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Thread: Census finds record gap between rich and poor

  1. #591
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by phattonez View Post
    I don't see any with IRS data. The IRS data that I've seen show huge changes in composition of the groups every year.
    I believe the first one actually references it, but I may be thinking of a another link I didn't post. Let me show this:

    Data from the United States Department of Commerce and Internal Revenue Service indicate that income inequality has been increasing since the 1970s,[10][11][12][13][14] whereas it had been declining during the mid 20th century.

    Income inequality in the United States - Wikipedia, the free encyclopedia

    Oregon's rich getting richer and all others falling behind, wage study shows | OregonLive.com

    There's also this:

    The United States is the most economically stratified society in the western world. As THE WALL STREET JOURNAL reported, a recent study found that the top .01% or 14,000 American families hold 22.2% of wealth — the bottom 90%, or over 133 million families, just 4% of the nation's wealth.

    Additional studies narrow the focus: This from the Pew Foundation and THE NEW YORK TIMES: "The chance that children of the poor or middle class will climb up the income ladder, has not changed significantly over the last three decades. "This from THE ECONOMIST'S special report, "Inequality in America:" "The fruits of productivity gains have been skewed towards the highest earners, and towards companies, whose profits have reached record levels as a share of GDP."

    Bill Moyers Journal . Steve Fraser on Gilded Ages | PBS

    You might watch the video. There are more than a few studies out there, all coming up with the same findings, you argument based on something that if it happens happens to too few to make any real difference doesn't really convince. The numbers are not likely, seriously not likely, to be influenced by the small number of people who have real wealth and are not working. And too many have looked at this to miss such a possibility.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Troubadour View Post
    Probably true, but then you're talking about quality of life issues that have nothing to do with the policies in question. Free democracies with public health care are generally not poor, and their people do not emigrate in significant numbers.



    "Wealth" is not a goal in itself for the vast majority of people, it's just a means to the other things. And the United States falls further behind in them the more inequality it accumulates.



    There is no good way to compare among similar economies, but it's not rocket science when people are denied basic necessities because their employers don't consider them profitable.
    No, I have no good way of determining if quality of life is better in France in the US, even though they give out a lot of things for free. It's impossible to say with any certainty that one country just is better than the other.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Boo Radley View Post
    I believe the first one actually references it, but I may be thinking of a another link I didn't post. Let me show this:

    Data from the United States Department of Commerce and Internal Revenue Service indicate that income inequality has been increasing since the 1970s,[10][11][12][13][14] whereas it had been declining during the mid 20th century.
    10 and 11 are based on census data. Number 12 is actually a criticism of using census bureau data! 13 is just an article, so nothing new or informative there. Number 14 uses IRS data, except it uses census methods of following classes. Furthermore, it follows households and not individuals.
    Last edited by phattonez; 10-13-10 at 03:54 PM.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by phattonez View Post
    10 and 11 are based on census data. Number 12 is actually a criticism of using census bureau data! 13 is just an article, so nothing new or informative there. Number 14 uses IRS data, except it uses census methods of following classes. Furthermore, it follows households and not individuals.
    I thiknyou're trying too hard not see what is clear. Again, what you present can't be large enough to effect the data. More than one institution have studied this, and came to the same conclusions. It is unlikely they are wrong, as it comes from multiple sources.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by TurtleDude View Post
    wow a blog from some nobody that no one has heard of-a philosophy major who has no real experience other than whining about the right.
    Wow! And that from someone that probably values what Sarah Palin has to say. Matthew Iglesias is a Harvard graduate, with honors, I might say, Magna Cum Laude who was Editor in Chief of the Harvard Independent and other campus publications. He was a staff writer for American Prospect, and The Atlantic Monthly. He has written for the New York Times Magazine, made appearances on TV and radio as a political commentator and won the Hillman Prize in 2007 (a journalist award).

    Can you say that about Glenn Beck? Sarah Palin? (doesn't she claim to have a journalist's degree?

    his opinion is left wing drivel.
    His opinion may be left, but not drivel. That would be Glenn Beck with the drivel.


    The top 10% pay most of the taxes so the handouts aren't being paid for by the middle class
    We have progressive tax rates. They make the most money - of course they pay the most money - DUH! But, their rates are a lot lower!

    WASHINGTON, Jan. 7 — Families earning more than $1 million a year saw their federal tax rates drop more sharply than any group in the country as a result of President Bush’s tax cuts, according to a new Congressional study.

    The study, by the nonpartisan Congressional Budget Office, also shows that tax rates for middle-income earners edged up in 2004, the most recent year for which data was available, while rates for people at the very top continued to decline.

    http://www.nytimes.com/2007/01/08/washington/08tax.html



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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by TurtleDude View Post
    anyone can google-you were clearly talking out of your six earlier. your comment about John Birch demonstrated a tsunami of ignorance

    What the hell are you talking about? Would you care to elaborate, since that was my first post on the John Birch Society.

