Community | June 08, 2012 | 235 comments

From The Price of Inequality: Joseph Stiglitz on the 1 Percent Problem

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Vierotchka
Why won’t America’s 1 percent—such as the six Walmart heirs, whose wealth equals that of the entire bottom 30 percent—be a bit more . . . selfish? As the widening financial divide cripples the U.S. economy, even those at the top will pay a steep price.

(Adapted from The Price of Inequality, by Joseph Stiglitz, to be published in June by W.W. Norton & Company, Inc. (U.S.), and in July by Allen Lane (U.K.); © 2012 by the author.)

Let’s start by laying down the baseline premise: inequality in America has been widening for dec­ades. We’re all aware of the fact. Yes, there are some on the right who deny this reality, but serious analysts across the political spectrum take it for granted. I won’t run through all the evidence here, except to say that the gap between the 1 percent and the 99 percent is vast when looked at in terms of annual income, and even vaster when looked at in terms of wealth—that is, in terms of accumulated capital and other assets. Consider the Walton family: the six heirs to the Walmart empire possess a combined wealth of some $90 billion, which is equivalent to the wealth of the entire bottom 30 percent of U.S. society. (Many at the bottom have zero or negative net worth, especially after the housing debacle.) Warren Buffett put the matter correctly when he said, “There’s been class warfare going on for the last 20 years and my class has won.”

So, no: there’s little debate over the basic fact of widening inequality. The debate is over its meaning. From the right, you sometimes hear the argument made that inequality is basically a good thing: as the rich increasingly benefit, so does everyone else. This argument is false: while the rich have been growing richer, most Americans (and not just those at the bottom) have been unable to maintain their standard of living, let alone to keep pace. A typical full-time male worker receives the same income today he did a third of a century ago.

From the left, meanwhile, the widening inequality often elicits an appeal for simple justice: why should so few have so much when so many have so little? It’s not hard to see why, in a market-driven age where justice itself is a commodity to be bought and sold, some would dismiss that argument as the stuff of pious sentiment.

Put sentiment aside. There are good reasons why plutocrats should care about inequality anyway—even if they’re thinking only about themselves. The rich do not exist in a vacuum. They need a functioning society around them to sustain their position. Widely unequal societies do not function efficiently and their economies are neither stable nor sustainable. The evidence from history and from around the modern world is unequivocal: there comes a point when inequality spirals into economic dysfunction for the whole society, and when it does, even the rich pay a steep price.

Let me run through a few reasons why.

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235 comments // From The Price of Inequality: Joseph Stiglitz on the 1 Percent Problem

  • lenhart
    • +3
      lenhart  
    • Bill Clinton is reviled by those who have lots of money –more money that normal people are allowed to even dream about. In 1989 the top 1% were taxed at a rate of 28.9%. By 1995, that rate had risen to 36.1%. Like Chicken Little, the 'supply-side' crowd warned that the sky was falling. It didn't!

    • 11 months ago
  • lenhart
    • +3
      lenhart  
    • N. Gregory Mankiw, the Harvard economist, the senior Bush's own economic advisor, called Reagan's supply-side advisers “incompetent and unscrupulous”.

      Every major economist since Adam Smith from the 'conservative' Ricardo to Karl Marx, from Friedman to J.M Keynes –has espoused a 'labor theory' of value. Wealth is not created by decree nor is it 'created' by investments which are always investments in the PRODUCT OF LABOR! Money is not plucked off trees and even if there were, there is labor spent picking it!

      We --the people --work and thus create the wealth of which we, as a class, are denied!

      Down with the ruling elite of crooks, liars and robber barons!

    • 11 months ago
  • Mishima
  • lenhart
    • +4
      lenhart  
    • "Harvard professor Greg Mankiw, chairman of Bush's Council of Economic Advisers from 2003 to 2005, even devotes a section of his best-selling economics textbook to debunking the claim that tax cuts increase revenues." See the Time magazine article "Tax Cuts Don't Boost Revenues"

      And --in fact --every major economist right or left classical or no has espoused a LABOR THEORY of value.

    • 11 months ago
  • lenhart
  • corderodedios
    • +2
      corderodedios  
    • Interesting post and link. Unfortunately, Stiglitz writes like the meaningful One-percenters either give a damn, or are not corrupted into imbecility. Any of the One-percenters who wake up and smell the coffee will be instantly replaced by yet greedier morons. Stiglitz is correct in most of his assertions, but what a waste of time.

    • 11 months ago
  • lenhart
    • +10
      lenhart  
    • This is a great post! It is a shame to see irrelevant drivel detract from it. It addresses the harmful effects of income and wealth inequities resulting from GOP policies. The most recent 'trend' began with Ronald Reagan's infamous tax cut of 1982. The disintegration of American society since that time is alarming. I recall the 'depression' of some two years which followed Reagan's largesse which, in fact, benefited (at the time) only the upper quintile.

