U.S. Income Inequality Now Worse Than In Many Latin American Countries

[Rshermr]

So, while conservatives continue to say that income disparity is no problem, you will be hard pressed to find a non-partisan economist that agrees with that. Most economists, and most governments of countries worldwide, see income distribution as a huge problem. China, today, sees income inequality as their number one problem.

"Not surprisingly, the gap between the top and bottom on pay is biggest in the United States, where average CEO remuneration is 142 times that of employees, according to Thomson Reuters ASSET4 data. British CEOs pull in 69 times more than their workforces while egalitarian Sweden has an average differential of only 34 times."
INSIGHT-CEOs warned: mind the pay gap | Reuters

EOs got a whopping 24% pay hike last year as corporate profits soared with the recession's end, more than making up for two years of declining pay.
The average worker? Not so much. Those lucky enough to still have jobs saw their pay inch up a meager 3.3%, which might have been enough to cover the rising prices of gas and food.
CEOs got a big raise; how about you? - 1 - executive pay - MSN Money

research, moreover, indicates executive compensation at the nation's largest firms has roughly quadrupled in real terms since the 1970s, even as pay for 90 percent of America has stalled.
Nation & World | Executive pay drives increasing wage gap | Seattle Times Newspaper

The income disparity between ceo and average worker is more than twice that of any other country. And many times that of the average industrialized nation.

 

[Rshermr]

Ahhh....Time once again for the Marxist's favorite boogerman....The dreaded "income inequality"...

6 Myths About Income Inequality in America

In 2010, the U.S. Census Bureau reported that the share of income for the top 20% was 50.2% and only 3.3% for the bottom quintile. Some consider this widening spread between the "rich" and the "poor" to be the primary problem for our economic woes. One argument is that the rising share of income in the hands of those at the top of the income ladder has slowed economic growth, primarily from their preference to save. Proposals to solve this problem recently included a surtax on millionaires and other measures to redistribute income from those who save to those who consume.

During the 2008 presidential campaign, then Senator Barack Obama discussed his views on income inequality with "Joe the Plumber" by stating, "I think when you spread the wealth around, it’s good for everybody." Not only are these types of policy choices unlikely to reduce the gap between upper and lower income households, but the last forty years of economic data reveal that the presumed negative effects from income inequality are based on the following 6 myths.

<snip>

A quote by Will Wilkinson, from the Cato Institute, summed up this concern quite succinctly: "Income inequality is a dangerous distraction from the real problems: poverty, lack of economic opportunity, and systematic injustice." Moving forward we must keep the myth of income inequality in mind and deter our attention away from class warfare and towards areas that will benefit everyone.

The great economist Milton Friedman once said, "A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both." These are wise words for moving forward in America.

6 Myths About Income Inequality in America

Ah. A good right wing source and a good right wing blogger. Nice.

 

[eflatminor]

And if a fat man is standing next to a skinny man, the fat man MUST have taken the skinny man's food.

America's poor are still considered wealthy by world standards, but that's just not good enough for the Marxists. Caring about what another person makes is nothing more than rabid jealousy. How sad.

So you say. And that would be your opinion.
So, why do you think the Chinese worry so much about income disparity?

Maybe because they have envious assholes within their population too?

 

[eflatminor]

So, while conservatives continue to say that income disparity is no problem, you will be hard pressed to find a non-partisan economist that agrees with that. Most economists, and most governments of countries worldwide, see income distribution as a huge problem. China, today, sees income inequality as their number one problem.

"Not surprisingly, the gap between the top and bottom on pay is biggest in the United States, where average CEO remuneration is 142 times that of employees, according to Thomson Reuters ASSET4 data. British CEOs pull in 69 times more than their workforces while egalitarian Sweden has an average differential of only 34 times."
INSIGHT-CEOs warned: mind the pay gap | Reuters

EOs got a whopping 24% pay hike last year as corporate profits soared with the recession's end, more than making up for two years of declining pay.
The average worker? Not so much. Those lucky enough to still have jobs saw their pay inch up a meager 3.3%, which might have been enough to cover the rising prices of gas and food.
CEOs got a big raise; how about you? - 1 - executive pay - MSN Money

research, moreover, indicates executive compensation at the nation's largest firms has roughly quadrupled in real terms since the 1970s, even as pay for 90 percent of America has stalled.
Nation & World | Executive pay drives increasing wage gap | Seattle Times Newspaper

The income disparity between ceo and average worker is more than twice that of any other country. And many times that of the average industrialized nation.

