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 GRAYmusings :: The other 1%

The other 1%

It's been a truism forever that the rich get richer and the poor get poorer and while I don't think that's technically correct the worth of rich people certainly increases at a faster rate than that of everybody else.

I found this graph on The Economist site recently.

Note how the income of the bottom 99% of people has increased only slightly since 1979, even if you are in the 98th percentile your income hasn't increased much more (percentage wise) than the poorest person.

But look at the top 1%, their income has increased at an alarming rate.

Now why would that be? Have they really hunkered down and worked a lot harder than they used to while the rest of us just slacked around?

Somehow I doubt it. More likely they found better ways to screw both the system and the other 99% of the population.

It seems to me that such discrepancies have been seen before and that in most cases there has been an "adjustment" and during that adjustment it's not been healthy to be one of the fat cats.

Will that happen again? I have no idea, but let's just say that I'd be working on getting a few calluses on your hands so you can pass as a worker if the time comes.

Comments

Date  ::   25 Jun 2014
Name  ::   Stealth Camper
Location  ::   Oklahoma
Comment  ::   Not sure when you posted this, but I couldn't resist a comment.

That chart is good, but there is one section that is missing - the minimum wage level - currently at $7.25 per hour. Stuck there since 2009. That is a full 30% lower than it was in 1968, adjusted for all the rise in expenses! Pretty sad. In our state we have a thing called "Right to Work" which really means you get to put up with substandard pay for your work - even compared to the rest of the states.

Enjoying your site!
   
Date  ::   27 Jun 2014
Name  ::   GRAYnomad
Comment  ::   I can't remember when that graph was done, possibly some time ago.

The min wage in the US is unbelievable, maybe it's cheaper to live there but I think ours is about 2.5 times that. As to how ours has tracked the cost of living I don't know but I think there was an increase recently.
   

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