      The tax cut was was rationalized with a completely hypothetical curve drawn on a napkin in a Pizza Hut. Subsequent GOP tax cuts have benefited fewer and fewer people. At present --just 1 percent, the so-called ruling elite --own more and take home more than the rest of us combined! The effect of these tax cuts when graphed are --from a practical standpoint --indistinguishable from a permanent recession in which U.S. productivity was put into a state of 'permanent' decline. The reason: windfalls benefiting only the elites are invested offshore in tax havens --NOT in the U.S. business or industry. And certainly not in ways that create jobs.

      Moreover, it is my position that inequitable societies (as we have become) are economically inefficient societies! Certainly --our productive capacity has diminished alarming since R. Reagan began the trend. I recall when the U.S. made cars and exported them to the world; now --Detroit (just one example) is but a shell of its former glory, entire neighborhoods have gone to hell in a handbasket.

      The hard data supporting my position is easily found in the public record, specifically the CIA's own "World Fact Book" which publishes the end result of the GOP's war on our own productive capacity, its war on jobs, its war on our livilihoods. At the WFB, you will find CHINA on top with the world's largest POSITIVE Current Acct Balance; you will find the U.S. on the very bottom of the long list with the World's Largest NEGATIVE Current Account Balance (formerly called the Balance of Trade Deficit) That's because China produces and WE BUY what they produce. The U.S., meanwhile, seems to have fallen off the ladder.

    • 11 months ago
  • entropyincarnate
  • Mishima
  • Mishima
    • -6
      Mishima [removed]  
    • lenhart:

      The Left-wingers’ attempts to deprecate the Ronald Reagan economic record provide an excellent example of how they distort and manipulate data for their purposes. It requires some time for policies to go into effect, but Left-wingers begin an analysis from the day Ronald Reagan took office (actually from three weeks BEFORE), not from when the results of his policies started to be felt.

      If we analyze data AFTER Reagan’s policies had time to go into effect, the information changes dramatically:
      Real economic growth averaged 3.2 percent during the Reagan years versus 2.8 percent during the Ford-Carter years and 2.1 percent during the Bush-Clinton years.

      real median family income grew by $4,000 during the Reagan period after experiencing no growth in the pre-Reagan years, and it experienced a loss of almost $1,500 in the post-Reagan years; and interest rates, inflation, and unemployment fell faster under Reagan than they did immediately before or after his presidency.

      When Jimmy Carter's economic policies were in place, FAMILY incomes plummeted by 9 percent, but after Reagan's economic policies took effect (1982-89), family incomes rose by 11 percent.

    • 11 months ago
  • kennymotown
  • Incredulous
  • Mishima
  • kennymotown
  • Mishima
    • -5
      Mishima [removed]  
    • kennymotown:

      As I wrote several times, I am impervious to personal attacks. I like to point out when one is going on for a good reason: The Left-wingers turn any discussion and rational exchange into personal attacks quite often in order to deflect and avoid responding rationally and reasonably. These sorts of responses - or non responses - need to be pointed out.

    • 11 months ago
  • corderodedios
    • +3
      corderodedios  
    • Mishima:

      That's funny, Mishima, graphs provided by the Census Bureau show no such drop in inflation-adjusted family income. Nor does the data show any such increase under Reagan. The hole we're in now - the deficit - is due to nothing other than a failure to collect revenue - taxes - to offset spending - most notably under George W. Bush and his Republican Congress. What a fairy tale you believe in.

    • 11 months ago
  • corderodedios
  • lenhart
    • +2
      lenhart  
    • Mishima:

      No fairy-tale. The term "Laffer Curve" was coined by journalist Jude Wanniski in the 1970s. It was Wanniski who named the curve for Arthur Laffer. And, yes, it was drawn/sketched on a napkin in a restaurant (some say a Pizza Hunt) by Arthur Laffer himself. It was cited by 'supply-siders' and 'tax cut' lobbyists on K-Street! Alas --the infamous Reagan 'recession' (in fact a depression) followed upon the heels of Reagan's tax cut. It was a depression of some two years --the deepest and longest since H. Hoover's Great Depression following the crash of '29. Both 'depressions' are convincing evidence that wealth does NOT trickle down. On this issue the right wing is wrong and John Maynard Keynes is correct. Nixon, however, was wrong when he said: "We are all Keynesians now!" Nixon was, in fact, not a Keynesian. Like most goppers, Nixon probably never understood Keynes. I would be surprised to learn that Nixon had ever bothered to read a single word of Keynes.

    • 11 months ago
  • lenhart
  • lenhart
    • +2
      lenhart  
    • Mishima:

      The Reagan recession of 1982 defines Reagan's second year. Not only had the nation embarked upon negative growth, the problem was compounded with double-digit inflation.

