If you divided all the stocks issued in the US stock markets by issue number
and put them in a basket, chose one randomly,
there is an 87% chance that that specific stock belongs to someone in the top 10% of wealth in the country.
There’s either millions or billions of stocks in existence, but this is still true.
So Reagan?
One of the most important drivers is the abolition of wealth taxes in the 70‘s. Although there is no exact date on which it happened (since wealth taxation in the US was fairly complicated, and rolled back over several decades); the 70s certainly played a pivotal role.
With no wealth taxation, nothing stops the ultra rich from amassing all the wealth, outcompeting workers and middle class. That’s what you are seeing here.
The good news is: all this productivity increase was real. The wealth increase is real. We just have to give it back to the ordinary people, and will see a massive economic boost across the globe. There’s just one little thing stopping us: we gotta tax the ultra rich ;-)
Bring back the tax brackets from the 1960’s.
amen
I could give you some indepth economic analysis, and behavior philosophy behind business spending, but the easiest?
Just unionize. Now. Volunteer time to talk outside work hours. Speak to local professionals like accountants and lawyers to help pro-bono with getting setup.
Talk to political offices locally, run if you can.
Talk about these issues with strangers. Print out your own corny pamphlet newspaper to educate someone willing to read.
Its important to note that productivity line basically means profits from the company. And then you have to understand that more money is happening in the economy but pay is remaining the same.
All that money had to go somewhere and it hasn’t been the workers for a while.
Reminds me of this site (which offers no answers):
that took a turn:
Fascinating, thank you. And the answer seems to be “no more gold standard” and apparently that was Nixon’s decision?
It is nixon and reagan economics, the gold standard doesn’t have much to do with it.
Also the US hit peak conventional oil around 1971.
Damn
Ahh, Nixon
That’s right around the time “Business Administrators” came on the scene. “How can we squeeze even more juice from the lemon” seems to be their only administrating task.
Also, it’s when conservative think tanks first came online. This is 80% government policy, 20% corporate fuckery (outside of gov’t fuckery).
You did all this in the shower?
Jerked off too, what can I say 🤷♂️
Add inflation, and housing costs for a real shocker of a graph.
😢