Why don't you tell us, in your own words, exactly WHY you believe income disparity is a problem. And please, let's not hear another "Because it is" argument. Tell us why, specifically, why what another person has earned affects you.

 

[Rshermr]

And if a fat man is standing next to a skinny man, the fat man MUST have taken the skinny man's food.

America's poor are still considered wealthy by world standards, but that's just not good enough for the Marxists. Caring about what another person makes is nothing more than rabid jealousy. How sad.

So you say. And that would be your opinion.
So, why do you think the Chinese worry so much about income disparity?

Maybe because they have envious assholes within their population too?

You could assume that. I know that is what you WANT to believe. But wanting to believe is a common conservative problem. Now, if you really wanted to know, you could actually do a google search on the subject, and get some real information about why they are concerned. But be warned, it is going to take away some of your reason to be pissed off. And make for confusion in your conservative brain.

 

[Rshermr]

So, while conservatives continue to say that income disparity is no problem, you will be hard pressed to find a non-partisan economist that agrees with that. Most economists, and most governments of countries worldwide, see income distribution as a huge problem. China, today, sees income inequality as their number one problem.

"Not surprisingly, the gap between the top and bottom on pay is biggest in the United States, where average CEO remuneration is 142 times that of employees, according to Thomson Reuters ASSET4 data. British CEOs pull in 69 times more than their workforces while egalitarian Sweden has an average differential of only 34 times."
INSIGHT-CEOs warned: mind the pay gap | Reuters

EOs got a whopping 24% pay hike last year as corporate profits soared with the recession's end, more than making up for two years of declining pay.
The average worker? Not so much. Those lucky enough to still have jobs saw their pay inch up a meager 3.3%, which might have been enough to cover the rising prices of gas and food.
CEOs got a big raise; how about you? - 1 - executive pay - MSN Money

research, moreover, indicates executive compensation at the nation's largest firms has roughly quadrupled in real terms since the 1970s, even as pay for 90 percent of America has stalled.
Nation & World | Executive pay drives increasing wage gap | Seattle Times Newspaper

The income disparity between ceo and average worker is more than twice that of any other country. And many times that of the average industrialized nation.

Why don't you tell us, in your own words, exactly WHY you believe income disparity is a problem. And please, let's not hear another "Because it is" argument. Tell us why, specifically, why what another person has earned affects you.

You want me to try to educate you??? In this blog?? I have spent the past 40 years, after getting a degree in economics, reading books related to various areas of macroeconomics. And I have read books relative to why economies fail. And you would like me to put that information into a convenient little blog post to make it more simple for you???

The average conservative loves to have his mind filled by a source that is consistent and simple and makes him angry. I prefer simple truth. So, my suggestion is quit being so damned intellectually lazy and spend the time and energy to read about the subject. You could start by reading about the warning signs of a failing economic powers.

 

[Truthmatters]

Ahhh....Time once again for the Marxist's favorite boogerman....The dreaded "income inequality"...

6 Myths About Income Inequality in America

In 2010, the U.S. Census Bureau reported that the share of income for the top 20% was 50.2% and only 3.3% for the bottom quintile. Some consider this widening spread between the "rich" and the "poor" to be the primary problem for our economic woes. One argument is that the rising share of income in the hands of those at the top of the income ladder has slowed economic growth, primarily from their preference to save. Proposals to solve this problem recently included a surtax on millionaires and other measures to redistribute income from those who save to those who consume.

During the 2008 presidential campaign, then Senator Barack Obama discussed his views on income inequality with "Joe the Plumber" by stating, "I think when you spread the wealth around, it’s good for everybody." Not only are these types of policy choices unlikely to reduce the gap between upper and lower income households, but the last forty years of economic data reveal that the presumed negative effects from income inequality are based on the following 6 myths.

<snip>

A quote by Will Wilkinson, from the Cato Institute, summed up this concern quite succinctly: "Income inequality is a dangerous distraction from the real problems: poverty, lack of economic opportunity, and systematic injustice." Moving forward we must keep the myth of income inequality in mind and deter our attention away from class warfare and towards areas that will benefit everyone.

The great economist Milton Friedman once said, "A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both." These are wise words for moving forward in America.

6 Myths About Income Inequality in America

Economist/Researcher Resume - Kingwood, TX


that little piece of crap should help its auther find the Oil compay job hes looking for

 

[eflatminor]

So you say. And that would be your opinion.
So, why do you think the Chinese worry so much about income disparity?