      Conservatives and libertarians were eager to blame Carter for the severe recession of 1982. The fact is it occurred Reagan's second year and as a result of Reagan's policies! Reagan's budget and cuts were passed within 108 days of his taking office. David Stockman cited computer simulations "proving" that the tax cuts would result in 5 percent growth in 1982 alone. That did not happen. Rather --the reverse.

      So the question is: why is Carter still to blame for the that recession, when Reagan had a full year to install a radical supply-side agenda? That's easy --the axis of GOP/right wing, like HItler, always seeks a scapegoat and always finds one among 'liberals', progressives, academics, commies --anyone, in fact, that they can stick a label on. It's stupid and tiresome. Fact is --EVERY recession/depression since 1900 can be traced to either right wing incompetence or criminality.

    • 11 months ago
  • lenhart
  • lenhart
    • +2
      lenhart  
    • corderodedios:

      Indeed! I have yet to find any official or academic data supporting anything ever said by Reagan-heads, goppers in general or supply-siders in particular. It was all hooey to 'rationalize' Reagan's verifiable act of 'paying off' his moneyed base. I also believe that the few intelligent people in the GOP knew --at the time --that supply side was hooey but they supported it because they thought they could sell it and get away with. It was thought that they could blame Carter. They tried! But, after so many right wing lies, frauds and hoaxes, no one intelligent person believes their crap anymore.

    • 11 months ago
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      No, it is something entirely different. One simple example will suffice.

      Mr. A is very smart, and he is aware of it from intelligence tests (IQ, say 145) and various achievements over years. Someone calls him "stupid." Now, someone else is somewhat bright (IQ, say 115), and desperately wants to be considered intelligent, but he know that he has to struggle to really understand advanced math and such. Someone calls him "stupid."

      What is the difference in response?

      Another factor is how much one is concerned about being appreciated or liked. If the person wants to fit in, and someone calls him a "jerk," how is his reaction compared to someone with confidence and who feels accepted and loved by many people?

      I hope that helps.

    • 11 months ago
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      No, it was an expected reaction to the Carter years which were still hanging over the country. Remember the inflation and mortgage interest rates?

      Reagan did not bring about that recession, of course. Most all economists agree on that because virtually all economic indicators improved not long after the great Ronald Reagan was in office, and they continued after he left.

    • 11 months ago
  • Mishima
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      If there is some honesty, people have to admit that it is virtually impossible to "prove" most economic premises, ideas and theories. If we could, there probably would be little discussion.

      Reagan’s supply-side economics brought about debates that will never be fully resolved, getting lost in a morass of economic numerology and jargon. This argument usually centers on the supply-siders belief that tax cuts were most effective on the supply side (as opposed to the consumption side), and that tax cuts might increase revenue - depending on whether is it applied to earned income or unearned income - and so on. The real issue here is liberal ideology, not economics per se. Supply side really means that the private market is more powerful and effective than government intervention. By implication, supply-side economics represented a rebuke to the premises of activist government, and hence to LEFT-WINGERISM itself. Steven Hayward explained why it irks Liberals so much (READ IT CAREFULLY LENHART, THIS IS WHAT IS REALLY GOING ON):

      “The most significant of the challenge to liberal orthodoxy was…its premise that the decisions and actions of the private market were more powerful than government intervention. By implication, supply-side economics represented a rebuke to the premises of activist government, and therefore of liberalism.”

    • 11 months ago
  • Mishima
  • Mishima
    • -2
      Mishima [removed]  
    • corderodedios:

      No, we need to cut spending. Friedman was right: He said that a deficit is probably better than raising taxes. The explanation is complicated, too complicated for Left-wingers, but in essence Friedman talks to the REALITY of the heavenly government that the Left-wingers love: If they have money, they will spend it. They need to go on diets. They may even temporarily decrease a bit of spending (highly unlikely), but the only real way to stop them is to decrease the money available.

      The other point that the great Friedman made that is too complicated for left-wingers is simply that less money is available for the REAL wealth-producers, the private sector, when the lovely government confiscates it via progressive taxes than if we lose some via credit.

      Maybe this credit crisis can finally straighten out government. Heck, we will get Republicans in office next year.

      And look what happened in Wisconsin! SCOTT WALKER! I am sooo glad I contributed to that hero's campaign. What a brave person.

    • 11 months ago
  • lenhart
  • OlBlue
  • Mishima
  • lenhart
    • +1
      lenhart  
    • Mishima:

      You flatter yourself ! No one has attacked you personally. They merely stated and proved that everything you have posted is either 1) false 3) utterly meaningless 4) drivel 5) extremist right wing and/or fascist propaganda. You have posted nothing original, shocking or interesting.

    • 11 months ago
  • Mishima
    • -1
      Mishima [removed]  
    • lenhart:

      {No one has attacked you personally.}

      You are of a big help. I study the mind of Left-wingers, and the angrier they are, the more that gets revealed: The rationales, the deceptions, the obfuscations, the deflections, the convoluted "reasoning" that makes sense only to the ideologue.

