The Great American Income Gap
October 28, 2013
I've harped on this before, but what was it that happened
in 1971 that caused the sharp, sudden gap between hourly income and rising GDP
shown in the first chart below? It would have been toward the end of the first
Nixon Administration. Was it falling federal tax rates on the most affluent
members of society? Or was it something else?
Something drastic and dramatic happened in 1971.
As I've mentioned elsewhere, my experience with federally-administered payout programs such as Civil Service Retirement, Social Security, and Medicare has been quite positive. I don't see Obamacare turning us into a nanny state, but if you want to see what a European nanny state is like, try Denmark: Denmark Is Considered The Happiest Country. You'll Never Guess Why. (A key takeaway is, for me, the creativity, mutual trust, and productivity of the people who inhabit this nanny state.)
In the meantime, whether by accident or by design, attention has been diverted from the great American income and wealth gap. (Remember "Occupy Wall Street"?)
I believe that this is where our attention should be focused.
What really frustrates me about this is that the concern isn't about "The Imperial Presidency" or about U. S. intelligence agencies spying on friend and foe alike. The fact that the odious apparatus of the totalitarian state has, I think, been assembled by the Executive Branch of the U. S. government should, I think, be a concern of every U. S. citizen (unless, of course, I'm wrong). (I'm so far removed from the corridors of power that, truth be told, I probably haven't a clue regarding what's really going on in D. C. But that doesn't keep me from realizing that someone or someones have stolen half your lunch over the past 42 years.)
Income Inequality Is What's Destroying America
Map: How the world's countries compare on income inequality (the
Jimmy Carter: Today's Middle Class Resembles Yesterday's Poor
Growing wealth gap opens gate to unrest: Our view
Introducing the Income Inequality Trade
Reasons for US Income Inequality