inequality is primarily the function of easy access to credit."

No it's not.
It's primarily the function of people having vastly different incomes.

#60 | Posted by snoofy at 2020-09-16 02:54 PM | Reply

"Who transfers money to the middle class when they get a tax cut?"

In the equation? The middle class's wallet. A tax cut combined with a deficit budget is just a bigger loan.

#61 | Posted by Danforth at 2020-09-16 02:57 PM | Reply

"Who transfers money to the middle class when they get a tax cut?"

Who transfers money to the middle class when they don't get a tax cut?
Same answer.

#62 | Posted by snoofy at 2020-09-16 02:57 PM | Reply

#58

Agreed.

No one is being given someone else's money, they're simply being allowed to keep more of the money they earn.

Like I said.

#63 | Posted by madbomber at 2020-09-16 03:03 PM | Reply

"It's happening all around us, in slow-motion, since 1975."

Since 1975, median household income increased by more than 22% in income adjusted dollars (2019$) from $56K to $67K

That doesn't sound very apocalyptic to me. In fact it sounds like something many countries might envy. Unless a lower gini coefficient was for some reason considered more valuable than something they could spend.

#64 | Posted by madbomber at 2020-09-16 03:11 PM | Reply

"No it's not. It's primarily the function of people having vastly different incomes."

That's true. Meant wealth inequality.

There are probably as many higher income earners overextend on credit than low income earners.

#65 | Posted by madbomber at 2020-09-16 03:13 PM | Reply

"In the equation? The middle class's wallet. A tax cut combined with a deficit budget is just a bigger loan."

Yeah, but it's a loan than many (currently) would never be obligated to pay back.

#66 | Posted by madbomber at 2020-09-16 03:14 PM | Reply

"they're simply being allowed to keep more of the money they earn."

No, the government is foisting another loan on their backs. 83% of the Trump code goes to the worldwide 1%. Corporations get the most, followed by investors (American and foreign), followed by American workers, at 15%.

I'm sure you'll agree the 1% doesn't pay 83% of the taxes. In the equation, that means the middle class is on the hook for a lot more than they're borrowing.

#67 | Posted by Danforth at 2020-09-16 03:16 PM | Reply

#58 How is that even remotely ethical? The trust funder should owe at least as much as the janitor. Just another example of the rich fixing everything to their own advantage.

Why are capital gains taxed so lightly?

Why are renters given no tax breaks for renting but owners are given mortgage deductions?

Why are corporations which are people legally,not taxed like real people?

The system is rigged to keep costs low for the rich and high for the poor.

Kind of like pre revolutionary France with the first estate,etc.

Same outcome is coming if the rich don't wise up.

Beware.......

#68 | Posted by Effeteposer at 2020-09-16 03:21 PM | Reply

#58 How is that even remotely ethical? The trust funder should owe at least as much as the janitor. Just another example of the rich fixing everything to their own advantage.

Why are capital gains taxed so lightly?

Why are renters given no tax breaks for renting but owners are given mortgage deductions?

Why are corporations which are people legally,not taxed like real people?

The system is rigged to keep costs low for the rich and high for the poor.

Kind of like pre revolutionary France with the first estate,etc.

Same outcome is coming if the rich don't wise up.

Beware.......

#69 | Posted by Effeteposer at 2020-09-16 03:21 PM | Reply

#58 How is that even remotely ethical? The trust funder should owe at least as much as the janitor. Just another example of the rich fixing everything to their own advantage.

Why are capital gains taxed so lightly?

Why are renters given no tax breaks for renting but owners are given mortgage deductions?

Why are corporations which are people legally,not taxed like real people?

The system is rigged to keep costs low for the rich and high for the poor.

Kind of like pre revolutionary France with the first estate,etc.

Same outcome is coming if the rich don't wise up.

Beware.......

#70 | Posted by Effeteposer at 2020-09-16 03:21 PM | Reply

#58 How is that even remotely ethical? The trust funder should owe at least as much as the janitor. Just another example of the rich fixing everything to their own advantage.

Why are capital gains taxed so lightly?

Why are renters given no tax breaks for renting but owners are given mortgage deductions?

Why are corporations which are people legally,not taxed like real people?

The system is rigged to keep costs low for the rich and high for the poor.

Kind of like pre revolutionary France with the first estate,etc.

