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In reply to the discussion: Why can’t we see that we’re living in a golden age? [View all]guillaumeb
(42,641 posts)35. No matter if one uses median income or average income or GDP,
the inescapable fact is that all of these numbers are pushed upward by the fact that the top 1% have profited massively and are far richer that ever before.
Median income means 1/2 are above and 1/2 are below the median. So if 1/2 of the US makes less than the median, they are certainly not doing well. And the fact that household indebtedness is very high, and retirement savings is very low shows how these numbers are meaningless as a way of proving people are doing well.
Average income and GDP are also not a means of proving how the vast majority of people are doing well because again, the 1% who own 83% of common stock distort the numbers.
Global trade has led to an expansion of wealth........for the already wealthy.
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Why are you against people having clean water and getting out of extreme poverty?
Recursion
Aug 2016
#5
"Income per household has increased by more than 30% since 1970..." 30% in 46 years averages
Cal33
Aug 2016
#16
So that says the middle class has shrunk because more people are upper income
Recursion
Aug 2016
#49
Probably because all the gold is in only a few places and its hoarders refuse to share
Warpy
Aug 2016
#52
Since I make less in real dollars much less adjusting for inflation than I did 12 years ago
TheKentuckian
Aug 2016
#64