HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » 'We were shocked': RAND s...

Mon Sep 14, 2020, 03:46 PM

'We were shocked': RAND study uncovers massive income shift to the top 1%


The median worker should be making as much as $102,000 annually—if some $2.5 trillion wasn’t being “reverse distributed” every year away from the working class.

Just how far has the working class been left behind by the winner-take-all economy? A new analysis by the RAND Corporation examines what rising inequality has cost Americans in lost income—and the results are stunning.

A full-time worker whose taxable income is at the median—with half the population making more and half making less—now pulls in about $50,000 a year. Yet had the fruits of the nation’s economic output been shared over the past 45 years as broadly as they were from the end of World War II until the early 1970s, that worker would instead be making $92,000 to $102,000. (The exact figures vary slightly depending on how inflation is calculated.)

The findings, which land amid a global pandemic, help to illuminate the paradoxes of an economy in which so-called essential workers are struggling to make ends meet while the rich keep getting richer.

“We were shocked by the numbers,” says Nick Hanauer, a venture capitalist who came up with the idea for the research along with David Rolf, founder of Local 775 of the Service Employees International Union and president of the Fair Work Center in Seattle. “It explains almost everything. It explains why people are so pissed off. It explains why they are so economically precarious.”

https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1?

51 replies, 3457 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 51 replies Author Time Post
Reply 'We were shocked': RAND study uncovers massive income shift to the top 1% (Original post)
Sherman A1 Sep 14 OP
Demovictory9 Sep 14 #1
Guy Whitey Corngood Sep 14 #2
erronis Sep 14 #29
Solly Mack Sep 14 #3
lagomorph777 Sep 14 #12
Solly Mack Sep 14 #13
Rebl2 Sep 14 #24
Kid Berwyn Sep 14 #4
Blue_true Sep 14 #18
Sherman A1 Sep 15 #32
Kid Berwyn Sep 15 #34
Warpy Sep 15 #36
Blue_true Sep 15 #38
Warpy Sep 15 #39
Wellstone ruled Sep 14 #5
Sherman A1 Sep 15 #33
smirkymonkey Sep 14 #6
LonePirate Sep 14 #7
irisblue Sep 16 #48
DanieRains Sep 14 #8
DanieRains Sep 14 #9
LakeArenal Sep 14 #10
catrose Sep 14 #11
edhopper Sep 14 #14
Wounded Bear Sep 14 #15
FakeNoose Sep 14 #16
japple Sep 14 #28
miyazaki Sep 14 #17
Yavin4 Sep 14 #19
JHB Sep 14 #20
NRaleighLiberal Sep 14 #21
TygrBright Sep 14 #22
BeckyDem Sep 14 #23
zentrum Sep 14 #25
Evolve Dammit Sep 14 #26
iluvtennis Sep 14 #27
liberalla Sep 14 #30
pecosbob Sep 14 #31
Dr. T Sep 15 #35
Boomerproud Sep 15 #37
aggiesal Sep 15 #40
paulkienitz Sep 15 #41
TheDemsshouldhireme Sep 15 #42
Sherman A1 Sep 15 #43
johnnyfins Sep 15 #44
Beartracks Sep 15 #45
Aussie105 Sep 16 #46
Sherman A1 Sep 16 #47
Grins Sep 16 #49
Sherman A1 Sep 16 #50
Roland99 Monday #51

Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 03:47 PM

1. K&r

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 03:48 PM

2. Right, those commie bastards at RAND....





.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Guy Whitey Corngood (Reply #2)

Mon Sep 14, 2020, 06:28 PM

29. RAND has been used and abused for decades. Sometimes they are right about something.

Usually they just publish a whole lot of dense papers that some DoD type can use to justify another way to kill or spend money.

Too bad these think-tanks siphon off some good talent with mega-salaries and reward them with publishing contracted pieces.

