I think you’re both right. It’s been a problem for a long time and sure it’s gotten worse but it hasn’t been good in decades.
And I sure as shit don't want to hear anyone who votes GOP whining about the wealth gap. Literally the only major legislation the orange shitheel passed in 4 years in office was massive tax cuts for the wealthy.
What is stopping you from making large contributions to the poor? Or do you just enjoy talking shit to sound like you actually care about those folks?
Why don’t you send your social security checks back to the government because you dont approve of the deficit? Or do you not really care about the deficit?
Has it increased dramatically over the last 30 years? Trends in U.S. income and wealth inequality | Pew Research Center But middle-class incomes have not grown at the rate of upper-tier incomes. From 1970 to 2018, the median middle-class income increased from $58,100 to $86,600, a gain of 49%.10 This was considerably less than the 64% increase for upper-income households, whose median income increased from $126,100 in 1970 to $207,400 in 2018. Households in the lower-income tier experienced a gain of 43%, from $20,000 in 1970 to $28,700 in 2018. (Incomes are expressed in 2018 dollars.) More tepid growth in the income of middle-class households and the reduction in the share of households in the middle-income tier led to a steep fall in the share of U.S. aggregate income held by the middle class. From 1970 to 2018, the share of aggregate income going to middle-class households fell from 62% to 43%. Over the same period, the share held by upper-income households increased from 29% to 48%. The share flowing to lower-income households inched down from 10% in 1970 to 9% in 2018. These trends in income reflect the growth in economic inequality overall in the U.S. in the decades since 1980.
In general sure who hasn’t expressed concern? Why are you dancing around the point? If you feel so bad about the poor and their disadvantage…why not personally do something substantial to help those less fortunate? I’m sure you could give half your resources to others who have little.
It's a realistic fear. Maybe @docspor can confirm, but generally speaking, the Fed doesn't want UE below 4% for very long for this very reason. My understanding is that's not a new take. So, I am not surprised at all they're still worried about inflation. A job market that's too hot for too long will inevitably drive inflation higher. In fact, odds are we will have another run of inflation based on the data coming out recently.
interesting question - I had to look it up. It is controversial that the US fed has a dual mandate. The ECB is only tasked with stable prices. An arg could be made that the FED was slow to react to inf due to this dual mandate. But, back to the question, I never really thought about what the Fed's target UE is/was. According to this it is 4.3-4.4%. Breaking Down the Federal Reserve's Dual Mandate It is not always obvious whether the economy is in normal economic times or even where the noncyclical rate of unemployment falls. Thus, the Fed must rely on assessments from its members despite the uncertainty, and these are always subject to revision. The longer-term natural or normal rate of unemployment is estimated to hover around 4.4% during 2023. That estimate drops to about 4.3% as the economy heads into 2030.
There is and always will be a wealth gap in basically every single society, even the most socialist or communist societies. It’s been getting far, far worse since our country’s founding though and demands a reversal. Unequal gains: American growth and inequality since 1700
At a macro level, my understanding is UE rate running too low forces companies to raise wages in order to retain/acquire talent, which in turn leads to inflation as more currency is circulating in the populace competing for goods. I've suspected for some time the real number the Fed members are looking at is wage growth, not inflation. Wage growth being a pre-cursor. While rampant wage growth may sound like a lovely problem to have, it can turn into a forest fire rather quickly. While it has cooled some, it is still burning pretty hot.
