America takes notice of gap in incomes

Houston Chronicle) ^ | December 16, 2006 | MATTHEW BENJAMIN

[GodGunsGuts]

...

The portion of national income earned by the top 20 percent of households grew to 50.4 percent last year, up from 45.6 percent 20 years ago; the bottom 60 percent of U.S. households received 26.6 percent, down from 29.9 percent in 1985, according to the Census Bureau.

Meanwhile, average pay for corporate chief executive officers rose to 369 times that of the average worker last year, according to finance professor Kevin Murphy of the University of Southern California; that compares with 131 times in 1993 and 36 times in 1976.

...

[GodGunsGuts]

I can't imagine that those three items wouldn't solve the budget and trade deficits.

[winodog]

Government involvement will most likely continue to make things worse. However I believe more and more people will continue to vote for those who advocate more government intrusion and expect them to fix all the problems.
Do you think there will come a point where it becomes impossible for the people who produce and contribute to support those who dont?

[Fan of Fiat]

can't imagine that those three items wouldn't solve the budget and trade deficits.

In October, our total trade deficit was 58.9 Billion. Our trade deficit from China was 24 billion. What other communist nations make up the remaining 35 billion?

http://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf

[Toddsterpatriot]

What other communist nations make up the remaining 35 billion?

Cuba and North Korea?

[GodGunsGuts]

You got me there. I had no idea it was that bad. Still, it would certainly help (it would reduce our trade deficit by 40%). And when I say I would cut off trade with all Communist dictatorships, I mean ALL Communists dictatorships (and a few rogue states to boot). The rest will have to be made up by finding a way to cut back on consumption, while at the same time boosting savings. I found the following article on what this process would entail, and it sounds painful. But as far as I can tell, this process will ultimately be forced upon us, with much bigger and more disastrous consequences, unless we start doing something about it sooner rather than later. Here's the article I was talking about above:

http://www.mises.org/story/2100

[nopardons]

Why did you post this article, which is a poll and a disproportionately weighted one ( more Dems and Indies than GOPers ) at that?

It is also skewed, vis-a-vis quips from college professors, government workers, and ex-government workers. The class warfare, MARXIST codswallop, that permeates the whole article, which yes, I read in its entirety. Also missing, are the facts that there are more self-made millionaires and billionaires today, than every before, that more everyday people are invested in the market ( there goes that specious quote from the mordant idiot in this article, who claimed that only the VERY rich can take advantage of being in the market )than at any other point in time of the history of mankind, and that the so called "poor" live better today, than than the middle of the middle class did in the 1960s.

[nopardons]

bttt

[Extremely Extreme Extremist]

Post #15 Well Said!

Also you were great in "Nacho Libre."

[Toddsterpatriot]

Still, it would certainly help (it would reduce our trade deficit by 40%).

Because we wouldn't make up the lost imports by buying from a different country? You never cease to crack me up.

[nopardons]

Look, you really need to stop with this MARXIST garbage. The middles class ( which is really THREE classes in one !) is doing well. They are NOT "living from paycheck to paycheck", nor is their salary connected to, in any way, manner, or form, to our trade with China, nor the price of eggs in England, for that matter.

Oh, and .....if you want the government to set who earns what, go live on Cuba.

[nopardons]

I read the entire article. It sure is BARF ALERT worth; a three bagger!

[GodGunsGuts]

It wasn't disproportionately weighted. It simply says that most of the concerned comes from Dems and Independents. But it even says a majority of GOPers (55%) are also concerned about it. If the poll is correct, then it gives us a hint of the mood of the country, and the potential outcome re: economic issues in future elections. BTW, as the numbers indicate, the so-called recovery is far from equally distributed across income brackets. If the rich are getting richer, that's great. But if the rest are getting left behind, it only underscores that we are not experiencing a broad-based recovery. And unless we figure out what is causing this, and rectify it, then it increases the chance that the Dems will pick up even more seats (not to mention the presidency) next time around.

[nopardons]

I too saw the misuse of the word "arbitrage" and was laughing so hard, that I didn't respond to it. :-)

[nopardons]

That's because you are biased, have an agenda, and are scared to death of actual FACTS. LOL

[GodGunsGuts]

Maybe so, but it would definitely result in a significant shift in production back to the USA, and it also carries the twin benefit of NOT BUILDING UP THE ECONOMIC POWER AND TECHNOLOGICAL ACUMEN OF OUR ENEMIES.

[GodGunsGuts]

I am open about my agenda. Transform the budget and current account deficits into surpluses, cut off all trade with our enemies (such as Red China), restore the dollar to its former glory, regulate the derivatives market, end illegal immigration, get the GSEs out of the mortgage business, cut the federal government to a third of its current size, etc, etc.

Sorry nopardons, there is only one consistent conservative between the two of us...and it isn't you.

[KevinDavis]

How can you be a conservative when you want more government regulation on our economy???

[Toddsterpatriot]

Maybe so, but it would definitely result in a significant shift in production back to the USA

How would buying less from China and more from Mexico and India, just to pick 2 random countries, shift production back to the USA?

NOT BUILDING UP THE ECONOMIC POWER AND TECHNOLOGICAL ACUMEN OF OUR ENEMIES.

What if trade with China causes the Chinese to become a democratic nation?

[Lancey Howard]

in an economy where it’s increasingly hard for many hard-working families to get and stay ahead.

No, it isn't. The stupid are going to fall prey to the "instant gratification" culture they see on their TVs and the stupid are going to find it hard to "get and stay ahead". Nothing particularly new there. "The economy" has nothing to do with it.

[stockstrader]

"MINORITIES AND WOMEN HIT HARDEST".