Maybe because they have envious assholes within their population too?

You could assume that. I know that is what you WANT to believe. But wanting to believe is a common conservative problem. Now, if you really wanted to know, you could actually do a google search on the subject, and get some real information about why they are concerned. But be warned, it is going to take away some of your reason to be pissed off. And make for confusion in your conservative brain.

Well, first, I am not a conservative. Second, if it's so easy to understand, surely you could tell us in your own words why income disparity is an actual, vs perceived, problem that extends beyond mere envy.

 

[eflatminor]

So, while conservatives continue to say that income disparity is no problem, you will be hard pressed to find a non-partisan economist that agrees with that. Most economists, and most governments of countries worldwide, see income distribution as a huge problem. China, today, sees income inequality as their number one problem.

"Not surprisingly, the gap between the top and bottom on pay is biggest in the United States, where average CEO remuneration is 142 times that of employees, according to Thomson Reuters ASSET4 data. British CEOs pull in 69 times more than their workforces while egalitarian Sweden has an average differential of only 34 times."
INSIGHT-CEOs warned: mind the pay gap | Reuters

EOs got a whopping 24% pay hike last year as corporate profits soared with the recession's end, more than making up for two years of declining pay.
The average worker? Not so much. Those lucky enough to still have jobs saw their pay inch up a meager 3.3%, which might have been enough to cover the rising prices of gas and food.
CEOs got a big raise; how about you? - 1 - executive pay - MSN Money

research, moreover, indicates executive compensation at the nation's largest firms has roughly quadrupled in real terms since the 1970s, even as pay for 90 percent of America has stalled.
Nation & World | Executive pay drives increasing wage gap | Seattle Times Newspaper

The income disparity between ceo and average worker is more than twice that of any other country. And many times that of the average industrialized nation.

Why don't you tell us, in your own words, exactly WHY you believe income disparity is a problem. And please, let's not hear another "Because it is" argument. Tell us why, specifically, why what another person has earned affects you.

You want me to try to educate you??? In this blog?? I have spent the past 40 years, after getting a degree in economics, reading books related to various areas of macroeconomics. And I have read books relative to why economies fail. And you would like me to put that information into a convenient little blog post to make it more simple for you???

The average conservative loves to have his mind filled by a source that is consistent and simple and makes him angry. I prefer simple truth. So, my suggestion is quit being so damned intellectually lazy and spend the time and energy to read about the subject. You could start by reading about the warning signs of a failing economic powers.

I have an advanced degree in economics and a lifetime of study. I believe arguments for government intervention in income levels and disparity severely lacking in logic, reason and historical results. Wealth is not a finite pile of cash from which we all must draw. Stated differently, because one guy makes more does not mean another must make less. Whining about disparity is purely envy based. Claims of where it has caused revolt and uprising in the past has more to do with poverty in general, not income disparity. Given our poor rank in the 84th percentile of worldwide wealth, nobody's taking up arms, only complaining that someone else is making more than they are. It's really pathetic.

But the point here is that you appear incapable of defending your own position and that's just sad.

 

[Koios]

Seems to me this is a because of some very progressive "reforms" in Latin America. So are the poor in Latin America any less poor as a result?

No. They are still quite poor.

Hardly. Lula's first act as Brasil's president was to raise the minimum wage. And it lifted Brasil out of the global recession sooner and faster than any other country in the Americas.

 

[Rshermr]

Maybe because they have envious assholes within their population too?

You could assume that. I know that is what you WANT to believe. But wanting to believe is a common conservative problem. Now, if you really wanted to know, you could actually do a google search on the subject, and get some real information about why they are concerned. But be warned, it is going to take away some of your reason to be pissed off. And make for confusion in your conservative brain.

Well, first, I am not a conservative. Second, if it's so easy to understand, surely you could tell us in your own words why income disparity is an actual, vs perceived, problem that extends beyond mere envy.

I did not say it was a simple problem. I said, me boy, that it is a complex problem. And I doubt that I can give you a short answer that will make full sense. Which is why I suggested reading about the subject.
Here is a good starting point:
The Price of Inequality: How Today's Divided Society Endangers Our Future
Author: Joseph E. Stiglitz
Publisher: W. W. Norton & Company (2012)
Binding: Hardcover, 448 pages
Amazon has it.

