General Discussion

hfojvt

(37,573 posts)

51. it's income though - not wages

Tue Dec 10, 2013, 06:34 AM

Dec 2013

although they don't say if it is pre-tax or post-tax.

I think the bend point is in 1980, as shown here http://www.democraticunderground.com/10023937994

income share of the top 1%
1960 - 10.03
1980 - 10.02 flat for twenty years
2010 - 19.86

income share of the top 4%
1960 - 12.54
1980 - 13.15 a slight gain
2010 - 15.99 a much bigger gain

logically, if the top 1% gets $2 trillion worth of tax cuts from 1986-2006 then that money adds to their wealth, and since their money "works for them" they use that extra wealth to make even more income.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

55 replies

= new reply since forum marked as read

Highlight:

Reaganomics is what happened to our economy [View all] Scuba Dec 2013 OP

Rec. Great Graphic........ Smarmie Doofus Dec 2013 #1

Center on Budget and Policy Priorities Wilms Dec 2013 #2

+1. n/t Smarmie Doofus Dec 2013 #4

Been saying that for 30 yrs FreakinDJ Dec 2013 #3

I wonder why they chose 1973 as a starting point and what would happen if they chose a different freedom fighter jh Dec 2013 #5

1974 Housing Bubble FreakinDJ Dec 2013 #7

pre- and post- oil embargo? eShirl Dec 2013 #8

blue loses after 1968 hfojvt Dec 2013 #47

I agree, the true bend point is 1969 Sirveri Dec 2013 #48

it's income though - not wages hfojvt Dec 2013 #51

K & R for the collosal failure & expecting the backlash to turn LEFT in a huge way, can you mother earth Dec 2013 #6

Think how good we would be doing if we were following the pre-Reagan graph right now! Dustlawyer Dec 2013 #9

I remember old Bushy calling it VOODOO economics.... Historic NY Dec 2013 #10

Instead of naming an airport after Reagan, MannyGoldstein Dec 2013 #11

Reagan's Debt! ReRe Dec 2013 #12

I think the REAGAN DEBT is better than Reagan's Debt. pangaia Dec 2013 #19

Yes.... ReRe Dec 2013 #32

BTW just to note hootinholler Dec 2013 #40

Sorry I didn't describe it accurately... ReRe Dec 2013 #46

Priceless..... pangaia Dec 2013 #44

Hedrick Smith reminds me of... ReRe Dec 2013 #45

Hey, Rupert Murdoch's billionaire donors paid for that privilege fair and square. Lasher Dec 2013 #13

The idea was not new. Government joined with corporations is fascism. And if the isn't good enough jwirr Dec 2013 #14

k&r for the truth, however depressing it may be. n/t Laelth Dec 2013 #15

A great successs... Gary 50 Dec 2013 #16

Exact.. sendero Dec 2013 #30

I can't recommend this enough times liberal N proud Dec 2013 #17

Who's Mow? pangaia Dec 2013 #20

Who's... Gary 50 Dec 2013 #21

What's on second. pangaia Dec 2013 #23

Actually started decade before RR econoclast Dec 2013 #18

Your graphic shows the 1% also suffered a decline beginning in ~ 1973 ... Scuba Dec 2013 #24

The decline for the 1% econoclast Dec 2013 #25

What happened in the early '70's was gas prices skyrocketing. What happened in 1982 was Reagan. Scuba Dec 2013 #26

Respectfully disagree econoclast Dec 2013 #41

The Economic Recovery Act of 1981 was an across the board cut. badtoworse Dec 2013 #55

Reaganomics was the beginning of the end for the middle class nt HelenWheels Dec 2013 #22

1981 CountAllVotes Dec 2013 #27

Exactly gopiscrap Dec 2013 #28

K&R Agree. nt stevenleser Dec 2013 #29

They lied all the way to the bank. KansDem Dec 2013 #31

IMO, what began happening to our economy around 1980 was inevitable badtoworse Dec 2013 #33

If the international labor market was the only consideration your theory would have more credence. Scuba Dec 2013 #34

Decades of high taxes and massive public spending would have preserved the economy? badtoworse Dec 2013 #35

Yes, a progressive tax system and public investment have benefited the economy .... Scuba Dec 2013 #36

Look at the attached graph from the St Louis Fed badtoworse Dec 2013 #37

Sure he cut taxes...for the top income earners. And then he raised taxes. Again and again and again progressoid Dec 2013 #49

If I recall correctly, income tax rates were cut across the board, not just on the wealthy badtoworse Dec 2013 #52

Yes, the initial cuts were across the board. progressoid Dec 2013 #54

Globalization moondust Dec 2013 #38

Revenue colsohlibgal Dec 2013 #39

All hail to Saint Ronnie, the gipper, whose deification is on the fast track. Glory be to indepat Dec 2013 #42

Yep kentuck Dec 2013 #43

Who Stole The American Dream - Video - Book cantbeserious Dec 2013 #50

I've Been Saying This For More Years Than ChiciB1 Dec 2013 #53