    • 11 months ago
  • gump
  • gump
  • entropyincarnate
  • Mishima
    • -7
      Mishima [removed]  
    • The increasing inequality of income is based on misleading data. That is, the data on which this conclusion is based are severely flawed.

      For starters, do any Left-wingers know that the data come from the AGI in quintiles as reported by the Census bureau?

      But even before that, do any Liberals even know what the AGI is?

      What I am saying is that if one is going to base rather strong conclusions that form the basis of class division, hate and confiscatory taxes and accusations of a plutocratic, neo-Fascist state, don't you think that one should be aware of the very basics on which this is based?

    • 11 months ago
  • Incredulous
  • Mishima
  • ahiguy
    • -8
      ahiguy  
    • Mishima:

      ... as I've said before, rational cognitive thought are not given even cursory reflections among the majority of progressives... because if they did, they'd probably suffer gran mal seizures... lol

    • 11 months ago
  • Incredulous
    • +5
      Incredulous  
    • Mishima:

      what is revealing is that every time a Republican wants to refute reality, the data is wrong....but even one person you have labeled liberal/progressive probably has more knowledge of data than an entire room full of Republicans....who generally don't think anyone else is going to call their bluff.

    • 11 months ago
  • lenhart
    • +5
      lenhart  
    • Mishima:

      I humbly suggest that the GOP stop posting 'wrong' information.

      The only conclusions that I have posted, the only assertions that I have made are based ENTIRELY upon official sources: the Bureau of Labor Statistics, U.S. Census Bureau and the U.S. Commerce Dept B.E.A.

      These are the SAME sources that you will find cited by distinguished economics department like the one at M.I.T., or Harvard or Yale or the University of Houston, UCLA or Stanford! This data is not hidden ---it's PUBLIC and easily accessed by everyone except perhaps liars and morons. Liars, morons and wing nuts have trouble finding their way out of a one room shack.

      In other words, its all PUBLIC KNOWLEDGE! How the GOP gets away with lying about it is evidence of the failure of a media that was 'consolidated' in very, very few hands when Ronald Reagan 'de-regulated' the media, rescinded the 'Fairness Doctrine'.

      Look it up! If you wish me to educate you, I charge a VERY HIGH FEE! You cannot afford me.

    • 11 months ago
  • lenhart
    • +3
      lenhart  
    • Incredulous:

      You're right! That's one of the GOP/right wing's favorite ploys! Another favorite wing-nut tactic is 'labeling'. It may their favorite tactic because it's very, very easy and requires no brains.

      For years, all a 'gopper' had to do was call his opponent 'liberal, liberal' or 'commie, commie'. It was a fave tactic throughout the right wing because it required absolutely NO INTELLECT whatsoever!

    • 11 months ago
  • lenhart
    • +3
      lenhart  
    • Incredulous:

      You are absolutely correct! Anyone with a computer can access all the information needed to shatter anything that has ever been said about the economy by Republicans. And this is, in many cases, the official govt data that is cited by the likes of professional economists left and right.

      I am talking about the Bureau of Labor Statistics, the U.S. Census Bureau, the U.S. Commerce Dept B.E.A. Additional sources include distinguish universities like M.I.T. Their 'course-ware' is available for free online! And, if one does not understand some of the advanced economics, M.I.T. even makes available FREE VIDEO instruction in higher math to include Trig and Calculus.

      Economics is all about curves, like the phony curve that Laffer drew on a napkin in a Pizza Hut (or so the story goes). It was an entirely HYPOTHETICAL curve which diagrammed the increase in revenues IF (that's the operative word "if") taxes were cut. It never worked out in practice. A depression of two years resulted from Reagan's cuts. Millions were made homeless. Even in 'boomtown' Houston, upper middle class folk were seen living in tents, under bridges and overpasses. They had lost their homes. It was, in fact, the deepest, longest depression since H. Hoover's GREAT DEPRESSION following the crash of '29!

      This purely hypothetical curve is said to have inspired and 'justified' the Reagan tax cuts, the same tax cuts that 1) began the flow of wealth upward to what is now, in fact, a ruling elite of just 1 percent (last time I checked); 2) resulted in what was at the time the nation's largest debts and deficits; Reagan TRIPLED the national deficit; 3) impoverished millions who were thrown out of work by what was (at that time) the longest, deepest depression since H. Hoover's 'Great Depression' which was left to a Democrat (FDR) to deal with.

    • 11 months ago
  • MSII
  • MSII
    • +5
      MSII  
    • lenhart:

      They are expert in propaganda lies, truth of the matter is the only thing they are good at is getting their scum elected. They have no real philosophy, or beliefs short of giving everything to the corporates and 1%. They run on their propaganda lies and dirty tricks. they're not a political party anymore, just a marketing company, a K street lobbying house writ big.

