Why The Inequality Gap Is Growing Between Rich And Poor

Why The Inequality Gap Is Growing Between Rich And Poor

For 40 years, the U.S. led global economy has
produced an enormous improvement in
human welfare. Since 1981, the proportion
of the world’s population living in extreme
poverty on less than a $1.90 per day has fallen from
42 percent ,to 10 percent. But in countries
with advanced economies, inequality of income and
wealth has surged. And nowhere has it surged
more than in the U.S. where reliance on free
market forces has been strongest. That magnifies rewards
for those at the top and leaves
most others behind. The trend helps those
with higher levels of education and hurts
the less educated. It lifts residents of
major cities while leaving those in small
towns behind. For growing numbers of
Americans it’s just harder to get ahead. Why is this happened
and what are the consequences? Here are
five causes. The digital revolution creates
enormous wealth for those with the skills
and preparation to take advantage. But it eliminates
what economists call “middle-skill jobs.” Computer software and
industrial machines now fill roles from clerical
tasks to routine manufacturing that once
produced middle class incomes for workers
without college degrees. One of those forces
is technological progress that has increased the value
of an abstract problem solving, interpersonal
communication or organizational skills. Things that highly educated
workers tend to be very capable of and
has simultaneously devalued a lot of cognitively intensive
but repetitive tasks in offices and production lines
and so kind of hollowed out the set
of job activities available to non-college workers and
sort of pushed them arguably downward into
personal services, food services, cleaning,
security, transportation, repair where their
skills are more interchangeable with other
workers and where there is less of a
return to experience over the lifecycle. And so that has
contributed downward pressure and wage pressure and economic
insecurity for the less educated. So it’s really kind of
created a great world for the highly educated and
a much less economically secure and inviting world
for people who don’t have high levels
of education. Competition from emerging
economies like China’s combined with reduced trade
barriers have further reduced prospects for
workers without advanced skills. That’s had
devastating consequences in sectors such as textiles
and furniture and leather goods. The biggest economic story
of really of the century and certainly of the
last 50 years has been China’s rise. China going from a poor
and backward country in perpetual political and economic
crisis to a frontier manufacturer with
pretty well-educated, highly available skilled
labor using modern technology. So China marched
up the productivity technology frontier between 1980
and the present at a rate almost unseen
in history and because it was so vast, because it
had so many people, so many resources, so much land,
it could become you know a manufacturer for now
at this point more than 20 percent of
all world manufacturing value added. And that’s not
just a function. That’s not a function
of trade deals. That’s primarily a
function of internal developments in China. The decision to allow free
mobility of labour to adopt Western technology
and foreign direct investment and to start
trading with the world. And that had a big
effect on United States even in the 90s. But when China joined in
2001 that further opened the floodgates. And that had a dramatic
accelerant effect on the rate at which competition
entered the U.S. market for
manufactured goods. And the rate of
decline of U.S. manufacturing employment as a
result of that. Over the course of just
seven years about 20 percent of all U.S. manufacturing jobs
disappeared. And then they fell it
fell by another cumulative eleven percentage points
during the Great Recession. So effectively
one-in-three manufacturing jobs no longer
existed that had existed around 2000. Breakthrough firms such as
Apple and Amazon now attract revenue across the
world, which produces immense jackpots for the
executives who lead them. And for the American
cities they call home. You create the innovation and
you have the global product market. You’re going to have much
larger earnings than in a previous generation. There is increasingly
divergence and economic growth and economic
outcomes across places in the U.S.. And so there are just
you know along with these superstar workers and these
superstar firms when you have superstar cities
in our increasingly winner take all economy. Meanwhile, the share of
workers represented by labor unions has dropped
by half, shrinking their power. The lowest paid
workers have seen the buying power of the minimum
wage drop as the government has not increased it
to keep pace with inflation. Fewer than 70 percent of
men with a high school degree or less
are working. The eroded value of the
minimum wage in many cases, the decline in
unionization, things that have otherwise sort of
hurt workers bargaining power in ways that
amplified their weakened bargaining power are just
coming from these external forces where they
were already competing with technology or workers
from lower wage countries for example. The shifting power balance
has rewarded the wealthiest even more
through policies in government and
private institutions. From tax changes that
increased their income to college admissions procedures
that opened doors for their children
above others. Actresses Felicity Huffman and
Lori Loughlin are headed from the red
carpet to federal court. 13 parents and one coach
who have pled pleaded guilty. The market incentives inequality
creates for hard work and risk taking
helps make America’s economy dynamic but it
also imposes costs. You need some inequality. The problem is when that
dynamism at a point in time gives rise to dynasticism
such that the next generation doesn’t get
an equal footing. Such that kids of affluent parents
even if there are mediocre talent get to go
to the best schools and get access to the you
know the most after school investment, the most training
and so on. And you know talented
kids from less affluent families don’t get to
go to these schools. They don’t get invested in
in the same way. And that’s a loss
for all of us. That’s not just a
loss for them. That means our society
will be less productive. And it fuels the
nonstop turmoil in American politics. Voters have thrown
out the party in control of the White House
or one chamber of Congress in six of
the past seven national elections. 2020 promises to be
just as contentious. I think we’re seeing that
loud and clearly in the sort of politics of
the past few years. People are increasingly likely
to report that they believe the system
is rigged against them. This is damaging both for
the functioning of our democracy. But I actually
think also for the functioning of
our economy. We’re going to see
people in increasing numbers sort of dropping out of
our mainstream climb to economic success and so
we’ve got this economic malaise. And now we
have this social malaise going along with it. And and it’s leaving the
political I mean large, loud political cries for
completely, I think, upending our capitalist
system.