In my limited history and knowledge, this has been happening since the 1930s. But it probably happened since the apes started writing on clay/papyrus.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 03:48 PM

3. Shocked? Really?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Solly Mack (Reply #3)

Mon Sep 14, 2020, 04:32 PM

12. Any other conclusion would have been shocking.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lagomorph777 (Reply #12)

Mon Sep 14, 2020, 04:35 PM

13. No shit.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lagomorph777 (Reply #12)

Mon Sep 14, 2020, 06:20 PM

24. Yep!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 03:53 PM

4. 40 years of Reaganomics'll do that.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Kid Berwyn (Reply #4)

Mon Sep 14, 2020, 05:53 PM

18. Reaganomics put it on steroids. But it started in the early seventies with

the decline of the American auto and steel industries.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Blue_true (Reply #18)

Tue Sep 15, 2020, 07:17 AM

32. Precisely

Hit the nail on the head.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Blue_true (Reply #18)

Tue Sep 15, 2020, 08:58 AM

34. Reaganomics gave Corporate America a huge tax break.

Cutting federal corporate profits tax from 48% to 32%. Similar story for wealthy individuals, who saw top rates go from (from memory) 70% to 28% and capital gains on stock transactions go from 50% to 28%.

And Uncle Sam started spending on the military like crazy. So, the rich got richer. And the conservatives ever since have claimEd there’s no money for schools, hospitals, jobs, housing and everything else in a civilized society.

Details on how Red Ink Ronnie killed the Middle Class:

https://www.salon.com/2014/04/19/reaganomics_killed_americas_middle_class_partner/

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Blue_true (Reply #18)

Tue Sep 15, 2020, 01:30 PM

36. I put it at Kennedy's tax cut

reducing the top marginal rate from 90% to 70%. That top rate was there to prevent the rapid growth of plutocracy.

The Rand report put a dollar figure on it: $42,000 a year for the average worker. That's what having a plutocracy has cost each and every one of us. Think about what you could have done over the last couple of years with that 807.69 per week. Upi cpi;d jave afforded health insurance not tied to a job you hate, your kids could have gone to college without debt, you might even have been able to save for retirement.

That's what conservatives in both parties have cost us. Never forget it. Never.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Warpy (Reply #36)

Tue Sep 15, 2020, 06:05 PM

38. That tax plan also set in motion the system where high executives

could capture more of a company’s earnings cash flow for their own pockets. The outcome was lack of investment in innovation, workers and manufacturing plants, setting the stage for the industrial core rot to start in the 69-70 time period. Reagan just stomped on the knife that had already been inserted into the body of American society.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Blue_true (Reply #38)

Tue Sep 15, 2020, 07:07 PM

39. Exactly. It was also at the cost of stiffing small shareholders on what should have been dividends.

That 90% top marginal rate had done a lot of stifle naked greed in the executive suites. Back then the game was having the corporation buy the Lear jets, the vacation properties, hire the chefs for the executive dining facilities, and letting the greedheads have their perks that way. Lowering the marginal rate meant they could go for the money without shoving themselves into a confiiscatory tax bracket.

It started the ball rolling on the Gilded Age we have now.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 03:54 PM

5. Most of us with a

I Q above room Temp figured this out a long time ago.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Wellstone ruled (Reply #5)

Tue Sep 15, 2020, 07:24 AM

33. Granted you're correct

As we know there are many who do not pay attention and struggle everyday unaware of the reasons behind their plight. I believe that anything that helps explain the reasoning behind what is going on to be helpful.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 03:54 PM

6. K&R

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 04:00 PM

7. We need to start taxing wealth, high incomes, stock sales while eliminating many cuts and loopholes

Chief among them is the carried interest loophole and the deferred compensation/stock options income for corporate executives. Put Warren or Sanders in charge of federal tax law and we’ll soon see changes.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to LonePirate (Reply #7)

Wed Sep 16, 2020, 06:04 AM

48. A 2 cent tax, per each $1K trade on Wall Street would help

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 04:04 PM

8. Tax Wealth Not Work

And carbon while yer at it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 04:05 PM

9. It Is The Same Billionaires Who Pay For All The Ads We See On TeeVee

In case you didn't know it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 04:20 PM

10. I was shocked. Shocked I tells ya.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 04:22 PM

11. Shocked? With Rs in charge since Reagan?

“It explains almost everything. It explains why people are so pissed off. It explains why they are so economically precarious.”