    • 11 months ago
  • MSII
    • +4
      MSII  
    • lenhart:

      Him and his endless mad snake-handler speakin-in-tongues rapturous worship of their senile-paranoid holy-saint-reagan-the mad! The "great" fascist-imperialist-god-president! Oh please for the love of any, and all god(s) don't get him started, the already insanely long blah, blah, blah right-wing-corporatist-fascist Faux Nise channel propaganda troling will never cease! Admittedly it doesn't show any signs of abating now... More trickle down lies that have been shown with the world wide economic Armageddon to be total horse $h!t, but they hold onto it as it was their saints holy-dogma. Like their mad "war on drugs", another mad and worthless right-wing endeavor they'll "stay the course" til the country is utterly reduced to a 3rd world state. Then again they have shown a love of those banana republic fascist "leaders" (their holy-saint was deeply in bed with any number of them). Perhaps it's part of the plan to reduce the country to the one-party-right-wing-corporate-fascist-police-states of amerika.

    • 11 months ago
  • lenhart
  • lenhart
    • +2
      lenhart  
    • ahiguy:

      Wrong!!! wing nuts think backward! While normal people arrive at conclusions based upon verified or verifiable observations, so-called 'conservatives' work backward from pre-conceived notions or --worse --prejudices.

      This can be verified with scientific experiments supervised by qualified psychologists under controlled conditions. MOREOVER, Stanford University psychologists have verified and studied the FACT that 'conservatives' and Republicans have more nightmares and night terrors than do normal people. You can find those studies in scholarly psychological and/or academic publications.

    • 11 months ago
  • lenhart
    • +3
      lenhart  
    • Incredulous:

      You're right and, interestingly, the 'conservative' in these situations is INVARIABLY wrong and wrong - headed! I often wonder if Homo Sapiens is devolving into two separate species.

    • 11 months ago
  • lenhart
    • +3
      lenhart  
    • MSII:

      In every other instance I agree with you. But --the GOP/right wing nuttery is not expert at propaganda (they always fuck it up) nor are they good liars! Sane folk (like you and I) can always spot their 'dirty tricks', their propaganda and lies. You are absolutely correct about this over-arching point: they are no longer a political party. I will concede that they are a marketing company but even worse --they are a KOOKY CULT of liars and criminals. In many instances (especially with respect to voter fraud) they are a crime syndicate. You can bet that these recent 'attacks' on current are cooked up or coordinated in some way. They don't make sense. Theirs are nuisance posts! They do it to irritate us. It's the ONLY thing at which they have ever succeeded. Pitiful! Just pitiful!

    • 11 months ago
  • MSII
    • +3
      MSII  
    • lenhart:

      "(especially with respect to voter fraud) they are a crime syndicate."

      I would say they're treasonous traitors as much as a crime syndicate, thought that also applies as they are selling the country to the highest bidder (in keeping with their cult of Mammon, which yes I agree with you they are).

    • 11 months ago
  • MSII
  • Mishima
    • -3
      Mishima [removed]  
    • Incredulous:

      "what is revealing is that every time a Republican wants to refute reality, the data is wrong"

      I did not say they were wrong; the conclusions are based on false premises.

      And you do not even want to know how the data are invalid. What has happened is that you like the CONCLUSIONS, so you refuse to even think about the data, the basis, from which they come.

    • 11 months ago
  • Mishima
  • Mishima
    • -3
      Mishima [removed]  
    • lenhart:

      "That's one of the GOP/right wing's favorite ploys! Another favorite wing-nut tactic is 'labeling'. It may their favorite tactic because it's very, very easy and requires NO BRAINS whatsoever."

      Really?

      There are a whole slew of other monikers that Left-wingers use for people who oppose them. Here are a few of the charges to which you may be subjected if Left-wingers take exception:

      You are insensitive.
      You lack compassion.
      You are a racist.
      You are a liar.
      You are a homophobe.
      You are a Bush supporter.
      You are a dupe of the right-wing media.
      You think what (insert any radio talk show or television host here) tells you to think.

    • 11 months ago
  • Mishima
    • -3
      Mishima [removed]  
    • lenhart:

      Conservatives label? Heck the Left-wingers cannot even get their own labels correct.

      If you support the Tea Party in any form, you are designated as ignorant, racist, an astroturfer, a Kool-Aid drinker, or a hypocrite. Modern Liberals forget the ugly origin of the “Kool-Aid Drinker” charge: It was from the Jamestown massacre, where over 900 people died from drinking Kool-Aid that contained cyanide. They were devotees of a forerunner of Modern Liberals, Jim Jones. Jones was a self-admitted Marxist who felt people can be organized for a Communist revolution through organized religion. It is quite ironic that Modern Liberals apply this nomenclature to those who are the opposite of the first Kool-Aid drinkers.