Same outcome is coming if the rich don't wise up.

Beware.......

#71 | Posted by Effeteposer at 2020-09-16 03:21 PM | Reply

"Since 1975, median household income increased by more than 22% in income adjusted dollars (2019$) from $56K to $67K"

You're missing part of the equation:
www.cato.org

#72 | Posted by Danforth at 2020-09-16 03:21 PM | Reply

Damn phone, it keeps doing that,sorry.

#73 | Posted by Effeteposer at 2020-09-16 03:22 PM | Reply

From Danforth's link:

"Average household size declined from 3.28 persons in 1967 to 2.62 by 2000 and 2.54 by 2017 (Census 2017b). Larger households can be expected to have greater income earning potential from the availability of more potential workers."

Um, most of them aren't allowed to work until they're 16. And then most of them out when they turn 18. This is really a stretch, not that I'd expect anything less from the hidebound capitalist ideologues at Cato.

"White households have higher median incomes than those of the rest of the population. Over the past five decades the number of white households has risen more slowly than the number of all other households. As a consequence, when assessing the growth performance of household incomes, there can be said to be a downward bias derived from changing racial composition."

Ah yes.
It's the old "gun violence isn't so bad if you exclude Black men/Democrat cities" reasoning, here being applied to economics.
Because, you know, statistics should really only tell the story of White Republican America.

"Other things being equal, if racial composition had remained unchanged, the median income of all households by 2017 would have been 6.1 percent higher than the level actually observed."

Blacks are bringing down the economy. It's black people's fault that incomes aren't higher!

#74 | Posted by snoofy at 2020-09-16 04:12 PM | Reply

Blacks are bringing down the economy. It's black people's fault that incomes aren't higher!

#74 | POSTED BY SNOOFY AT 2020-09-16 04:12 PM | FLAG:
(CHOOSE)

Tell us how you really feel.

#75 | Posted by zetaleph at 2020-09-16 09:50 PM | Reply

I've said this several times before, but I'll say it once again before the election. Trickle Down Economics is the Biggest Economic Lie told in America over the last 50 years. Despite all of the name changes, from Reaganomics, to Trickle Down, to Supply Side Economics, the best name given to the theory was H.W. Bush's labeling of it as Voodoo Economics. It was always a Fairytale to belief that letting the rich get off on tax breaks would somehow lead to more investment by the rich (instead of shoveling money into offshore bank accounts), and less economic shortfalls (due to lower taxes collected) is as it always was, PURE AND UTTER FICTION. Like most of the Mythology that the Right has created (Reagan was the greatest thing since sliced bread, trippling the defense budget won't cause the rest of the budget to suffer, and starving popular social programs, like Medicare, Medicaid, Social Security, and the Post Office won't have dire ramifications in the near future) this fiction was repeatedly drummed into the skulls of increasingly non-thinking Americans by the right-wing media juggernauts of Fox News, Breitbart, and talk radio hosts like Rush Limbaugh spewing their seductive poison over the t.v. and rationales.
And it is all utter fiction, a well fabricated lie meant to destract the Middle Class of what was really going on, the LOOTING of the American Economy by the already filthy rich, and their ultimate enablers, the Republican Party... Some of us saw this --- beginning 40 years ago, and cried foul, others, are waking up to it today...and yet others (looks towards those brilliant individuals known as Trumpsters) will likely never wake to it at all...so brainwashed are they...

#76 | Posted by earthmuse at 2020-09-16 10:01 PM | Reply | Newsworthy 1

In the equation? The middle class's wallet. A tax cut combined with a deficit budget is just a bigger loan."

Yeah, but it's a loan than many (currently) would never be obligated to pay back.

#66 | Posted by madbomber

Example A of the republican sickness: "I am all that matters. Future generations are irrelevant. There is no greater good. There is only me."

#77 | Posted by SpeakSoftly at 2020-09-16 11:21 PM | Reply

Trickle-down benefits are strictly for people who enjoy being pissed on.

#78 | Posted by Jaspar at 2020-09-17 12:40 AM | Reply

Trickle Down Economics is the Biggest Economic Lie told in America over the last 50 years. Despite all of the name changes, from Reaganomics, to Trickle Down, to Supply Side Economics, the best name given to the theory was H.W. Bush's labeling of it as Voodoo Economics.

