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View Diary: Economics Daily Digest: Building a better tax code (8 comments)

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  •  Piketty will be on The Colbert Report tonight. (1+ / 0-)
    Recommended by:
    Pluto

    If Chris Giles and the FT are trying to claim that, not only is Piketty wrong based on flawed data, but that there is no increase in inequality then they put their own reputation at risk.

    Expressly, a look at the data shows that as nominal economic growth has slowed decade by decade since the 1970s, income and wealth inequality has indeed increased significantly:

    http://www.measuringworth.com/...

    January 15, 2014

    Annualized Growth Rates

    1970 to 1979 Nominal GDP = 10.45%

    1980 to 1989 Nominal GDP = 7.86%

    1990 to 1999 Nominal GDP = 5.48%

    2000 to 2009 Nominal GDP = 3.82%

    You Don't Happen To Make It. You Make It Happen !

    by jeffrey789 on Mon Jun 02, 2014 at 04:20:52 PM PDT

    •   Real economic growth has slowed decade by decade (1+ / 0-)
      Recommended by:
      Pluto

      since the 1970s while inequality has significantly increased:

      http://g-mond.parisschoolofeconomics.eu/...

      September, 2013

      Top 1 Percent Income Share in the United States, 1980-2012

      1980 ( 10.02)
      1981 ( 10.02) Reagan
      1982 ( 10.80)
      1983 ( 11.56)
      1984 ( 11.99)

      1985 ( 12.67)
      1986 ( 15.92)
      1987 ( 12.66)
      1988 ( 15.49)
      1989 ( 14.49) Bush

      1990 ( 14.33)
      1991 ( 13.36)
      1992 ( 14.67)
      1993 ( 14.24) Clinton
      1994 ( 14.23)

      1995 ( 15.23)
      1996 ( 16.69)
      1997 ( 18.02)
      1998 ( 19.09)
      1999 ( 20.04)

      2000 ( 21.52)
      2001 ( 18.22) Bush
      2002 ( 16.86)
      2003 ( 17.53)
      2004 ( 19.75)

      2005 ( 21.92)
      2006 ( 22.82)
      2007 ( 23.50)
      2008 ( 20.95)
      2009 ( 18.12) Obama

      2010 ( 19.86)
      2011 ( 19.65)
      2012 ( 22.46)

      -- Thomas Piketty and Emmanuel Saez

      You Don't Happen To Make It. You Make It Happen !

      by jeffrey789 on Mon Jun 02, 2014 at 04:23:57 PM PDT

      [ Parent ]

    •  This is not surprising. Globalization (0+ / 0-)

      has taken from the middle class and has also limited mobility of the lower income earners somewhat.  The growth has all been given away to workers overseas.

      The owners/investors make money no matter who is providing the labor.

      We simply (ha!) need to bring jobs back to America.

    •  Those numbers are useless since they're (1+ / 0-)
      Recommended by:
      nextstep

      not inflation adjusted.

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