    • 11 months ago
  • Mishima
    • -3
      Mishima [removed]  
    • lenhart:

      See? You do not even want to consider it.

      Let's look at one thing: Most of this mythical "increasing income gap" is based on a comparison of the supposed "increasing gap" among quintiles into which the population is divided. A very simple question:What % of the population is in each quintile? Do you know THAT much?

    • 11 months ago
  • Incredulous
  • Mishima
    • -3
      Mishima [removed]  
    • lenhart:

      "While normal people arrive at conclusions based upon verified observations, so-called 'conservatives' work backward from pre-conceived notions."

      WRONG! This very thread shows that it is the Left-wingers who work from conclusions and make the facts fit. I pointed out how the Leftists distorted the Reagan economic record in a post above. I ain't gonna write it again. And I am saying - I choose words carefully - that the dominant studies promoting the putative "increasing income gap" are based on invalid data.

    • 11 months ago
  • Mishima
  • Mishima
    • -2
      Mishima [removed]  
    • Incredulous:

      "Wrong?"

      What is wrong? That the question of what % of people are in each quintile? How can asking the % of people in each quintile be "wrong?" Or was it that people died from drinking poisoned Kool-Aid? That is "wrong?" Give me the "right" facts please.

    • 11 months ago
  • corderodedios
  • corderodedios
  • corderodedios
    • +2
      corderodedios  
    • Incredulous:

      I'm thinking that Mishima is actually the Reagan resurrected, in fact, a zombie. His response to lenhart is diagnostic. I posted an inflation-adjusted graph of family incomes over the years from the Census Bureau - which Mishima says he is getting his data from - which contradicts completely his statements. The data corroborates, definitively, the increasing income gap which Mishima calls "mythical." And, as a "clever" riposte, Mishima taunts lenhart with a simple question - a fraudulent debating tactic that a sixth-grade debating teacher would call someone down for. You cite data, you don't ask others to do so, or you illustrate your own ignorance. Which Mishima does again and again.

    • 11 months ago
  • corderodedios
  • Mishima
    • -3
      Mishima [removed]  
    • corderodedios:

      A"Links?"

      Two points:

      1. I study and put things together. There is no one link that I parrot.

      2. Even if there were a link, I do not provide sources, data, and links to Left-wingers when they request them. I have given that up. I used to but in every single case, the Leftists conjure up some nonsense to deny it. I remember the precise moment when I decided "no more." The Left-winger said my source was biased. It was the UNITED STATES CENSUS DATA! Not an interpretation, but a link to the direct ".gov" source.

      Therefore, I post concepts. Why not answer the question about the qunitiles?

    • 11 months ago
  • Mishima
    • -3
      Mishima [removed]  
    • corderodedios:

      Years ago, I rented "idiocracy." This is the truth: I thought it was so stupid and absurd that I could not stand to watch it. I kept trying, but stopped about 20 or 30 minutes into it. It is like "Beevis and Butthead": Mindless stuff that teenagers and middle school students think is funny. It is OK for a 13 year old, but a reasonably intelligent adult? No way!

    • 11 months ago
  • Mishima
  • Mishima
    • -2
      Mishima [removed]  
    • corderodedios:

      {The data corroborates, definitively, the increasing income gap which Mishima calls "mythical."}

      You did not read my posts. Start with AGI and what it means. Answer the question about quintiles. I will also refer to what happens to the mean in these studies. Try me, pal.

    • 11 months ago
  • corderodedios
  • Mishima
  • corderodedios
    • +2
      corderodedios  
    • Mishima:

      Ok - for your benefit, the term quintile refers to a division of an overall data group into five portions of 20% each. Or did you already know that? Basing data interpretation on quintiles can be very misleading on occasion. That's why I posted a link to the XY graph, a more accurate rendition of data that also serves to refute your statements.

      By the way, there is a company named Quintiles that I have used to help reduce data from clinical studies I oversaw from time to time. Reference to quintile distributions is useful, but fraught with potential misapplication.

    • 11 months ago
  • ahiguy
    • -2
      ahiguy  
    • lenhart:

      It's always interesting to search out who's paying for the "research," and why... just who were the "studies" for, and on the behalf of whose idological persuasions are they going to massage... which gives me cause to chuckle at the thought of "scientific experiments supervised by qualified psychologists under controlled conditions"... yeah, right!

      ... what the hell does that mean, controlled conditions?
      ... and by whose set of standards?.. Theirs?
      ... It's all a matter of opinion based on a subjective supposition. Acadamia is infamous for postulating a "theory" as fact... when it is anything but, just as progressives do.

      Nightmares and night terrors?... Bwahahaha, and you take crap like this seriously?

      I'm conservative and a classic liberal, and I sleep well without nightmare and terror... now, am I going to hear the standard progressive accusation it's because I have no conscience?
      ... or could it be that because I'm a self determining man and have no cause to fear?

