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U.S. Income Inequality Is Frightening--And Much Worse Than We Thought
Two economists, Professors Emmanuel Saez and Thomas Piketty, developed a method for measuring income inequality using IRS data, which avoided the problems inherent in using Census Data. This data was recently updated in response to the IRS release of 2007 information, and found that: Economic inequality in 2006 was, by some measures at the highest levels, ever found in the data available for the past 95 years. In 2007, these same measure showed a further jump further bringing America to it it’s highest levels of economic inequality in recorded history.
Deep down, we know that income inequality is increasing. We don't need a report or a study to confirm it.
In 1928, economic inequality was near today’s levels.
For what it is worth, 1928 was not a great moment in time to be taking on extra investment risk. I am a big believer that income inequality and Great Depressions go hand in hand. Long-term economic stability cannot occur if poor people keep getting poorer while rich people keep getting richer. If nothing else, at some point there won't be anyone left to shop at this country's many malls.
Amid luxury, mall site is haven for graffiti, homeless
NEWPORT BEACH – Vandalism continues to plague an abandoned shopping center in one of Orange County's most luxurious stretches of real estate, and the property owner's latest attempt to control the problem involves a whole lot of gray paint.
Q4 GDP Tracking: 2.3% to 3.1%
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From Goldman:
We lowered our *Q4 GDP tracking estimate by 0.1pp to +2.3%
(quarter-over-quarter annualized)*. Our Q4 domestic final sales forecast
stands ...
42 minutes ago
8 comments:
Mark,
'sarcasm on'
if deflation makes the dollar all powerful, then how come people in the geat depression were not the richest poulation in the whole world? In the midst of deflation rates never seen before (or since) how come even 1 dollar was not enough to live on for the duration of the downturn?
'sarcasm off'
I love Mish and I love Mr Practical but I think inflation (and hyperinflation for that matter) are very misunderstood, but no less so than deflation.
Jesse had this report from Japan from 1989-2009's deflationary period and to read it it seems the average Japanese thought it was not that bad:
http://tinyurl.com/yczogm3
No mention of toilet paper, but just about everything else is covered.
Japan-nation built on exports, high savings rate, fanatic workers
USA-import dependant, no savings, mostly unmotivated
Maybe it will be different?
I am messing around
GYSC,
It takes _____ deflation to make the dollar _____.
That's the structure of it.
1. It takes "all powerful" deflation to make the dollar "all powerful".
2. It takes "wimpy" deflation to make the dollar "wimpy".
See how that works? ;)
Mark,
sorry, no. We need to define "wimpy" deflation.
GYSC,
"We need to define "wimpy" deflation."
It all starts with the White House it seems.
http://www.huffingtonpost.com/tom-watson/late-rounds-on-healthcare_b_278430.html
"To borrow a word Democrats generally shrink from - the word that launched Ted Kennedy's 1980 campaign - there is general malaise settling over town these days, a kind of wimpy (to borrow Wolcott's invective) deflation in expectations from Democratic Washington, beginning with the White House."
Here's one thing I am optimistic about. The Internet is so big now that you can search for almost anything either real or imagined and find it, lol.
I'll prove it. Let's search for "cheese expectations". What are cheese expectations? I have NO idea. Hahaha!
http://yayasyumyums.blogspot.com/2009/03/cheese-expectations.html
Bingo!
Stag,
I emailed you a pertinent toilet paper article you may find interesting.
GYSC,
As your link shows, according to one toilet paper company (dated 1978), doubling the sheets and halving the ply makes toilet paper last longer.
Damn! I hoarded 2-ply. Sigh.
Mark,
the details on how usage was a factor was funny, and did you notice the little example illustrations in the top right corner? LOL.
"...did you notice the little example illustrations in the top right corner?"
I did not! LOL!!!
http://www.straightdope.com/columns/read/168/how-did-scott-conclude-its-toilet-tissue-lasted-28-longer
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