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.
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.
😢
Reminds me of this site (which offers no answers):
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.
that took a turn:
Damn
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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).
What happened in 1973?
Maybe that’s when the neoliberals (dems and republicans started making America grate again?
Wait, they stopped selling shredded cheese in 1973?
The Vietnam War is winding down which depleted the US treasury.
That certainly raises more questions than answers!
Bring back the tax brackets from the 1960’s.
amen
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 ;-)
