Wow what a convincing justification for the need to equate the measurement of rising capital within national jurisdictions over an analysis that acknowledges the distinction between revenue among fortune 500 shareholders and the average person who is not exposed to such returns.
>Income for the bottom 10% is rising. Wealth for the bottom 10% is rising.
If income for the bottom majority increases at a rate slower than the income of the top minority then "income" is being concentrated upward. Money determines the distribution of resources, it is not a resource itself. If the concentration of the ability to determine resources is increasingly concentrated upwards then people are getting poorer, regardless if overall production has increased.
Your idea that everyone is actually getting richer and upwardly mobile is not reflected in reality.
http://piketty.pse.ens.fr/files/Piketty2015AER.pdf
https://wid.world/news-article/whats-new-about-wealth-inequa...
https://link.springer.com/article/10.1007/s10888-010-9155-y
>I don't doubt that quality-of-life has declined for a lot of people - but those people are a minority and the data does not support anything else. Most of their pain is almost certainly housing prices, which have been the Great Sin of the Democratic party and notably have very little to do with federal policy.
How do skyrocketing housing prices not factor into your judgment that people's quality of life isn't declining?? I don't care who you want to blame it on (!?), not being able to afford a house makes people's lives worse and more people can't afford houses...
https://www.federalreserve.gov/econres/notes/feds-notes/asse...
https://www.harvardmagazine.com/2024/11/housing-affordabilit...
>Most of these takes are bad because that's not how the stock market works. Elon Musk cannot go out tomorrow and buy $3XXB of stuff. He probably cannot even come CLOSE to realizing the full paper value of his net worth in cash. None of the world's rich can. Yet there is a daily, breathless headline about wealth inequality that waves those dollar figures around like they're real.
Who's saying that Elon Musk is walking around with a trillion bank notes in his pockets like Scrooge McDuck? You're arguing with shadows, and if you think that wealth is not being upwardly concentrated in the top 1% - which is justified by any metric regardless of the stock market or unrealized assets - then I don't see what I'm going to get out of a discussion with someone so utterly removed from reality.
https://ourworldindata.org/the-history-of-global-economic-in...
https://web.archive.org/web/20161225142704/https://www.white... (page 60)
>Stop disregarding on actual, economic data in favor of hyperbolic headlines about wealth inequality.
It's always a pain talking to someone who is delusional enough to think that the hodge-podge of synthetic economic markers or data visualizations cobbled together by "visualcapitalist.com" is even close to being remotely objective or scientific.