Relative to your statement that you are not a conservative, I find that interesting. Because the only place I see the statement that concerns about income inequality must be based only on jeleousy come from only one place. Conservative sites. No other, that I have ever seen. And you pop off with that old charge. And then you wonder why I think you are a con.

 

[GHook93]

Latin America has long been viewed as a region plagued by some of the worst wealth inequality in the world.

But in recent years, those figures have turned around, while in the United States income inequality is on the rise.

Adam Isacson, analyst for the Washington Office on Latin America, notes the change on his blog. According to recent figures on income published by the U.N. Economic Commission for Latin America and the Caribbean, the U.S. income gap now exceeds that of several countries in the Americas. As Isacson writes:

The United States (wealthiest 20% earns 16 times more than the poorest 20%) is now in the middle of the pack. In 1980, the U.S. number was 10.5.

U.S. Income Inequality Worse Than Many Latin American Countries

In the liberal crusade to make everyone equal they have now widened the gap between the haves and the have nots!

Look no further than regulatory effects on large corps vs small business. When a massive, over-burdensome, time consuming and expensive to comply with law gets passed like Dodd-Frank (Wall Street Reform) or Obamainationcare, the large corps bitch about the added expenses and many lay off some people, but they have the pockets and resources to adjust and move on. They have the resources to relocate to business friendlier states and/or countries. HOWEVER, when these laws are forced onto small businesses, they don't have the same resources. They can't cost shift by laying off people. They don't have the dollars to hire inside or outside compliance people and they can't just relocate at will, esp overseas. They either go out of business or get put at a huge competitive disadvantage.

In the end the small business takes the hit and the large corps gain competitive edges and less competition.

Income equality only shrinks when regulations ease allowing small business to effectively compete with big ones!

 

[Saigon]

Income equality only shrinks when regulations ease allowing small business to effectively compete with big ones!

So countries with very small income inequality - such as Belgium, Sweden, Finland and Denmark - have eased regulations, have they?

I think you will find they are amongst the most regulated socities on earth - and that those regulations have been very succesful at creating a society that is competitive (they often outrank the US) and fair.

 

[Oddball]

Ahhh....Time once again for the Marxist's favorite boogerman....The dreaded "income inequality"...

6 Myths About Income Inequality in America

In 2010, the U.S. Census Bureau reported that the share of income for the top 20% was 50.2% and only 3.3% for the bottom quintile. Some consider this widening spread between the "rich" and the "poor" to be the primary problem for our economic woes. One argument is that the rising share of income in the hands of those at the top of the income ladder has slowed economic growth, primarily from their preference to save. Proposals to solve this problem recently included a surtax on millionaires and other measures to redistribute income from those who save to those who consume.

During the 2008 presidential campaign, then Senator Barack Obama discussed his views on income inequality with "Joe the Plumber" by stating, "I think when you spread the wealth around, it’s good for everybody." Not only are these types of policy choices unlikely to reduce the gap between upper and lower income households, but the last forty years of economic data reveal that the presumed negative effects from income inequality are based on the following 6 myths.

<snip>

A quote by Will Wilkinson, from the Cato Institute, summed up this concern quite succinctly: "Income inequality is a dangerous distraction from the real problems: poverty, lack of economic opportunity, and systematic injustice." Moving forward we must keep the myth of income inequality in mind and deter our attention away from class warfare and towards areas that will benefit everyone.

The great economist Milton Friedman once said, "A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both." These are wise words for moving forward in America.

6 Myths About Income Inequality in America

Ah. A good right wing source and a good right wing blogger. Nice.

As though the barking moonbats at HuffyPuffy just oooooooze credibility!

 

[Saigon]

Income inequality is measured by the Gini Co-efficient.

Note how the US is now similar to China, Brazil and Mexico, and has moved away from countries that have higher levels in economic mobility. Note that 0 is NOT the ideal - between 30 to 40 shows a healthy capitalist society with a nice spread of wages and rewards.

What this tells us is that if a man wants to follow his dream, work hard and become a millionaire - he might want to try Norway, Canada or Belgium.

 

[Rshermr]

Maybe because they have envious assholes within their population too?

You could assume that. I know that is what you WANT to believe. But wanting to believe is a common conservative problem. Now, if you really wanted to know, you could actually do a google search on the subject, and get some real information about why they are concerned. But be warned, it is going to take away some of your reason to be pissed off. And make for confusion in your conservative brain.

