The economy is growing in the US, so why are people still so unhappy and angry?
The chart below might be the answer.
The wealth inequality in the United States has never been as high since the 1930s as it is today, according a report published by Deutsche Bank. The chart below shows that wealth inequality has decreased since the end of the Second World War, but that it began to increase again since the 1980s.
From the 1980s onwards, world trade boomed and interest rates began to fall again. According to the report, the 0.1% richest Americans now have as much wealth as 90% of the population with the least wealth.
As you can see, the richest 0.1% of the population has doubled its wealth since the 1980s, from 10% to more than 20% of the total wealth of all households, while the lower 90% of the population saw its wealth share decrease from 35% to less than 25% of the total wealth of all households.
There are no signs of this changing anytime soon.
Source: US Inequality report by Deutsche Bank Markets Research
The problem is... this is not the problem. This is a symptom.
The praeto principal says that 80% of the work is done by 20% of the individuals. These 20% should be rewarded more then the average person. Because we would like this group of people to continue working.
However, what most people point out as the rich, aren't really the rich. Rich, by the tax codes are merely dual professional income families.
But, the ones we despise are those who take everyone's money by extortion. Through govern-cement redistribution methods, or money printing methods.
Lets say you had a central bank. And so, you can get money for free. And then you lend it out at interest to someone for 2%. That's free money.
And then that person lends it out at 4%. That's free money.
That's free money that the people on the bottom do not have access to, but we pay all of that percentage. The interest is not paid by people at the top, it is passed down, and everything / everywhere is laced with that fee. If you rent, you are paying the landlords mortgage. If you buy gasoline, you are paying the business loan. Etc.
extra ordinary writing.....actually you have written the universal truth@builderofcastles
Well said @builderofcastles
Where is the resteem button for comments? ;)
Agreed, probably not until the world is more decentralized. The richest people will have the most influence over centralized government policy, and so it will always tend to favor them, even if they pretend the intention of their policies is to help the poor and middle.
Lawmakers are human and will be persuaded by what pays them the most.
Most people in the world are probably good and would use power responsibly and with a conscience. But we aren't the ones who compete most fiercely to get the power. The people who achieve the power are necessarily the ones who will tend to use it horribly.
Troubling statistics and a sad reflection on our "modern" and "civilized" world @penguinpablo. Sadly, I think you are quite right that we cannot expect any change, anytime soon. Seems to me many of the things that ail us are "Reagan Era" problems, when a "me first" social attitude started to take hold and many started valuing "things" higher than people.
The chronic accumulation of wealth with total disregard to the impact it has on others might almost be viewed as a disease, and only a change in social values will change that. Consider this: If someone hoards endless stacks of newspapers creating a risk to their surroundings, we call them "hoarders" and send them for psychological help. If someone hoards endless wealth, creating a risk to their surroundings we call them "a success" and people aspire to be like them. Doesn't that seem a little unbalanced?
Yes...maybe there is, with the advent of the decentralized block-chain technology. Still it depends on how this turns out.
I'm sharing a video on money by Mike Malony; Hope you enjoy the video.
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However, keep in mind, worldwide poverty levels have dropped substantially and continue to drop.
I'm not saying something needs to be "done", but people need to take responsibility also.
see this graph:
nothing needs to be done.
everything is just fine.
What the bearded guy said.
Economies are crashing as we write. Just look at the collapse of fiat currencies over the past few months, when compared to cryptocurrencies.
We can assume that cryptos are gonna spread the wealth and make everybody rich, but even if that were true, the change will come only with plenty of misery and suffering for the majority who do not own any cryptos.
So, how can we say that all if "fine." Apart from the very real wealth gap, the situation looks pretty grim for the 20% unemployed in the US, as well as for the recent grads who can't find work other than at McDonald or Starbucks or maybe WalMart. Are they gonna be better off next month, next year, in 2025?
never heard of 20%...it must be a local thing. Here in Texas there are 'help wanted' signs everywhere...employers cant' FIND enough help.
regarding recent grads.
what'd they major in?