100 Comments

  1. Truth is that even with a 5 year data science degree you are still unlikely to make 6 figures and if you do, you'll be living in a place where a studio apartment will set you back $3500 a month eating up half your salary.

    Only people with extreme levels of capital have actually gained anything these past 40+ years.

  2. Remove the 1%'s corrupt money and control in government to dictate Economic legislation.
    vote for Presidential and congregational candidates with the POLICIES that benefit workers
    +progressive tax system
    + stronger unions and stronger Wall st., high finance and banking regulations.

  3. Wow! CNBC gets it! Wonder why this isn't spoken more about in MSNBC where they speak about still voting for candidates that are part of the establishment supporting this dysfunctional Capitalist system when there is a Democratic Socialist candidate up in the options list supporting exactly what will help this suffering middle class mentioned in this video…

  4. Most problems in this world can be traced back to greed. We are being lied to. There is more than enough in this world for everyone. EVERYONE!

  5. MSNBC says Automation is coming for our jobs but hates the only candidate trying to do something about it. #AmericaNeedsYang

  6. There was no meaningful income inequality in agrarian societies. First, industrialization, and now even more so, high-tech and robotics, have greatly served to leverage the productivity of the talented and the skilled, while doing little or nothing for the productivity of the untalented/unskilled. Inequality of income is simply the reflection of the innate inequality of talent, inequality of skill and inequality of ambition people are naturally born with.l But why would we not rejoice in that fact, which has produced the highest standard of living for the most people in all of history??

  7. I have a simple answer to: Why the inequality gap is growing between rich and poor… BECAUSE, THE POOR ARE DUMBER THAN BEFORE.

  8. 16 YEARS! and still NO ONE has earned a better life. The rich and wealthy quickly purchased stocks in gas/oil shortly after 911 and it was disgusting and despicable! 911 had changed things for a multi millionaire who after 3 years set out to discover whether or not our American society could be salvaged. Right now (today – 2/5/2020), he is hoping he can help a mother with 3 kids. Will she be the one?
    Jerald started a personal quest, to change the life of just 1 person, after loosing his wife on 911. Jerald would not only give that person two million dollars but acquire a residence (house) and transportation (car/suv) for that individual so that they could sustain a prosperous and rewarding future for themselves and possibly for their family. All that person would need to do is show some kind of genuine honesty and integrity. Since 2004 he has been spending all of his time flying around the USA from Eastcoast to Westcoast, visiting different locations and airports. Every day he gives 5 to 6 individuals a few tests and trials to determine if that individual possesses a genuine kindness and generosity and are they willing to help another human being that is in desperate need of help. Every time Jerald is disappointed. When it comes down to sacrificing their convenience and/or finances to help another individual with food and/or gas and/or directions and/or a place to go (ride) and/or assistance with moving things and/or assistance with helping another person, the individual being tested fails. Jerald tells me that the majority of individuals are willing to offer their help, only when it does not inconvenience themselves but anytime they have to sacrifice time, money and/or convenience, they always choose themselves over another individual in desperate need of help. It's not just sad, Jerald says, it's a horrible sickness Nationwide. "People walking around, going place to place, acting like they don't have opportunities and finances but they won't lift a finger to help themselves. They are blind and selfish and they don't really care. They act like they do but they don't. It's everyone, everywhere from Eastcoast to Westcoast. They all are in good to fair health but they are the sickest people in the world". – True story.

