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Rich: Deal with it and pass me the grey poupon!

Discussion in 'Sports and News' started by printdust, Oct 26, 2011.

  1. The Big Ragu

    The Big Ragu Moderator Staff Member

    http://blog.american.com/2011/10/income-inequality-can-be-explained-by-household-demographics/

    Interesting look at demographic differences between the top quintile income households relative to the bottom quintile income households, from Census data.

    The short: Households that earn the most have more than 4.5 earners per household than the lowest-income households. Married-couple households reprsent a much greater share of the top income quintile (78.4 percent) than for the bottom income quintile (17 percent). Single-parent and single households represent a much greater share of the bottom quintile (83 percent) than the top quintile (21.6 percent). Roughly 75 percent households in the top income quinitile included people in their prime earning years (35-64) compared to only 43.5 percent of households in the bottom fifth. Household members in the bottom income quintile were 1.6 times more likely than the top income quintile to be in the youngest age group (under 35), and three times more likely to be in the oldest age group (65 and older). And family members of households in the top income quintile were five times more likely to have a college degree (60.3 percent) than members of households in the bottom income quintile (only 12.1 percent). Family members in the lowest income quintile were 12 times more likely st, family members of the lowest income quintile were 12 times more likely than those in the top income quintile to have less than a high school degree in 2010 (26.7 percent vs. 2.2 percent).

    Also, these income groups are not static, which is a point I have made often. There is plenty of evidence that individuals are not stuck forever in a single income quintile, but intsead move up and down over their lifetimes. As the post said, "It’s very likely that many high-income individuals who were in their peak earning years in 2010 were in a lower income quintile in prior years, before they acquired education and job experience, and they’ll move again to a lower quintile in the future when they retire."
     
  2. Starman

    Starman Well-Known Member

    [​IMG]
     
  3. Alma

    Alma Well-Known Member

    This study, while mildly interesting, changes nothing about the eventual reality: The people with more will have to deal with having a little less. The pendulum's swung too far. At this point, it's merely a question about whether it happens the easy way - or the ugly way.
     
  4. cranberry

    cranberry Well-Known Member

    The Top 5 percent also includes tons of people like me. Again, not rich. The Top 1 percent is where the wealth is ridiculously concentrated.
     
  5. Alma

    Alma Well-Known Member

    You are rich. By any useful worldly standard, you are fabulously, terrifically wealthy. Just because you don't feel rich doesn't mean you're not.
     
  6. LongTimeListener

    LongTimeListener Well-Known Member

    According to the OECD, the United States has a low rate of social mobility compared with other countries.

    http://economix.blogs.nytimes.com/2010/02/10/are-you-better-off-than-your-parents-were/
     
  7. The Big Ragu

    The Big Ragu Moderator Staff Member

    Compared with some countries, not all countries.

    According to that OECD report, the main cause of social immobility is educational opportunity. The report was, among other things, an indictment of America's public school system, which holds down poor kids rather than lifting them.

    In 2007, the United States spent $10,768 per student on elementary and secondary education, which was 45 percent higher than the OECD average of $7,401.

    Clearly, we are spending. Clearly we are not getting much bang for that buck from our government.
     
  8. Magic In The Night

    Magic In The Night Active Member

    Ragu, given the information you posted about marriage putting one in the top group, why does our government continue to give a tax credit for marriage? Seems like that's adding a cherry on their sundaes.
     
  9. LongTimeListener

    LongTimeListener Well-Known Member

    We also have a higher cost of living than most countries, so if the bulk of education costs is salaries, that doesn't sound off. And we educate more special needs kids too. I am not saying we don't have major problems in education, but a cost comparison to other countries is somewhat lacking.

    Where I think we would be in agreement is in the increasing segregation of educational opportunity. Rich suburbs will tax themselves to the hilt locally, but a poorer community, or a big city where most of the rich go private, is stuck with not nearly enough tax revenue for the task they are being assigned.
     
  10. Greenhorn

    Greenhorn Active Member

    A lot of education costs don't go towards actual classroom instruction but rather facilities, equipment, transportation, sports etc.
     
  11. Alma

    Alma Well-Known Member

    \
    That rotten education system is your best friend, man. If it were educating poor minority Americans at a solid rate, shoot, taxes would have gone way up by now.

    The more well-educated, poor people there are, the worse that is for you. Because those are folks who will go the ballot box and elect people who redistribute the wealth.
     
  12. printdust

    printdust New Member

    Yeah but I wonder how many Europeans would fit in that 1 percent? Plenty of them own what was American business. I didn't realize this but Burger King's ownership is Brazilian? A fucking American hamburger? They've got our beer too!
     
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