Date: Nov 7, 2012 3:59 PM
Author: Paul A. Tanner III
Subject: Re: Speachless In New York (or, another OMG moment)
>> "many of them fantastically rich. (More than 90% of all new income and wealth is now going to just the top 1%.) How much larger? Enough to reach about 44% of our roughly 15 trillion dollar GDP in 2010, according to the green line in the chart in the next link."
> In which asset did these mythical "fantastically rich" households invest?
The "how much larger" part applies to what you did not quote above. To see my full quote of that paragraph, see the further below:
As to whether they are mythical: They are not. One of the citations I gave in another message is that decades ago, down around 40% of all new wealth and income went to the top percent. But since we took off the regulations on the banks starting with Reagan and ending with the 1999 repeal of Glass-Steagall, that percentage of all newly created wealth and income going to the top 1% is now more than 90%.
That is, banks no longer lend money to ordinary people to start a business or expand a small business or keep it going at the rate they used to, since these banks without these regulations are allowed to make more money more quickly more easily doing something else with the money they have. In 1977, before we started taking these regulations off these big banks starting with Reagan, the percentage of the US population that was an entrepreneur - owned their own business - was twice as high as it is now.
To see the full context of what I actually wrote In my message in this thread
I wrote the following:
"In your continuing quest to try to prove the white supremacy to which you hold, you continue to make massive mistakes based on complete ignorance or complete fact denial or both.
There are roughly 115 million households in the US and the median income is a little under $50,000. (The average wage for each full-time worker is, yes, close to $37,000, but the average household has about 2 wage earners, one full-time and one part-time.)
But this slightly under $50,000 is median income - the mean household income is larger, since there are many very rich households, many of them fantastically rich. (More than 90% of all new income and wealth is now going to just the top 1%.)"
How much larger? Enough to reach about 44% of our roughly 15 trillion dollar GDP in 2010, according to the green line in the chart in the next link.
The chart in
shows via the green line that wages and salaries as a percentage of GDP have declined since 1970 from almost 54%of GDP to down around 44%of GDP.
This decline over 40 years reflects the fact that good paying union jobs in the US have declined by about 2/3 from roughly 30% of all jobs to only roughly 10% of all jobs, all thanks to conservatives obtaining more and more power over those years and using that power to kill these good paying union jobs through anti-union laws making it easier to bust unions and making it harder to form unions."