Well, first, I am not a conservative. Second, if it's so easy to understand, surely you could tell us in your own words why income disparity is an actual, vs perceived, problem that extends beyond mere envy.

A simple description is not a possibility. Go read. See why a bad income distribution is considered a concern for China today, why the advanced countries of the world worry that such distribution leads to problems with education, and with social programs, and with the economic well being of the countries involved.

It is simple enough, and that you ignore it is telling, that income inequality concentrates wealth (by definition) among a few who then are able to use that wealth to control our government.
But you believe it is jealousy based, so I suspect that you will not read anything. Because that reasoning is about the stupidest idea I have yet seen from you. And that is an accomplishment.

 

[eflatminor]

You could assume that. I know that is what you WANT to believe. But wanting to believe is a common conservative problem. Now, if you really wanted to know, you could actually do a google search on the subject, and get some real information about why they are concerned. But be warned, it is going to take away some of your reason to be pissed off. And make for confusion in your conservative brain.

Well, first, I am not a conservative. Second, if it's so easy to understand, surely you could tell us in your own words why income disparity is an actual, vs perceived, problem that extends beyond mere envy.

I did not say it was a simple problem. I said, me boy, that it is a complex problem. And I doubt that I can give you a short answer that will make full sense. Which is why I suggested reading about the subject.
Here is a good starting point:
The Price of Inequality: How Today's Divided Society Endangers Our Future
Author: Joseph E. Stiglitz
Publisher: W. W. Norton & Company (2012)
Binding: Hardcover, 448 pages
Amazon has it.

Relative to your statement that you are not a conservative, I find that interesting. Because the only place I see the statement that concerns about income inequality must be based only on jeleousy come from only one place. Conservative sites. No other, that I have ever seen. And you pop off with that old charge. And then you wonder why I think you are a con.

I've read Stiglitz and I agree with his position that crony capitalism is at the root of many of our problems. And as we all know, it takes two to do the crony dance: someone in business and someone in government. I stand against cronyism and the politicians from both parties that attempt to pick and choose winners through regulations, laws and tax codes...as do all libertarians.

So, if you want to talk about ending cronyism, I'm all ears. And I suspect that would result in less income disparity. Fine. HOWEVER, neither you nor Stiglitz has addressed why income disparity in and of itself is a bad thing...because it isn't.

Bottom line, income disparity may make the collectivists among us red with envy, but there is no evidence that just because someone is rich, someone else has to be poor.

 

[eflatminor]

You could assume that. I know that is what you WANT to believe. But wanting to believe is a common conservative problem. Now, if you really wanted to know, you could actually do a google search on the subject, and get some real information about why they are concerned. But be warned, it is going to take away some of your reason to be pissed off. And make for confusion in your conservative brain.

Well, first, I am not a conservative. Second, if it's so easy to understand, surely you could tell us in your own words why income disparity is an actual, vs perceived, problem that extends beyond mere envy.

A simple description is not a possibility. Go read. See why a bad income distribution is considered a concern for China today, why the advanced countries of the world worry that such distribution leads to problems with education, and with social programs, and with the economic well being of the countries involved.

It is simple enough, and that you ignore it is telling, that income inequality concentrates wealth (by definition) among a few who then are able to use that wealth to control our government.
But you believe it is jealousy based, so I suspect that you will not read anything. Because that reasoning is about the stupidest idea I have yet seen from you. And that is an accomplishment.

You speak of wealth as though it is a finite pile of cash from which we all must draw. That is patently ridiculous.

 

[Sallow]

I'm sure most would rather be poor here than poor there.

Depends.

Being poor is some of the colder states is not as bad as being poor on the beach.

 

[Sallow]

Well, first, I am not a conservative. Second, if it's so easy to understand, surely you could tell us in your own words why income disparity is an actual, vs perceived, problem that extends beyond mere envy.

A simple description is not a possibility. Go read. See why a bad income distribution is considered a concern for China today, why the advanced countries of the world worry that such distribution leads to problems with education, and with social programs, and with the economic well being of the countries involved.

It is simple enough, and that you ignore it is telling, that income inequality concentrates wealth (by definition) among a few who then are able to use that wealth to control our government.
But you believe it is jealousy based, so I suspect that you will not read anything. Because that reasoning is about the stupidest idea I have yet seen from you. And that is an accomplishment.

You speak of wealth as though it is a finite pile of cash from which we all must draw. That is patently ridiculous.

Oh..the irony..