  9. The rich, corporations wants slaves, thrown some crumbs to common person. It time for the pitch forks and bats and fight.

  10. Greedy American companies have sent too many jobs to China and other countries! Now with the coronavirus, supply chains are greatly affected!!!!

  11. It seems odd to me that when discussing China , no mention was made that the US Corporations closed their US factories and transferred everything to China in order to increase their/profits. They thus left behind communities decimated and destroyed by this action.

  12. Hmmm …No mention of trillions and trillions and trillions of money being printing around the world.

    how about teaching people how money works? Hmmm

    Well That’s was not going to happen any time soon 🤪

  13. The exploration of the causes is interesting (but ignores the role that public policy, especially regressive tax policy, has played). However the video doesn't explore the consequences very much and I though, based on the introduction, that it would. History implies the consequences can be dire — two-tier, massively unequal democracies haven't fared well throughout time. They seem to be very unstable and deteriorate quickly.

  14. Just got to keep importing a million people into America each year though am I right? And that's just legal, hell lets give those farmers some welfare too and let them keep hiring illegals to work for them.

  15. Lmao blame the hard working people that built something. Don't blame the people that have to "keep up with the Jones'". Don't blame the idiot class that throws their money away at casinos. Don't blame the people that take advantage of debt and then feel entitled to not have to pay it back because it feels unfair to them, even though they were all about it when someone was about to hand them thousands of dollars for something they knew they couldn't truly afford. Nope, blame the economy. Don't blame the massive amounts of financially illiterate people created by generations that refused to talk to their children about money.

    How did they get your attention with this video? Flashed some cash at the beginning and played music that sounds pretty similar to a slot machine.

  16. We must for Sanders this election cycle. He is the only one who will help the middle class. It is time the progressives in Silicon Valley, Hollywood, and of the East Coast corporate sector are made to put their money where their mouths are: the multimillionaire executives of companies like Google, Yahoo, Facebook, CNBC, CNN, etc., who like to talk so much about "income inequality," routinely don't pay their fair share of taxes and pay their workers mere survival wages. They must have their assets retroactively taxed or apportioned to social programs. The Republicans won't make these bums pay up: the new Democrat party, led by Mr. Sanders, will.

  17. There's a much more fundamental issue going on here………."seizing advantages" is more in line W/ what's really going on. The game IS rigged.

  18. Today’s economy is so strong in the USA you can literally start a business on the side with the internet and make a few hundred if not thousands per month. People are doing this right now with YouTube. Not to mention TShirt designs, e-commerce, FBA, FBM, and the list goes on and on. If you are not taking advantage of this economic boom right now it’s your own fault because you listen to the democratic Mainstream Media of how poor you are.

  19. It's funny how security is always mentioned as a downgraded job. It's actually one of the handful of career fields where you can earn six figures or close to it with just a diploma and experience or an associates degree and a couple years experience. I know this is the case in big cities. Just check job listings for director of security or safety or emergency management type positions. My degrees are not "necessary" for me to move up but they sure as heck make it quicker, easier, and make my job more enjoyable. I tell my officers all the time, standing in one spot, conducting patrols, watching video cameras, and accessing people through a turnstile is NOT how you move up. As they said in the video, this is a new age. I requested more responsibility, learned the different computer systems, became the official trainer, created training materials, comminicated with vendors and contractors, contributed to and created presentations for the client, mentored others, have the ability to communicate with stakeholders and city departments, stay abreast of the different fields that effect the client (commercial real estate, global security, facilities management) and my company, etc. I also regularly ask for and receive raises. These are some of the differences between a $12-$14/hr security officer and myself. As they said in the video, this is a new age.
    I'm currently using an education benefit to get a public administration degree which I'm cash-flowing. Since we're attending the same school, I told one of my officers about it so she could take advantage, and she said she may as well just add to the $20,000 in student loans she already has…even after I showed her how working only 2 days of overtime/per month would allow her to pay for it out-of-pocket.
    Just because you start at a low-wage JOB doesn't mean you have to stay there. Just think of people who begin as cooks/cashiers at KFC and end up owning a restaurant.