YA THINK?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 04:36 PM

14. They are also shocked

to find gambling in Casablanca.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 05:41 PM

15. Yep! "Trickle down economics" is doing exactly what it is designed to do...

hoover shitloads of cash upwards to the 1%.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Wounded Bear (Reply #15)

Mon Sep 14, 2020, 05:45 PM

16. We all know that nothing trickles and it doesn't go down




Reply to this post

Back to top Alert abuse Link here Permalink


Response to Wounded Bear (Reply #15)

Mon Sep 14, 2020, 06:25 PM

28. Trickle down equals piss on 'em economics.

And you're right. It is doing what it was designed to do.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 05:53 PM

17. K&r

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 05:55 PM

19. Shocked?!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 05:56 PM

20. It's never called "redistribution" when wealth is redistributed UPWARD

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 06:18 PM

21. Susan Collins is likely concerned

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 06:19 PM

22. The only shocking thing about this is that anyone was shocked. n/t

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 06:20 PM

23. Highly recommend.

The entire GOP must be replaced and Citizens United overturned.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 06:21 PM

25. "I'm shocked. Shocked, I tell you...

…..that gambling has been going on in this establishment."

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 06:21 PM

26. Seriously? Shocked? We've been living it. Middle class on life support and we're on the edge.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 06:21 PM

27. Today's Minimum Wage Would Be $24 if worker pay had kept pace with productivity gains since 1968

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 06:43 PM

30. 2.5 Trillion! "Reverse distributed" OMG !!!

I never heard it stated that way before... stunning.



Y E A R L Y !

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 14, 2020, 07:44 PM

31. Only someone truly clueless or asleep for the last four decades could be shocked

Semi-skilled wages in this country are the same as they were in 1980. Trickle down was actually vacuum up.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Tue Sep 15, 2020, 12:39 PM

35. Trickle up poverty

is about to become very real for these snobby f**kers when nobody can afford to buy the things that the workers produce. Much as I hate Henry Ford, the idea that the people who produce the products should be able to buy the products needs to make a return to the corporate boardrooms.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Tue Sep 15, 2020, 01:41 PM

37. Where is the MSM on this?

Never mind. I know the answer.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Tue Sep 15, 2020, 08:19 PM

40. When I first graduated from college in 1984, my supervisor said that incomes double every 15 years.

So I was making $27,000 in 1984
If he's right, then a college graduate in ...
1999 = $54,000
2014 = $108,000
2020 = $151,200

Imagine a college graduate with a Bachelors Degree making $151,200
at their first job in 2020.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Tue Sep 15, 2020, 08:23 PM

41. and somehow these clueless bozos were SHOCKED.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Tue Sep 15, 2020, 09:19 PM

42. Are any television media

covering this story? Seems like a huge story.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TheDemsshouldhireme (Reply #42)

Tue Sep 15, 2020, 09:30 PM

43. I haven't seen it reported anywhere

but, I watch very little TV.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Tue Sep 15, 2020, 09:57 PM

44. Thanks for stealing my family's future

Greedy Motherfuckers

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Tue Sep 15, 2020, 10:59 PM

45. Dear Tea Partiers, Trumpers, all Republicans: Your wealth has officially been redistributed.

And Democrats didn't do it. But progressive policies and priorities could have prevented it.

========

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Wed Sep 16, 2020, 01:32 AM

46. Unionism was supposed to prevent this.

. . . . then Unionism was given a bad name.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Aussie105 (Reply #46)

Wed Sep 16, 2020, 06:00 AM

47. Precisely

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Wed Sep 16, 2020, 08:29 AM

49. Link: "the blame lies..."

"...the blame lies...allowing the minimum wage to deteriorate, overtime coverage to dwindle, ...effectiveness of labor law to decline, undermining union power ...shareholders over ..workers, ... University of Chicago economist Milton Friedman." (I hate Friedman.)

All true, but there is more. This clip was sent to me in 2007 from a friend. I was busy, saw it was an hour long clip, decided that was too much time, so I would watch the first 10-minutes and then move on to other things.

After 10-minutes it was so damn good I gave it another 10-minutes. Then another. And another. Watched the whole damn thing! Absolutely fascinating.

At the time I did not know of the speaker, but I never forgot her after this clip.



Reply to this post

Back to top Alert abuse Link here Permalink


Response to Grins (Reply #49)

Wed Sep 16, 2020, 10:24 AM

50. Elizabeth Warren is always

A good one to listen to. Thanks for passing this along.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sherman A1 (Original post)

Mon Sep 21, 2020, 10:01 AM

51. Imagine if workers actually HAD that income?! That money would be pouring into the economy

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread