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re: Why the recent surge in hate against capitalism?
Posted on 6/13/20 at 12:24 am to meansonny
Posted on 6/13/20 at 12:24 am to meansonny
quote:
Upper and lower class have grown almost in equal proportion. Maybe a little more so upper class. It could be argued that upper class was smaller and had more room to grow though
I think we're going in circles. Here's how I understand what is presented (using simple, rounded numbers)
In 1970:
Median HH income was $50K (in 2020 dollars let's say)
And over 50% of America had HH income within a range +/- 50% of that median. Say there were 100 million households, that means there were 50 million with HH income between $25K and $75K.
In 2020 let's say there are still 100 million households and the median is still $50K, but now only 40% of American households fall within that range of $25K to $75K.
So if you agree that that middle band (income-wise) represents something close to the middle class, then it looks like the middle class has shrunk.
1
Posted on 6/13/20 at 12:41 am to David_DJS
quote:
then it looks like the middle class has shrunk.
The middle class shrinks when both the upper and lower class grow.
The upper class has grown more than the lower class has grown.
What does this mean?
It means that the 50% from the median is the reasoning for your argument.
If you adhere to a middle class being 50% from the median, then you are correct for no reason other than clinging to 50%.
The fact that the upper band and lower band grow near equally imply that 50% may not be a representative band of middle. Middle may actually be more spread out than the arbitrary 50% number.
A new normal.
Your original scenario banded middle class between 25k and 75k for purposes of your illustration.
Maybe middle class is 25k to 90k.
(The specific numbers are irrelevant as they were in your original scenario. But the premise is that what constitutes middle class has grown as evidenced by bubbles in the upperlower class and lower upperclass).
More people in the upperlower class is a good thing. A school grade going from D to D+ means that they are almost a C. More people leaving the middle class and getting to the bottom of upper class is a good thing. A school grade from B to B+ means that more people may be an A soon.
Posted on 6/13/20 at 1:13 am to David_DJS
quote:It's simple math. Otherwise the median would move down with increased population below the interval.
I don't think that's true.
This post was edited on 6/13/20 at 1:15 am
Posted on 6/13/20 at 1:53 am to DavidTheGnome
This is nothing new, unfortunately.
Posted on 6/13/20 at 10:54 am to Noticer
I watch documentaries on FDR and am amazed at how loved he was and how he got elected POTUS 4 times. His New Deal policies sucked and prolonged the Depression for a decade. Running 20% unemployment for damn near 10 years and people were still blaming Hoover for the bad economy, wow. FDR had them all bamboozled. Amazing. That would never happen these days, the POTUS would get run out of office.
Posted on 6/13/20 at 12:46 pm to Taxing Authority
quote:
Because the baseline is median it also means more people fall above the 50% interval.
quote:
It's simple math. Otherwise the median would move down with increased population below the interval.
You're confusing people with income. Think about it.
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