  20. This is topic is not black and white. Either if you chose formal education or drop out of school. You need to be an educated person in order to grow. You can’t just say you drop out of school and never educated yourself and think you can somehow advance in making your own business or whatever you chose to make of yourself. The point is you need to educated yourself. You can be very successful with out a degree but not with out education. If you go to Uni and get a degree in psychology for the money then that is a pretty uneducated choice. If you get a degree in such field, it would be only if you are passionate about it and not care about your economical status because you will be okay with it. Or also keeping in mind that higher degrees will be needed to see any good income come from it. So make an educated choice. Going to Uni for STEM fields will be a great choice because having a formal education is required in these fields plus they are higher in demand and will pay more. If going to Uni isn’t right for you then find a different way to educated yourself. If you don’t then you will have to understand that lower class is probably where you will be.

  21. Education in public schools are not only a joke but early form of brainwashing to go to college get in debt then get a job and pay 30 percent in taxes, the job would be an hourly wage slave job even if your a dr or lawyer. Instead of being self taught and building a business or having money to create assets instead of liabilities when buying homes and vehicles.

  22. Answer: Millenials are a bunch of crybabies and dont like to get their hands dirty. This nation is as rich as its ever been. If you have something to complain about go to sub saharan Africa. Grow a pair of balls and get a job.

  23. I believe that the easiest solution is extended public education policy option and publicly funded elections because both of these dynamics have proven to elevate the middle and lower rungs of society which boosts the $

  24. To be Honest with you retail business are falling down and they’re closing down so what will happen to middle class workers they will replace with robots so who is going to buy they products. Don’t worry it will turn around and it will hunt them down

  25. It has always been the case that the less educated suffer more. How many times have you heard people say "Stay in school"? Why do they say that? It has long been known that technology pays, just like it's long been known to get involved with industry during the industrial revolution. The writing has always been on the wall for those who read it and follow it. I feel little sympathy for the worker who decided not to educate himself and settle for a poor paying, low skilled job. You are getting what you deserve.

    None of this is caused by income inequality rather all of this causes income inequality as you have people who decide to be productive and succeed and others who are lazy and expect to extract their existence by employing their Uncle Sam and band of thus to forcefully take from those who produce.

  26. Typical videos now, not showing the real problem, have colleges pay taxes on income made from ncaa events and other events like musicals anything they make money from. People will say that they do that to pay for schools when the schools don’t they invest in there pockets. Usually school boards are not voted into by the community or students but by businesses. Politicians are spreading these faked stories saying they will make the 1 percent pay more when they are just forcing the middle class to pay more.

  27. The Gap is growing because the system is setup to help the top, shi even this video is designed by the top the bottom has NO VOICE. Never did never will. Be smart, work hard, & escape poverty Burnie won’t help you neither will Trump only u can help u. U is the savior of u u get me?

  28. When I posted a message on yahoo on the same topic, saying that billionaires should be taxed more, arguing that they could still live quite comfortably with higher tax, I got a lot of down votes. I realized that people still believed that being poor was solely their own fault and they needed rich to provide them with jobs. This means that this inequality still has more room to run, maybe a lot more, until the Koolaid wears off.

  29. The following Fortune 500 companies had effective tax rates of 0% or less,
    Phillips-Van Heusen .Gannett.INTL. FCStone.Murphy Oil.AECOM Technology
    International Business Machines.CenturyLink.DowDuPont.Activision Blizzard
    Avis Budget Group.Celanese.JetBlue Airways.John Deere.First Data.Duke Energy
    Pitney Bowes.Freeport-McMoRan Copper & Gold.WEC Energy Group.Levi Strauss
    Brighthouse Financial.Aramark.Whirlpool.Prudential Financial.Trinity Industries
    Ryder System.United States Steel.Eli Lilly.CMS Energy.Tapestry.EOG Resources
    Beacon Roofing Supply.SPX.Realogy.Public Service Enterprise Group.Rockwell Collins
    Goodyear Tire & Rubber,MDU Resources.FedEx.Williams.SpartanNash.Chevron
    Delta Air Lines.Edison International.Penske Automotive Group.Principal Financial
    PulteGroup.Air Products & Chemicals.Honeywell International.Netflix.General Motors
    Tenet Healthcare.Xcel Energy.Halliburton.MGM Resorts International.Atmos Energy
    Molson Coors.Nvidia.PPL.American Electric Power.Starbucks.Dominion Resources
    Mohawk Industries.DTE Energy.Amazon.Andersons.Kinder Morgan.Owens Corning
    Devon Energy.DXC Technology.FirstEnergy.Ameren.Hartford Financial Services
    Alaska Air Group.Darden Restaurants.Ally Financial.Sanmina-SCI.Builders FirstSource
    McKesson.Occidental Petroleum.UGI.Westrock.AK Steel Holding.ABM Industries
    Cliffs Natural Resources.AMR.Chesapeake Energy.HD Supply.Navistar International
    Pioneer Natural Resources,Salesforce.com,Visteon

  30. Yes, something needs to change but I think it is too late. We always had corporate flight, and exploitation of third world countries, but now we are seeing unions under attack along with violations of anti-trust laws. With the rise of consolidation we are returning to the days of the gilded age where monopolies enslaved a nation. I think it is foolish to think that a trade war with China will bring back blue collar manufacturing jobs. If not China then Mexico, or Vietnam. It is too late…

  31. Here CNBC, I'll let you debunk yourself https://www.cnbc.com/2014/01/28/debunking-the-top-three-myths-about-income-inequality.html

  32. Amazingly they left off their list corporate welfare, a morbid military budget, and extreme corporate interference in public policy via bribes and cronyism. Populism isn’t increasing for no reason. The peasants are starting to revolt.

  33. I'm pretty baked but pretty sure they never discussed Automation and how it's replaced most jobs and is on track to replace most of them in a very short period of time.

  34. Because everyone has access to information, including the rich and powerful who continue to separate themselves from the poor and powerless.

  35. The problem will always be the same , unless people unite, and learn to work as a union.

    Make me your messiah and I’ll show you how to rise.

    On your own, you cannot advance.

    The meek will inherit the earth.

    I AM THE PARAKLETOS

    I AM THE PARAKLETOS

  36. Because Trump & the R's gave the biggest gift ever to the super wealthy in the form of MASSIVE tax cuts, yet his followers still thinks he loves them. Pathetic!

  37. Neoconservative Reaganomics. There's a reason the split between productivity and wages begins at 1981. There's a reason the split between adjusted high-skill and low-skill workers begins in 1981. There's a reason the split between number of small businesses and corporate franchises per capita begins in 1981. Gutting the safety-net in protection of trusts and profit for corporations has been killing Americans and its middle-class. While there's more specifics into it like corporate gains tax cuts, the rise of neoliberalism, cutting rights and regulations from unions, and American macroeconomics shifting more to privatized oligopolies, the brunt of the problem is Reaganomics that have not worked, will never worked, and the people who think it does keep voting in supporters of corny capitalism i.e. Some Democrats and All Republicans.

    I know "socialism" isn't the answer, but if the identity of "socialism" in this country is 'Social Democracy' or even 'Liberal Democracy', then these corporate lobbying groups sure did a helluva' job brainwashing millions of Americans into rigging the system against their better interests.

  38. I can answer this with precision. Because blue collar jobs and wages over the last 20 years have been extremely suppressed by the heavy constant invasion of illegal hispanics. Wages have gone down, benefits have decreased and the good paying blue collar jobs of the 70s-2000s, are now low income jobs compared to the likes of fast food wages. Construction, including framers, roofers, masonry, siding, plumbing tile and even electricians, are now Hispanic minimum wage jobs or less. Groundskeepers, maintenance, hotel housekeeping, concrete work, asphalt work, assembly lines, warehouse and non union manufacturing jobs, truck drivers, painters etc etc etc. They have been DESTROYED by illegal hispanics. Big companies and even smaller ones capitalized using cheap labor, forcing millions of once decently payed jobs out of existence. This was streamlined by Democratic rule charging high taxes. The only way companies could stay profitable, or maintain any growth or consistency was to hire these Hispanics who were more than willing to work for less than half the going wages. And with little or no benefits. They consider blue collar jobs now, anything under like 90k. Which is like nurses, mechanics etc. But with the offspring of these illegals getting free education, those jobs are going thru the same process. The country is left with millions of unemployed, unskilled laborers who are either now working 2-3 jobs, or on welfare, or have completely fallen victim to drugs and alcohol. These illegal Hispanics are solely the reason, combined with Democratic rule, that streamlined todays country of the rich and those who serve the rich. We are even seeing computer tech/repair jobs going thru the decline as the Hispanic population continues to expand seek, take and destroy. Black people have been severely hurt, as many from this generation didn't go to college. I had a black friend who was making 25 dollars an hour as a brickmason in 1990. He lost his job to a Mexican who was being paid 5 dollars an hour. Ryan homes, Centex they all use illegal Hispanic labor. Factories all across the country, same thing. The trucking industry same thing. Especially niches, like refuse, dump trucks etc. I know, cause I lost my good paying job to them. My dad, lost his textile job to a Mexican. My mother's maid supervisor job taken by a mexican. We had a good upbringing on my parents wages, had healthcare and lived in a 3 br 2 bath home they built. My parents raised 3 kids and built that house, two decent vehicles and provided on those jobs. IMPOSSIBLE TODAY. I know the truth as most of you do. I'm sure there is a few cases that differ, specifically in areas that haven't been invaded yet. An I'm not a freaking racist. With the outsourcing of jobs by Democratic rule. Bad has gotten worse. NAFTA destroyed millions more blue collar jobs. So you people can make all the excuses you want, but I've seen and lived it first hand, and I fully support the wall, Trump and deportation, as i have seen and lived first hand what the invasion of these Hispanic parasites have done to wage inequality. And if you haven't seen it, stand by, coming to a town near you. They are not here for freedom, or patriotism, they are here to TAKE AND steal whatever they can with no conscious. And then have the audacity to fly their Hispanic countries flag on their rearview mirrors, doors and walls. I am without work now, go to food banks to survive. And guess who I see there? The same cockroaches that took our jobs. Truth!!!

  39. Are you people blind, or just scared to be called a racist? We all know why blue collar wages declined….ILLEGAL HISPANICS!!….PERIOD!!! STOP MAKING EXCUSES!!!

  40. Did anyone mention the Clintons who gave breaks and incentives to the financial sector for creating subprime loans with 20-35 %interest rates, and everybody started getting credit cards with those rates. The majority low and middle income knowing exactly what they would do. SPEND IT! It created a retail fiesta which caused a brick and mortar boom and construction jobs that started the Hispanic invasion with loose borders, and millions of minimum wage jobs and a fictitious government fund surplus. America saw insane bankruptcy rates after and many never recovered. The brick and mortar is now on its demise. The good ole Clintons!! They started the process.

  41. I don't give a rat's ass about "income inequality"! It's the absolutely STUPIDEST concept ever – it's got nothing to do with anything. Jeff Besos having $200 billion has zero impact on me. The issue to be concerned about is whether the vast majority of Americans are earning enough to live comfortably and whether the economy is producing the goods and services people need and want at prices they can easily afford.

  42. 1:50 Whining that people who invested in themselves and got educated earn more than those who did not. It is perfectly just and right that engineers should earn a lot more than unskilled laborers. If anything, the gap is not big enough as too many still choose to remain unskilled.

  43. Completely WRONG,

    As the rich get richer so do the poor… if any of these idiots could go back and see a king and then the rest of the people the wouod realize that while today people make millions or billions the still employ non poverty line employees… not SLAVES like was the done in the past

  44. The socialist beurocrats that you vote in are the one's who are getting rich off of the higher tax rates that you begged them to impose on you.

  45. Capitalism with Trump = Brutality. Capitalism with Bernie = Humanity. We need to tame capitalism to work for all, not for the 1%. This is a government of the people, by the people and NOT for the 1%

  46. Inequality is prevalent because some people work more effectively, longer, and produce more value than others.

    Inequality is growing because people who are wise invest money to earn interest and people who are not continue to take out loans and choose to spend their money PAYING interest as a result of those loans.

  47. Two things:
    We all lose out wen less talented kids from affluent families get to go to the best schools and talented kids from less affluent families don’t.
    And a broken system will eventually lead to revolution or as the woman put it, abandoning our capitalist system

  48. America is the land of life on a credit card and instant gratification. Half live hand to mouth including many with (6) digit incomes. Conclusion: Most are financial idiots and victims of their own stupidity. I chose to manage my resources and retired comfortably living like a King on $55K a year. It was planned and took discipline. And my words will fall on deaf ears.

  49. inequality if the ultimate goal of capitalism…

    replace all the white americans with asians who work for 20 cents per hour – and then declare victory when you meet your diversity quotas

  50. This is why it is so important for support Bernie Sanders for President. The wealthy progressives of Hollywood, Silicon Valley, and in the corporate sector must start putting their money where their mouths are and pay livable wages and start paying their fair share taxes. The multimillionaire executives of companies like ABC, CBS, CNBC, Google, Yahoo, Facebook, etc. have gotten rich by paying themselves fat salaries while throwing mere survival wages to their employees who in the coming recession will be living in the streets because they never made enough to save substantially. If the corporate bums won’t rein in their greed voluntarily, laws must be pass to ensure they do so, and so preserve the American way of life which is now in jeopardy. The Republicans won't do it; the new Democrat party, led by Mr. Sanders, will.

  51. MOSTLY WROING. Money printing has kept the new money in the fewest hands. The real economy is being choked out.

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