^
"Horse and Sparrows" is actually the best description I'm aware of. Look it up, you'll like it.

Pretty sure I learned that one from HeliumRat. Who knows what it means, and still supports it, and Trump, and is poor. LOL.

#79 | Posted by snoofy at 2020-09-17 12:41 AM | Reply

As a partially disabled individual who only has the option of being self-employed and low income, I personally benefitted greatly from the Trump tax cuts. Both as lower income and as a self employed person.

If other income brackets also benefitted why worry about them? My family benefitted and we ain't rich.

#80 | Posted by Idependant97 at 2020-09-17 01:18 AM | Reply

As a partially disabled individual who only has the option of being self-employed and low income, I personally benefitted greatly from the Trump tax cuts. Both as lower income and as a self employed person.

If other income brackets also benefitted why worry about them? My family benefitted and we ain't rich.

#81 | Posted by Idependant97 at 2020-09-17 01:19 AM | Reply

"Corporations get the most, followed by investors (American and foreign), followed by American workers, at 15%."

Any money received by a corporation will either go to it's debtors, investors, it's employees, or simply be counted as increased value, which again would benefit the investors.

Which is OK, since they're the ones who have to repay those loans.

If you're sitting in the bottom half of income earners, whether the government takes loans or doesn't take loans is immaterial from a liability standpoint since they won't be the ones paying it back. In fact if you're in that group, you would have no reason not to support any loans. Even if only a handful of people got 85$ of the wealth, that still leaves some portion of the remaining 15% that you would receive. That amount may be tangent to zero, but it's not like it's going to cost you anything.

#82 | Posted by madbomber at 2020-09-17 01:54 AM | Reply

"Why are capital gains taxed so lightly?"

LTCG are taxed at a lower rate, in order to encourage market stability. STCG are taxed at the same rate as labor income.

www.bing.com

#83 | Posted by madbomber at 2020-09-17 01:56 AM | Reply

It's because the tax cuts were so much bigger for the rich. The richer get richer and the poor get poorer.

You're a happy Sparrow feeding off the excess oats in the overfed horse's dung, in the Horse and Sparrows scenario.

If it works for you, I'm not going to try to convince you that it isn't working for you.

I'm suggesting we can do a lot better, especially by people who find themselves in unfortunate circumstances.

#84 | Posted by snoofy at 2020-09-17 01:56 AM | Reply

"You're missing part of the equation:"

The math seems pretty simple to me.

#85 | Posted by madbomber at 2020-09-17 01:57 AM | Reply

"I'm suggesting we can do a lot better, especially by people who find themselves in unfortunate circumstances."

OK?

What does that have to do with taxes?

You can't cut taxes for people who don't pay them in the first place.

#86 | Posted by madbomber at 2020-09-17 01:58 AM | Reply

I'm not disagreeing with you. I just don't think this is a taxation problem or have anything to do with wealth inequality.

#87 | Posted by madbomber at 2020-09-17 01:59 AM | Reply

"LTCG are taxed at a lower rate, in order to encourage market stability"

The effect gifts people with enough money to invest long-term a better tax rate than those who have only their labor to sell. And the more wealth you can realize long-term, the bigger your advantage.

Capitalism is based on the premise that some sources of income are more equal than others.

Rules that favor the rich, created by the rich.

MadBomber doesn't just think it's their world, we just live in it. He also things that's the way it should be.

#88 | Posted by snoofy at 2020-09-17 02:06 AM | Reply

"I've said this several times before, but I'll say it once again before the election. Trickle Down Economics is the Biggest Economic Lie told in America over the last 50 years."

I see people say this a lot, but it comes off to me as sour grapes by people who are upset at an economic outcome created by a society that elected not to conform to progressive policy. But back here on earth, the global effects of trickle down has resulted in a planet where there are now more middle class people than not. Additionally, it has resulted in a worldwide reduction in extreme poverty. So I'm not sure how you can claim that this is an economic lie. Even in the US, median household incomes continue to rise. And since 1975, no income quintile has gotten poorer. All have gotten richer in adjusted dollars, it's just that some are (predictbaly) getting richer at a higher marginal rate.

But I'm certainly open to any arguments that some sort of alternative system would have produced a more favorable outcome.

#89 | Posted by madbomber at 2020-09-17 02:09 AM | Reply

"Example A of the republican sickness: "I am all that matters. Future generations are irrelevant. There is no greater good. There is only me."

