I'm part of the 53%.
I'm part of the 53%.
"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
Had the U.S. economy recovered from the current recession the way it bounced back from the other 10 recessions since World War II, our per-capita gross domestic product (GDP) would be $3,553 higher than it is today, and 11.9 million more Americans would be employed. Furthermore, had we responded the way we did in the early 1980's, annual per-capita income would be $4,154 higher than before the recession (that's an extra $16,600 for a family of four), and some 15.7 million more Americans would have jobs. That's enough jobs to employ 100% of the 13.5 million Americans currently classified as unemployed. In addition, we would have provided jobs for 30% of both the 2.4 million discouraged or marginally attached workers and the 4.8 million who have totally dropped out of the work force since January 2008.
but, but, but, surely this is different, and there was never any possibility of us seeing a normal recovery?
Private-sector job creation initially recovered from the recession at a normal rate, leading to predictions last year of a “Recovery Summer.” Within two months of the passage of Obamacare, however the job market stopped improving. This suggests that businesses are not exaggerating when they tell pollsters that the new health care law is holding back hiring...
“If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.”
- Alexander Hamilton. Spiritual father of #NeverTrump
Its the lower four quintiles that are stagnant or falling.
I don't think anyone has claimed that there isn't an overseer class that is also benefitting.
I'm definitely in the 99% of toiling mousewheel running economic plebians living on the money dribblings the top 1% prints for me. I dont even touch money that often my bank is on the internet and I dont use cash... which in itself is probably an argument to the illusory nature of wealth. And the economy is mostly in services. How do you put a price on a service? Oh boy you passed me a lox bagel and the bagel shop today you really earned your $10 bucks for the hour, thanks I could've grabbed it myself. As if that isnt a form of welfare. BURN THIS ****ER TO THE GROOOOOUUUND!
See, your question is based on an intentionally flawed premise. It assumes those in the lower quintiles HAD something that the upper quintile TOOK. That's not technically what happens. What happens is more and more of what is produced every year never even leaves the ownership/management classes hands in the first place.