The Rich Get Richer Through the Recovery

[cvictorg]

http://economix.blogs.nytimes.com/2013/09/10/the-rich-get-richer-through-the-recovery/?hp&_r=0

An updated study by the prominent economists Emmanuel Saez and Thomas Piketty shows that the top 1 percent of earners took more than one-fifth of the country’s total income in 2012, one of the highest levels recorded in the century that the government has collected the relevant data.

The top 10 percent of earners took more than half of all income. That is the highest recorded level ever.

The figures underscore that even after the recession the country remains in a kind of new Gilded Age, with income as concentrated as it was in the years that preceded the Great Depression, if not more so.

http://elsa.berkeley.edu/~saez/saez-UStopincomes-2012.pdf
The Evolution of Top Incomes in the United States(Updated with 2012 preliminary estimates)

The new data shows that incomes for the top 1 percent of earners declined about 36 percent during the recession, and rebounded about 31 percent in the recovery. The incomes of the other 99 percent plunged about 12 percent in the recession and have barely grown since then, on aggregate. Thus, the 1 percent have captured about 95 percent of the income gains since the recession ended.

 

[pumpingiron22]

Zeitgeist movie is right on as far as the economy.

 

[idmd]

I'm easily a top 1% (not bragging just a fact) and to be honest I saw 5-10% income increases year over year throughout the recession. Now were back to the good old days of 10-15% increase year over year.

This is nothing compared to all the Wall St guys I know who are the 0.001% who were still making multimillion dollar bonuses through the entire recession and complaining about it. Some of these whiny pricks even work for banks we bailed out - hard to hear them crying about how they only got $1.2M as a bonus this year.

In the end making money is all a game....some know how to play the game and most don't.

 

[heel hook]

The way it's always been the Rich get richer hands getting softer everyday and the working class trying to hold this country together working their ass off gets buried.

 

[idmd]

This will probably get me burned but here I go.....

The answer for most Americans isn't simply making more money - although that sure does help. I know of many people who live on $50-$70K per year with a family of 4 not only make it work but really do well. The key to their success was simple things like a budget, not getting into debt ever or realizing their error in going into debt early and getting out quickly and learning how to save.

Matter of fact I know more "wealthy" people who are broke than any other socioeconomic group - big house, nice cars, school debt, business debt and living paycheck to paycheck. These people suffer from the same issues as the middle class (although they shouldn't) and are as "economically fragile".

Now when your making millions (0.005%) yeah there's no excuse....

 

[MANWHORE]

Give me millions and I will be
Happy spending them..

Now, give me $10 an hour and I will
Be just as happy spending it... Allmax protein
Only $45 every 2 weeks..

I want to make more money, so I
Can buy my son new toys and send
Him to a good college.. Take dates out to
Nice places to eat.. Like Taco Bell..

My point? I do have 1 this time..

I don't need much to be happy, cause
I can adapt to the worst environments ..
Give me a tent to sleep in and a magnafine glass
To burn bugs during the day, to pass the time by,
And I am set..

Damn, it's cold down in this basement.. This
Bitch better turn up the heat, . I can't live in
These conditions

Time to beat the dogs.. Peace

 

[idmd]

Eloquently said MW.....

 

[RPD]

As the great warrior-poet MANWHORE once said...

I don't need much to be happy, cause
I can adapt to the worst environments ..
Give me a tent to sleep in and a magnafine glass
To burn bugs during the day, to pass the time by,
And I am set..

Amen, brother. More money, more problems. I like my simple life with my beautiful and happy family. We laugh way too much to be unhappy with our ten year old cars and my two year old shoes. I live in America; I would have to work very hard to starve to death.

It sure does suck to see those numbers, but I'm unphased. In January I got a raise that I worked hard for, then my taxes went up exactly the same amount that I got raised. My hard work went to the government to pay for other peoples' free shit. I realized then that I just have to find a way to stay happy while people are pissing in my cheerios, because that's the only way I can win.

And by "find a way to stay happy" I mean use AAS.