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • Mishima:

      In fact ...I am correct.

      The facts are verifiable

      The following chart shows the effectiveness of a progressive tax system. When the top rates were truly high from 1950 to 1978, American income at all levels grew at about the same pace. But when progressivity was lost in the 80s, the income of the poor began falling, while that of the rich continued growing.

      Income Growth by Quintile

      Quintile 1950-1978 1979-1993
      Lowest 20% 138% -15%
      2nd 20% 98 -7
      3rd 20% 106 -3
      4th 20% 111 5
      Highest 20% 99 18

      Economists have a standard measure of income inequality, called the Gini Index. In this index, the higher the number, the greater the income disparity between the rich and the poor. (0 = perfect equality, 1 = only one person in the economy has all the income.)

      Gini Index of Income Inequality3

      Before After
      Taxes Taxes
      1979 0.403 0.352
      1980 0.401 0.347
      1981 0.404 0.350
      1982 0.409 0.359
      1983 0.412 0.368
      1984 0.413 0.372
      1985 0.418 0.381
      1986 0.423 0.404
      1987 0.424 0.380
      1988 0.425 0.384
      1989 0.429 0.387
      1990 0.426 0.381
      1991 0.425 0.379
      1992 0.430 0.381

      The U.S. economy slowed in 1973 ... The average weekly earnings of nonsupervisory workers -- about four-fifths of the civilian workforce -- peaked in 1973, and have been falling

      Thanks to the late Steven Kangas for having compiled the above data from official govt sources: The Bureau of Labor Statistics, U.S. Commerce Dept, and the U.S. Census Bureau.

      You commit libel when you call me a liar when --in fact --I have posted 1) the truth 2) opinions based upon facts. One can be sued for LIBEL! Think about it.

      Homophobe?? You pulled that our of your ass. The topic never even came up! In fact, I am happily married to a woman. Question: why do you shoot your mouth off about stuff that you could not possibly have any knowledge or credibility?

      I am a Bush supporter? Not just no but HELL NO!

      I have written REAMS on my blog that INDICT Bush who should have been prosecuted for

      1) war crimes
      2) crimes against humanity
      3) and violations of 18 U.S.C. § 2441 : US Code - Section 2441 look it up, genius

      I am a supporter of the right wing??? That's a knee-slapper!

      And --no --I rarely watch TV. I read Aristotle, Plato official govt data with respect to GOP incompetence and criminality and, when I am done with that, I watch vintage movies.

      How old are you? 12?

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • Mishima:

      I do not have to 'characterize' Reagan's position whatsoever. The numbers simply speak for themselves. It is a verifiable fact that ONLY the upper quintile benefited from his tax cut of 1982. Again --the numbers are in the public record at the Bureau of Labor Statistics, the U.S. Commerce Dept., the U.S. Census Bureau.

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • Mishima:

      A clue for morons: a QUINTILE means 1/5 I am not surprised that a wing nut would have a problem with basic math that had not the GOP/RIGHT WING trashed public education would have been taught by fourth or fifth grade. There are (duh) five quintiles in a whole.

    • 11 months ago
  • lenhart
  • lenhart
  • lenhart
  • lenhart
    • +2
      lenhart  
    • Mishima:

      If you think the federal government was 'fiddling' with the GINI indices, prove it!

      Who --in the federal bureaucracy --is going to go through reams of print-outs and fudge the numbers and if you think that was the case --PROVE IT!

      Cite conclusive evidence and if you cannot do that cite 'probable cause' to begin an investigation.

      I challenge you!

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • ahiguy:

      Are you saying that the Bureau of Labor Statistics ( a federal agency) is hiring out to private companies and/or lobbyists? If that is your assertion, prove it!

      Are you saying that Stanford University (that's the study re: nightmares) is hiring out to political consultants? If so, state your case and prove it! Cite your evidence.

      I don't care what 'label' you stick on yourself --just prove, at least support, your utterly baseless accusations.

    • 11 months ago
  • Mishima
    • -1
      Mishima [removed]  
    • corderodedios:

      {Ok - for your benefit, the term quintile refers to a division of an overall data group into five portions of 20% each.}

      So, are you saying that 20% of the population is in each quintile? Please be clear. This is a clear question. You are being vague.

    • 11 months ago
  • Mishima
    • -2
      Mishima [removed]  
    • ahiguy:

      You are right, of course.

      Much research is based on grants. I met a few of the top grant writers in the field of education-psychology, and they independently said something very interesting: One has to submit grants based on the dominant political philosophy in that area. To think that one can actually get funding for real research is a myth: The government will not give grants in the social sciences based on wanting to get at "truth." It gives grant monies in order to support the prevailing political fads.

      So, a grant-writer knows that even if he submits a grant that aligns with the fads, if he finds out something that is not politically correct, he will most certainly not get a grant the next time.

