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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 01:59 AM
Original message
The Insatiable Rich
Some sobering facts by Hendrik Van den Berg, University of Nebraska, Lincoln, from his article Our Growing Income Inequality (It's NOT an Accident)

*Forty years ago, the minimum wage provided 25% more real purchasing power than it does today. In 1968, the minimum wage was $1.60 per hour. $1.60 would buy about $9.00 worth of goods and services today. Today, a person working full time at the minimum wage of $7.25 per hour lives below the poverty line. In 2009, the average non-supervisory worker earned $18.62 per hour. However, in 1972 the real purchasing power of the average real non-supervisory wage was the equivalent of $20.20 today. Thus, in the past 27 years, the value of our income has declined.

*The productivity of the average worker rose more than 100% over those 37 years. Thus, workers have taken a pay cut, despite producing more than twice as much.

*The top 10% percent of income earners in the U.S. earned 50% of all U.S. income in 2007, more than the top 10% did in the Roaring Twenties. The top 1% of U.S. income earners took home about 25% of all income in 2007...

http://modeducation.blogspot.com/2011/04/insatiable-ric...
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hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 02:18 AM
Response to Original message
1. it's annoying to me that I never met this guy
Edited on Mon Apr-25-11 02:18 AM by hfojvt
apparently he started at UNL about a year before I graduated.

Who knows though, he may have been department head the year I reapplied, and was not admitted. The name is vaguely familiar.
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McCamy Taylor Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 03:13 AM
Response to Original message
2. I'm thinking about writing about the Insane Rich myself. Pretty sure its a mental illness.
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LAGC Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 03:35 AM
Response to Reply #2
3. Why do you hate people who are smarter and more successful than you?
I mean, it takes a lot of smarts to figure out how to entice money from the general public's pockets and concentrate it into one's greedy little hands.

It also usually takes a certain amount of business savvy to figure out how to pay workers underneath you less so that you get to keep more up top where it belongs.

Between squeezing workers and concentrating wealth, one has to be a pure genius to pull it all off without many people protesting. Don't you think that's pretty smart?

Why do you hate success?
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 11:00 AM
Response to Reply #3
4. If they would only use their powers for good instead of evil...nt
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rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-11 04:58 PM
Response to Reply #4
10. Most think they are doing good. They believe they are deserving the money and power
and are obligated to "take care" (read control) of the lower classes that need help.
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RagAss Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 04:51 PM
Response to Reply #3
6. It also takes inheritance. They start at the top and stay there. Not as ingenious as you make it
sound.
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rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-11 04:57 PM
Response to Reply #6
9. Otherwise spelled: George W. Bush nm
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tblue37 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 04:47 PM
Response to Original message
5. Funny--this thread is listed three times *in a row* on the
"Greatest" page. Now that's insatiable!
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Canuckistanian Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 06:15 PM
Response to Original message
7. You can say that again
:)
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Manifestor_of_Light Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-11 02:34 AM
Response to Original message
8. Read "Money and Power in America"
Written in the 80s by Lewis Lapham of Harper's Magazine.

I think 2000 square foot closets are obscene.
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Mimosa Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-11 05:06 PM
Response to Original message
11. "...workers have taken a pay cut, despite producing more than twice as much. "
That is so true. Workers attempting to keep up a middle class standard of living despite being paid less and less began to depend upon easy but high interest credit, using their home eqity as collateral. Which explains the collapse of 2008.

The upper class has no intentions of helping make the economic system more 'equal'. In fact they want the serfs to have LESS. They want to get rid of Social Security and Medicare. Last night I heard O'Reilly say he wanted no part of Medicare because he doesn't want to 'take money from others'. *rolling eyes* I'm sick of the lies. WE pay for these programs ourselves. OUR labour makes the whole capitalist system possible.

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