Art History or GenderStudies isn't in all that much of demand. My son, however, finished his College a few years back...Business Major...and he's doing REALL well.
people is not showing responsibility,everywhere it is happening@bigsilver
This pattern transcends US economy and the current financial system.
Look at the crypto market for example, there are a LOT of users with huge amounts of coins, and the majority has little. The same happens even here in steemit, a small % of users hold the larger part of available SP.
It’s like an inescapable pattern in every economic system.
and the problem with that is?
I am not saying this is a problem. I am just saying it’s normal and natural so we shouldn’t be surprised when seeing this type of statistics.
right..actually we should be happy to see the rich get richer.
more for us....
some stupid people seem to think that it's zero sum..
it is most definitely NOT.
I actually made a post about this a few days ago.
I am planning to do another one because there are a lot of misconceptions about this subject.
Although it’s a very delicate one for sure.
wealth is created by advancing technology for the most part.
at the present time technology is advancing faster than it EVER has before.
wealth is being created faster also.
Of course, that increases the overall wealth, and we can see this with the huge DECREASE in poverty the last few decades, this is the real problem, poverty.
This a historical post..I appreciate to your post..Best of luck..
This is going to jump off the proverbial cliff in the next two decades as automation replaces 47% of all paid work. There are solutions that can be implemented either to maintain the current economic systems or to replace them completely.
Option one is Basic Income. A relatively easy solution that ensures everyone has their basic needs met with a monthly payment regardless of their income(meaning everyone gets it).
Option two. We go full bore with Automation while eliminating any jobs that are really needed like banking, advertising, etc.. Then we do away with the monetary system altogether while conducting a survey to determine the world's carrying capacity of resources. Everyone would be allowed to do whatever they want as long as they don't exceed their share of any of those resources. This is what's known as a Resource Based Economy or RBE.
The question is do you want to live in a society where you fear being replaced by automation or welcome being replaced. It's going to happen one way or the other.
This post is brimming with instructive news. Thaks for share it @penguinpablo
this post is full of informative news.thaks for share it @penguinpablo
This is a good example of why fiat has to go. There can never be equality if the wealth is not spread evenly.
the parable of the ant and the grasshopper comes to mind.
https://steemit.com/dawah/@tjunaidi/islamic-salafiyah-media-ahlussunnah-wal-jama-ah-f55b66db2f1fe
Seperti yang dapat Anda lihat, terkaya 0,1% dari populasi telah melipatgandakan kekayaannya sejak tahun 1980an, dari 10% sampai lebih dari 20% dari total kekayaan semua rumah tangga, sementara 90% populasi yang lebih rendah melihat pangsa kekayaannya turun dari 35% sampai kurang dari 25% dari total kekayaan semua rumah tangga.
I think that happiness comes with his peace of mind and mind is not the cause of ekinomi problems
@penguinpablo
really informative post.keep it up bro
As a human we should along with government bodies should do somethig for humanity.
GOOD!
A rising tide floats all boats!
The rich get richer, because they CREATE new wealth
(or their investments do)
and everyone else gets richer too.
the ratio is irrelevant.
what matters is the absolute.
everyone on the planet is richer now
than anyone ever has been
EVER!
Agree, but my concept is you should try to point to a solution rather than pointing the problem.
Venezuela attempted to forcibly redistribute wealth.
how's that working out for them?
This is why decentralization is so important. Centralization leads to the very few receiving the most at the expense of the many. Blockchain technology will help break the chains and bring the power back to the many.
I agree to this
What you mentioned in your post is a bitter reality. Based on the stats, the next important question is what measures has American govt taken to not let this 'the 0.1% richest Americans' turn into 0.01% Americans? I think if it happens, US will be spending more money on jails on anything else. What are your thoughts on it @penguinpablo?
Wealth inequality is a sign that those that provide the best services and products to the people gain the most profit. If you look at the richest people in America, who are they? People like Bill Gates and Jeff Bezos. This isn't a problem
Wealth equality would be a much bigger problem because it would show that the rewards for harder and better jobs aren't good enough to justify working them.
The first thing I see is the minnow swimming along 🐠
Very informative