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View Diary: The Middle Class is Growing Rapidly (17 comments)

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  •  Hang on - you're mixing up wealth and income ... (4+ / 0-)
    Recommended by:
    DiesIrae, Deep Texan, puakev, science nerd

    The graph for Russia is income, the ones for the US are wealth.

    Russia has really bad wealth distribution too:

    A new report on global wealth has determined that Russia now has the highest level of wealth inequality in the world -- with the exception of a few small Caribbean nations where billionaires have taken up residency.

    The annual global wealth study published by the financial services group Credit Suisse says a mere 110 Russian citizens now control 35 percent of the total household wealth across the vast country.

    By comparison, billionaires worldwide account for just 1 to 2 percent of total wealth.

    The report says Russia has one billionaire for every $11 billion in wealth while, across the rest of the world, there is one billionaire for every $170 billion.

    One of the report's main authors, Tony Shorrocks of the London-based consultancy Global Economic Perspectives, told RFE/RL on October 10 that wealth disparity in Russia is unparalleled.

    "Russia is really an outlier," Shorrocks said. "Even compared with the U.S., which has more wealth inequality than most countries, [Russia] is still totally separate from the rest of the world. It may not be too different from some of the Central Asian countries, and there are a few Caribbean nations that happen to have a resident billionaire. So they get similar sorts of numbers."

    "Turns out I'm really good at killing people." - President Obama

    by jrooth on Mon Apr 21, 2014 at 10:36:26 AM PDT

    •  In my read of The Nielsen article (0+ / 0-)

      it appears to me to be referring to "total money income."

      In any event, so 110 Russians control 35% of Russian wealth. In the U.S., the wealth of 6 members of the Walton family ALONE equals that of 41.5% on the bottom. Add the 2 Kochs and the picture is of much worse. So 115 on their side, and like 8 on ours.

      I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires. - Susan B. Anthony Everything good a man can be, a dog already is. - pajoly

      by pajoly on Mon Apr 21, 2014 at 10:50:21 AM PDT

      [ Parent ]

      •  In any event, in which country is the situation (0+ / 0-)

        clearly improving economically for the middle tier of the countries?

        I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires. - Susan B. Anthony Everything good a man can be, a dog already is. - pajoly

        by pajoly on Mon Apr 21, 2014 at 10:53:11 AM PDT

        [ Parent ]

      •  Sorry, but you need to compare apples to apples. (1+ / 0-)
        Recommended by:
        DiesIrae

        You can't throw up charts of wealth distribution for one nation and income distribution for another and then compare those numbers as if they mean the same thing.

        In particular, you shouldn't be declaring that

        The bottom 80% of Russians have 53% of the national wealth.
        when you haven't backed up that claim. And I'm actually very confident that claim is false.

        "Turns out I'm really good at killing people." - President Obama

        by jrooth on Mon Apr 21, 2014 at 10:55:55 AM PDT

        [ Parent ]

    •  The real measure is GINI (4+ / 0-)
      Recommended by:
      pajoly, ybruti, science nerd, Azazello

      This is the measure of upward mobility that nations use. It is based on income distribution.

      Measures of wealth are beside the point and are dealt with via the Estate tax.

      The Gini coefficient (also known as the Gini index or Gini ratio) is a measure of statistical dispersion intended to represent the income distribution of a nation's residents.
      So, only the income-based GINI charts have meaning economically.

      While the chart below may be call "Wealth Gap" it is a look at income distribution in the US.

      The Green bars are income distribution when all America prospered post FDR.

      The Red bars show what happen after Reagan came on the scene, cut taxes, and deregulated the banks.

      Income distribution GINI is how nations compare themselves to each other. The higher the GINI, the more poverty and the more the people suffer:

      •  Thank you for this Pluto (0+ / 0-)

        I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires. - Susan B. Anthony Everything good a man can be, a dog already is. - pajoly

        by pajoly on Mon Apr 21, 2014 at 10:59:54 AM PDT

        [ Parent ]

      •  Fine - for Russia it's .401 (3+ / 0-)
        Recommended by:
        puakev, DiesIrae, science nerd

        That's higher than the US.

        link

        "Turns out I'm really good at killing people." - President Obama

        by jrooth on Mon Apr 21, 2014 at 11:03:25 AM PDT

        [ Parent ]

        •  trends matter (0+ / 0-)

          we are falling like  stone, their middle class is rising like a star. That is the salient point, before we play the BS American Exceptionalist card, which is America's greatest lie to its people.

          I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires. - Susan B. Anthony Everything good a man can be, a dog already is. - pajoly

          by pajoly on Mon Apr 21, 2014 at 11:12:05 AM PDT

          [ Parent ]

          •  Yes trends matter. (1+ / 0-)
            Recommended by:
            puakev

            But you haven't demonstrated that the Russian "middle class is rising like a star."

            Look: I absolutely agree that growing inequality - both of income and wealth - is a huge problem. I've been talking about that for many years. But we're supposed to be a reality-based community and for that to be so we need to be rigorous in how we use and characterize data.

            "Turns out I'm really good at killing people." - President Obama

            by jrooth on Mon Apr 21, 2014 at 11:22:21 AM PDT

            [ Parent ]

        •  There is no data for the US (0+ / 0-)

          …on that chart to compare to Russia.

          So, it's just a number dropped from a UFO.

      •  This article from 2010, (0+ / 0-)

        http://www.telegraph.co.uk/...

        which came out shortly after Russia's last GINI coefficient was published posits that the number is skewed somewhat (for the better) because "everyone" was simply given their appt after the collapse of the USSR.

        "I'm not writing to make conservatives happy. I want them to hate my opinions. I'm not interested in debating them. I want to stop them." - Steve Gilliard

        by grog on Mon Apr 21, 2014 at 11:13:36 AM PDT

        [ Parent ]

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