Not me, good sir. I fully understand that the loans being taken out today will have to be paid by my kids or grandkids. But when voters want stuff and don't want to pay for it, this is what you wind up with.

#90 | Posted by madbomber at 2020-09-17 02:10 AM | Reply

"What does that have to do with taxes?"

The same amount of money the lower tax brackets got, could probably provide much more relief i.e. greater dollar valie benefits, if spent on the right social welfare agenda.

You know, like paying people to destroy postal sorting machines or Kosovo something. You know how efficient government is, you work for them!

#91 | Posted by snoofy at 2020-09-17 02:14 AM | Reply

"The effect gifts people with enough money to invest long-term a better tax rate than those who have only their labor to sell. And the more wealth you can realize long-term, the bigger your advantage."

Sort of. Most of the low income people I know who invest are looking to buy, make some quick money, and sell. That's really the only way to do it if you're a junior enlisted guy, but it takes a lot of effort, and there is a lot of risk.

But I also know quite a few junior enlisted troops who have made substantial amounts this way. And probably some day they will put in to something safer so they don't have to spend their days monitoring the markets.

#92 | Posted by madbomber at 2020-09-17 02:15 AM | Reply

"created by a society that elected not to conform to progressive policy."

Such word salads.
What did they elect to do?

And seeing as the Federal income tax, your favorite, is the only tax that is regressive, what is that, the exception that proves the rule?

#93 | Posted by snoofy at 2020-09-17 02:17 AM | Reply

"MadBomber doesn't just think it's their world, we just live in it. He also things that's the way it should be."

It kinda is their world. You can choose to be part of it, or not. Or just as realistically, get together with like-minded individuals and go create your own world. I don't see why the rest of us would give a ----.

#94 | Posted by madbomber at 2020-09-17 02:17 AM | Reply

"That's really the only way to do it"

Right, and that's why it's unfair and functions as a regressive tax.

To use Danforth (as an) example, the few extra bucks the janitor invests from the labor of the sweat of his brow is taxed at the same rate as his labor, which is less than sitting by the poolside opening dividend checks.

#95 | Posted by snoofy at 2020-09-17 02:21 AM | Reply

Isn't "trickle down" the same thing as George H.W. Bush's "voodoo economic?"

#96 | Posted by Twinpac at 2020-09-17 03:23 AM | Reply

I'm not disagreeing with you. I just don't think this is a taxation problem or have anything to do with wealth inequality.

#87 | Posted by madbomber

Way to prove how dumb you are.

"I just don't see how how much money someone takes home has anything to do with how much money someone has. Durrrr."

#97 | Posted by SpeakSoftly at 2020-09-17 12:59 PM | Reply

Not me, good sir. I fully understand that the loans being taken out today will have to be paid by my kids or grandkids. But when voters want stuff and don't want to pay for it, this is what you wind up with.

#90 | Posted by madbomber

No this is what you end up with when you vote for the party who gives tax cuts to people who didn't need them.

#98 | Posted by SpeakSoftly at 2020-09-17 01:00 PM | Reply

As a partially disabled individual who only has the option of being self-employed and low income, I personally benefitted greatly from the Trump tax cuts. Both as lower income and as a self employed person.

If other income brackets also benefitted why worry about them? My family benefitted and we ain't rich.

#81 | Posted by Idependant97

Trump gave you a small TEMPORARY tax cut as a bribe so that you wouldn't complain about his huge PERMANENT tax cuts for the rich that you and your kids will have to pay for eventually. You fell for it.

#99 | Posted by SpeakSoftly at 2020-09-17 01:02 PM | Reply

#96, see post #76 above...

signed, #76...

#100 | Posted by earthmuse at 2020-09-17 01:09 PM | Reply

"I just don't think this is a taxation problem or have anything to do with wealth inequality."

MadBomber can't figure out how lowering taxes on the rich increases wealty inequality...

#101 | Posted by snoofy at 2020-09-17 06:55 PM | Reply

The following HTML tags are allowed in comments: a href, b, i, p, br, ul, ol, li and blockquote. Others will be stripped out. Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

Anyone can join this site and make comments. To post this comment, you must sign it with your Drudge Retort username. If you can't remember your username or password, use the lost password form to request it.
Username:
Password:

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2020 World Readable

Drudge Retort