    I guess you have some information to refute what I posted? If not, than apparently you don't think it odd, a Mormon run organization, are you trying to claim Baptist values when you mentioned that John Birch was a Baptist missionary? Because, believe me, Baptist and Mormon don't have much in common.



    "I have been thinking that I would make a proposition to my Republican friends... that if they will stop telling lies about the Democrats, we will stop telling the truth about them."
    --Adlai Stevenson, Politician





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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Boo Radley View Post
    I thiknyou're trying too hard not see what is clear. Again, what you present can't be large enough to effect the data. More than one institution have studied this, and came to the same conclusions. It is unlikely they are wrong, as it comes from multiple sources.
    levelers exaggerate economic inequality, eagerly, because they rely on pretax income, which omits the 97% of federal income taxes paid by the top half of income earners and the many "transfer payments," such as food stamps, housing assistance, Medicaid and Medicare. This exaggerated portrait of inequality undergirds the present effort by the Democrats to raise income tax rates ...

    A more meaningful measure of inequality comes from an examination of spending. On Wednesday the Labor Department presented 2009 data on consumer spending, based on income quintiles, or fifths. This analysis shows that economic inequality has not increased, contrary to what the levelers contend. ...

    . . .

    On a per person basis, the new Labor Department numbers show that in 2009 households in the top fifth of the income distribution spent 2.4 times the amount spent by the bottom quintile. That... was about the same as 20 years ago.

    ...compared with 1989, the big winners are the lowest-income group, which spent 9.1% more per person in constant dollars. In contrast, the highest group spent 2.6% more, and the middle group increased its spending by 1.1%. Income and spending do not tell the whole story about how well Americans are doing. A higher percentage of low-income Americans own their homes free of mortgage debt than do upper-income Americans....
    Diana Furchtgott-Roth on Inequality :: The Future of Capitalism

    An Associated Press story currently getting big play on Yahoo! News runs under the headline, "Census Finds Record Gap Between Rich and Poor," and begins, "The income gap between the richest and poorest Americans grew last year to its widest amount on record." The article carries no link to specific census data and doesn't even have a reference to the specific survey, referring only to "newly released census figures."

    Check out the most recent Census press release that has anything to do with this topic and it states the following, "The change in income inequality between 2008 and 2009 was not statistically significant, as measured by shares of aggregate household income by quintiles and the Gini index."

    What part of the phrase "not statistically significant" do the Associated Press, Yahoo! News, and the rest of the advocacy groups and politicians who are going to make hay out of this story for the rest of the day not understand?
    News About Income Inequality :: The Future of Capitalism

    In all, over the 1999 through 2007 period, about 675,000 taxpayers earned over a $1 million for at least one year. Of these taxpayers, about 338,000 (50 percent) were a millionaire in only one year, while just 38,000 (6 percent) remained a millionaire in all nine years. Based on these results, it is clear that taxpayers move in and out of millionaire status with great frequency....

    Carroll uses a nice analogy from Schumpeter that I'd never heard before: the distribution of income is like a hotel with some really fancy rooms on the top floors and some very basic ones on the bottom. All the rooms are always full, but who occupies which rooms changes from year to year.
    Income Inequality Data :: The Future of Capitalism

    I also once posted something showing how the composition of quintiles varies greatly from year to year. So using data that follows these groups is kind of worthless because you're not following the people. This top quintile of people who continuously earn the money is just a myth. It's a big change in people every year.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Troubadour View Post
    Probably true, but then you're talking about quality of life issues that have nothing to do with the policies in question. Free democracies with public health care are generally not poor, and their people do not emigrate in significant numbers.



    "Wealth" is not a goal in itself for the vast majority of people, it's just a means to the other things. And the United States falls further behind in them the more inequality it accumulates.



    There is no good way to compare among similar economies, but it's not rocket science when people are denied basic necessities because their employers don't consider them profitable.



    They're too busy working hard enough to give the richest 1% what they want, in exchange for less pay and fewer benefits.



    Why would I care?
    more BS-but the libs always think that the top 1% somehow oppress others. Its kind of like saying Tiger Woods or Rafal Nadal steal prize moneys from weak competitors.



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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by donc View Post
    Were going to snatch it from your sorry a** where else do you think we would get it?
    I'm your huckleberry, come and give it a try



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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by JakeFromWI View Post
    lol. the top ten pay most of the taxes because the top ten make the most money. further more, the top ten are more inclined to find loop holes and tax break for expenses and investments that over all made them more money. lastly, those in the highest bracket are not being "punished" by seeing thier $740,000 income turn into a $400,000 income after taxes. Whats 40% to someone who makes $12,000 a year? Theres a difference between needs, comfort, then excess, and our tax code rightfully recognizes that. It's the same reason bread isn't taxed and booze is overly taxed.
    they pay far more of the tax burden than their share of the income. Yet people like you piss and moan that they don't pay enough.
    We have no duty to pay for your existence since your existence really is no benefit to me. "Rightly" means nothing-to me rightly means paying for what you use, not what others desire from you.

    when you have to pay for more than what you use you are being punished

    tell me what additional Government benefits do I get for paying many times more taxes than you do?



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