Skip to main content

View Diary: Historical data suggest inflation hurts the rich more than the poor (24 comments)

Comment Preferences

  •  If memory serves, (1+ / 0-)
    Recommended by:

    the 1970's were also a time of intense UFO activity:

    That is, periods of high inflation, such as the 1970's, coincided with periods of a stable or slightly growing share of national income for the poorest 20%.

    The point being, just because something coincides with something else, that hardly means their is a causative relationship between the two things. . . .

    Also, I wonder how the SS recipients who are currently receiving 70% less in benefits than they would be if inflation had been tabulated correctly since the Carter Administration feel about all this . . .

    •  What programs were voted in (1+ / 0-)
      Recommended by:
      Roadbed Guy

      and implemented starting in the late 60's through the 70's, and what affect did they have on payments to those most likely to be poor, ie, the elderly and minorities.

      Statistics lie.  Correlation is not causation and all that.

      I believe in UFO's more than the fact that poor people do better with inflation.  Because historically minimum wage rises faster than inflation, right??

      •  Who doesn't believe in UFOs more? (1+ / 0-)
        Recommended by:

        (and I don't care what the "more than what?" qualifier is . . .).

        In any event, the very idea of the rich being "hurt" by financial trends (or any type!) in recent years is just fall down hilarious.

        Perhaps this diary was some high level of snark that just passed over my head on the first read through.  Who knows.

      •  Historically (0+ / 0-)

        all wages rise with inflation. And that makes sense because inflation tends to be led by full employment and high capacity utilization. Before the Friedman/Greenspan gang simplified economics to the point of boneheaded stupidity, we had analytical tools called "Cost Push" and "wage price spirals" which have been replaced with the, obviously wrong, monetary theory.

        "If I pay a man enough money to buy my car, he'll buy my car." Henry Ford

        by johnmorris on Mon Aug 15, 2011 at 09:36:07 AM PDT

        [ Parent ]

        •  did you even examine (0+ / 0-)

          the link and the reality of the minimum wage and inflation, and what really happens to the lowest wage earners in America over periods of high inflation??

          •  Yes I did (1+ / 0-)
            Recommended by:

            and you might have noticed that the minimum wage was relatively high in the late 60's, when inflation was above 5%, peaking in 1968, the start of the high inflation 70's and took a dive after 1983, when inflation flat  lined.

            "If I pay a man enough money to buy my car, he'll buy my car." Henry Ford

            by johnmorris on Tue Aug 16, 2011 at 07:06:03 AM PDT

            [ Parent ]

Subscribe or Donate to support Daily Kos.

  • Recommended (170)
  • Baltimore (86)
  • Community (84)
  • Bernie Sanders (66)
  • Freddie Gray (59)
  • Civil Rights (54)
  • Elections (41)
  • Culture (38)
  • Hillary Clinton (36)
  • Media (35)
  • Racism (32)
  • Law (31)
  • 2016 (31)
  • Labor (26)
  • Education (26)
  • Environment (25)
  • Republicans (23)
  • Politics (23)
  • Barack Obama (22)
  • Police (20)
  • Click here for the mobile view of the site