[Sam's Army]

"This is the continuing story of the rich getting richer," said David Wyss, chief economist at Standard & Poor's in New York. "Clearly, the gains in wealth are going to the top end."

Oh, the humanity!

[eleni121]

Another lefty CRUTSINGER "analysis" supported by Schumer Wyss and Bernstein...all educated in the laps of Marx.

[colorado tanker]

The Dims have been abusing this issue for years. There is a paradox that family income has been stagnant for many years while personal income generally has been increasing. Economists without a political agenda have explained the paradox as a result of the continued atomization of the American family, due in part to high divorce rates among other things, leading people to live in smaller family groups.

However you slice it, the rich do get richer. That's how capitalism works. Get over it. Perhaps you'd rather watch the nomenklatura get richer instead?

[G Larry]

I'd like to hear an economist explain the model where the "rich get poorer, and the poor get richer".....

Even in communism and socialism, they both just get poorer.
(notwithstanding corruption)

[Final Authority]

Read the latest issue of National Review of this story written by editors for Universal Press Syndicate has a clear understanding of the issue.

It is not how rich the rich are getting but it is how rich the middle class are getting that tells the whole story. Although incomes for the working class may have slipped, the quality of life hasn't, and as they report, often there is a lag between increases in productivity and income. They also go on to examine the causes of stagnant income while noting that American auto companies have laid off many workers in the past year because of reasons for maintaining profitability and competitive position.

It is good however to be in the top five percent of net wealth and earnings but for the middle 50 percent, they have never had it so good, depending of course on how one measures such things.

[bert]

The AP has decided the only way for their masters to winn back some power is to flog the economy some more. All else is apparently lost so the economy is all that is left.

I'll restate my position posted the last time they wrtote this article, the poor need to work harder and catch up.

[No.6]

"This is the continuing story of the rich getting richer," said David Wyss, chief economist at Standard & Poor's in New York. "Clearly, the gains in wealth are going to the top end."

Obviously, this economist doesn't know a single thing. If the median rises, but the average decreases, then in fact the rich are getting poorer and the average guy is getting richer.

However, being a liberal, anything with "income" in it is viewed by Mr. Wyss as "rich getting richer." This he says with great sanctimony from his position as chief economist, before heading home in his Escalade to his $800,000 home where he will have to face the hard decision about which country club to join so as to afford him the right contacts to move his career to the next level.

[antaresequity]

Average incomes after adjusting for inflation actually fell from 2001 to 2004, and the growth in net worth was the weakest in a decade, the Federal Reserve reported Thursday.

Couple that up with rising interests rates and the debt fueled spending spree that is definitely coming to an end...AND soaring commodity prices' and the capitalization of emerging markets and a broadening of the global market place and you have a very nice cocktail...

DOW is toast...hold on to your hats its going to be a bumpy ride...

[LowCountryJoe]

Ping!

Here's a new thread that contains just the sort of thing that Mase and I was discussing with you earlier. I haven't even made it down to the first 50 post and already there's 'questionable' content from FReepers who are supposed to be supportive of capitalism and limited government. Enjoy!

[torchthemummy]

One question: What is the average family size today vs. the 2000?

Maybe I missed that factor in the article. Would otherwise need to be calculated.

[Dilbert56]

"This is the continuing story of the rich getting richer," said David Wyss, chief economist at Standard & Poor's in New York. "Clearly, the gains in wealth are going to the top end."

Clearly, this guy is an idiot. The mean income went down but the median went up. Therefore, the people at the top fell, pulling the mean down.

The median is a much better measure of income. A company with 10 clerks making 10,000 a year and a president clearing $1 million will have a mean income of $100,000 but the median of $10,000 is much more representative of how much income someone working there makes. In the above example, if the clerks got raises to 11,000 but the president fell to $880,000, the mean falls to 90,000 but the median is up to 11,000.

[Iris7]

M3 money supply>

http://GDP divided by M3.>

S&P total returns during same period.>

Classic bubble formation caused by increasing money supply. Impossible for it not to happen. Notice that although the money supply kept expanding money flow and liquidity decreased after 1995. Money was going into securities and staying there. A sure sign of excessive money supply growth. Bubble bursting is the result. Greenspan's money pumping caused all of this.

[muir_redwoods]

If the average fell and the median rose the bottom half is getting richer

[Dont_Tread_On_Me_888]

Rich getting richer

The dumb are getting dumber, also.

The rich just don't get richer by rule. The dumb idiots in our society who refuse to train themselves into higher wage earning postions (21st century technology; professional certifications, etc) are much to blame. The Marxists schools who do not teach computer skills or science or math, but spend nearly all day teaching about western civilization, black history, American Indian history, easter culture, lesbian and gay history, etc. are to blame also.

Schumer is a total idiot for saying this has anything to do with tax policy.

By and large, America is an ignorant society, with RAT politicans playing on the fears of the morons of society.