expat_panama said in post 119 of 215 "...Americans get richer when a few successful people make a breakthrough and then everyone prospers. 'Income equality' gets really good when the economy tanks..."
Paul Ross said in 154 of 215 "Deflating dollar numbers is a legitimate approach to viewing data with the effects of inflation removed."
Believe it or not, the graph was showing inflation adjusted incomes. In other words, while those in the lowest 1970 quintile saw their real incomes increase by half (when they went to higher 2005 quintiles (see 207 of 215), the present batch of bottom quintile folk are able to enjoy 25% more real income than the previous occupants did.
I'm not saying life is good, I'm saying it's really good.
It was not so labeled. My discourse covered the descriptors usually used, yours listed none of them. And anyways, even using BLS numbers, we have already heard the proverbial "13th Stroke of the Clock"...and have as Mark Twain said, exceedingly grave doubts about the accuracy of the preceding twelve. Just look to the issue of motivations. E.g.,
Yada yada yada, "because the GOVERNMENT tells you you're better off than ever"....yeah right.
How about first subtracting that Government Debt from the "Good Times", GDP? Cheap credit has masked the major problems. This has proved to be America's version of "muddling through."
IMHO, it Looks like "Party time" is just about over. I suspect major price shocks are imminent and Inflation will become again the big bugaboo in Washington, because employees are not going to sit still for $3.00/gallon gasoline and $16/lb sirloin...without demanding wage increases...triggering the dreaded "spiral." And until the destruction of US production and productivity is ended (the "Production Holiday") and import-dependence is ended, we will likely descend into and persist in a serious stagflation.
It was not so labeled. My discourse covered the descriptors usually used, yours listed none of them. And anyways, even using BLS numbers, we have already heard the proverbial "13th Stroke of the Clock"...and have as Mark Twain said, exceedingly grave doubts about the accuracy of the preceding twelve. Just look to the issue of motivations. E.g.,
Yada yada yada, "because the GOVERNMENT tells you you're better off than ever"....yeah right.
How about first subtracting that Government Debt from the "Good Times", GDP? Cheap credit has masked the major problems. This has proved to be America's version of "muddling through."
IMHO, it Looks like "Party time" is just about over. I suspect major price shocks are imminent and Inflation will become again the big bugaboo in Washington, because employees are not going to sit still for $3.00/gallon gasoline and $16/lb sirloin...without demanding wage increases...triggering the dreaded "spiral." And until the destruction of US production and productivity is ended (the "Production Holiday") and import-dependence is ended, we will likely descend into and persist in a serious stagflation.