      So, all one has to do is imagine the pressures this puts on the person who wants to write a grant.

    • 11 months ago
  • Mishima
    • -2
      Mishima [removed]  
    • ahiguy:

      {I'm conservative and a classic liberal, and I sleep well without nightmare and terror...}

      Same here. Even if we wind up losing, we can have clear consciences, knowing we are on the right side, the side of Liberty, responsibility, true justice and morality.

    • 11 months ago
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      By saying that the data are not valid is not calling you a liar.

      By saying that you came to the wrong conclusions is not calling you a liar.

      To say my conclusions are correct is not calling you a liar.

      But you know this, of course.

    • 11 months ago
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      {Homophobe?? You pulled that our of your ass. The topic never even came up!}

      Interesting choice of words.

      That asside (pun), you have distorted and misrepresented what I wrote yet again. I implore you to stop or disclose the reason you keep doing this. I wrote about Left-wingers and the terms that they use, the brands they like to apply to people.

      I think that if people do not take every post personally, the discussions will be much better.

    • 11 months ago
  • Mishima
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      I hate to do this because left-wingers always reject data, always. But I went to the census data and it presented income in 2010 adjusted dollars.

      Pre-Reagan years, the 2nd and 3rd quintiles (middle and lower middle)

      1980 $10,700 & 17,700

      Reagan years:
      1982 $12,100 & 20,100
      1984 13,500 & 22,400
      1986 14,800 & 24,900
      1988 16,300 & 27,300
      1990 18,000 & 29,800

      These are the 20-40th%ile and the middle, the 40-60th %ile.

      I deliberately left out the bottom for very specific reasons. I can explain if any Left-winger wants.

      Now, go ahead and do the leftist thing: Conjure up something to deny the data, the USGOVERNMENT CENSUS DATA.

    • 11 months ago
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      "A clue for morons: a QUINTILE means 1/5 I am not surprised that a wing nut would have a problem with basic math"

      You and your cohort have not yet answered the question clearly. What percent or proportion of the population is in each quintile? I chose my words carefully and asked a very clear question. Why is it that you and your cohort dance and avoid it? Can't you commit yourself to a clear answer? Why are you dodging it, if it is so simple? Just give me a clear answer, please. Something definitive, something clear. I suspected you would answer it with a question. Let's see if you can answer it. Please read the wording. I was clear. Can you answer it?

    • 11 months ago
  • Mishima
  • Mishima
  • Mishima
    • -2
      Mishima [removed]  
    • lenhart:

      I did not say the federal government was fiddling with it. I simply presented some concepts and said the data on which the conclusions were based are invalid as used. Why is it that you cannot understand that carefully worded statement? This is about the SIXTH time I repeated it.

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • Mishima:

      Reality cannot be refuted. Reality is simply what 'is'! Kant called it by the label: NOUMENA.

      Other distinguished philosophers (including Nobel Prize winnders) have observed and stated that only meaningful STATEMENTS about reality can be proven to be true or false.

      Now --GOP 'statements' can be categorized. Some are just false and if they are false as a result of an intention to deceive, they are lies. Some statements are just meaninless doggeral and cannot be proven true of false. Let's call them UTTER BUNKUM! There are at least two types of UTTER BUNKUM ---meaningless drivel and delusions derived from psychotic episodes, nightmares, suppressed destires.

      Some statements are 'true' and can be proven to be true. One rarely hears statements of that sort from the GOP. I suggest that M.I.T. conduct a study of a large sample of conservative/GOP statements about the economy. It would be interesting to see how many can be proven to be either true or false and how many are just bullshit and meaningless. A wager: among the right wing inclined one is sure to find an abnormally high percentage of statements are simply and utterly meaningless. I would suggest this project be taken up by a PhD candidate. I would make great fodder for a thesis.

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • Mishima:

      If you believe data was manipulated by the good, federal employees at the Bureau of Labor Statistics EVEN as R. Reagan was Prez, then you do them a disservice unless you can prove your libelous statement. You should apologize to them.

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • Mishima:

      No --you are wrong! Conservatives begin with a prejudice and work backward. You do it on this very thread. You state assumptions as if they were fact. They're not and you have NEVER, EVER proven anything that you have said. I think you need to get professional help.

    • 11 months ago
  • lenhart
  • lenhart
  • lenhart
    • +2
      lenhart  
    • Mishima:

      I do not believe that you do study and put things together. Almost everything you said here is either wrong or it is a lie either by you or from the person or persons that you parrot.

    • 11 months ago
  • lenhart
    • +2
      lenhart  
    • Mishima:

      No --you are not doing that for 'my' benefit. It's the way its done, clyde! No one but you has a problem with that --not govt employees, not statisticians who do it for think tanks, university studies and government reports. I am surprised that a genius like you did not know that.

    • 11 months ago
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