This seems evidentto most of the world. Good job numbers, rising wages and increasing GNP. Leads the developed world. Good news I.M.F. Raises U.S. Economic Forecast as Other Regions Lag It is projecting 2.7 percent growth for 2025. But uncertainty about pending Trump policies looms over the global economic trajectory. https://www.reuters.com/markets/us/imf-lifts-us-growth-forecast-marks-down-china-sees-lackluster-global-economy-2024-10-22/#:~:text=CONSUMER STRENGTH,rising wages and asset prices. US remains engine of global growth in latest IMF forecasts WASHINGTON, Oct 22 (Reuters) - The U.S. economy will continue to provide most of the thrust for global growth through the balance of this year and in 2025, led by robust consumer spending that has held up through a wrenching bout of inflation and the high interest rates used to tame it, the International Monetary Fund said on Tuesday. In its latest World Economic Outlook, the IMF raised its 2024 and 2025 economic growth forecasts for the U.S. - the only developed economy to see its outlook marked up for both years - and its chief economist said the "soft landing" sought by the Federal Reserve in which inflation eases without big damage to the job market had largely been achieved.
In before the maggats claim the economy was so robust because the felon was a candidate for office! LOL
Who cares what they say? As I've said before, MAGA is just a drunk tailgate shouting at opposing fans as they go by. And should be treated as such.
If we keep saying the economy is robust than maybe untold scores of millions of American households will stop struggling.
I know we’ve discussed that disconnect before. And I know some of it was just political. But not all. The opinion out there was clearly that the country has been struggling economically. You’d have thought there were bread lines
The disconnect is that a robust economy NEVER works for the working class. They just care less it isn’t working when you can blame brown immigrants vs white capitalists.
The one group that has not been doing well since the economy recovered from the 2008 Great Recession is the working poor. And that is simply because the federal minimum wage has not increased since 2007. In terms of purchasing power, they have seen their income reduced by 30% or more by inflation. Many of the wealthier states have increased minimum wage well beyond that of the federal standard, but that is because those states are more expensive to live in. Harris probably had an easy pathway to the White House by offering to make raising the minimum wage a priority in her administration (and bringing forth a specific plan), but she blew it. A total of 6.7% of Americans earn $15-25k/yr, and would be impacted by a raise in the minimum wage. (She would have had to figure out that the raises had to be incremental over a 20-year period, and not an overnight raise, which would destroy many of the jobs and upset the economy.) She thought she had enough votes to win without the 6.7%, so she let Trump have those votes. She did well with the college-educated voters, but it just wasn't enough.
it worked in the 50's and 60's. when top income rates were above 70% and yet millionaires were still growing their wealth while paying for things that made life better for working class people.
I think that is a product of the fact that inflation hits the poor and the working class the hardest. And just because inflation has gone down does not mean that prices have gone back down to what they were in '19 or '20. If the price of gas can get back down to about $2.15 to $2.45 that would like start helping working folks feel like things are getting better. It will be interesting to have historians look back on Biden's Admin and study how his energy policies impacted gas prices and the affect that could have had in helping to slow inflation seeing as the Green New Deal ended up as the Inflation Reduction Act that spurred inflation.
i am merely stating that from 1932 until 1981, now that I look, the top rate was at or above 70%. Just a historical fact. and our economy continued to grow and innovate. less global competition then I understand. that additional funding paid for things that made life better then without driving up big national debt that then siphons interest. why is it that until 81, we could have such high rates on the top earners, with less loopholes, and yet they still prospered. The economic disparity is going to lead to social unrest. I would prefer to avoid that. Some would seem to crave it just to say I told you that you needed to be armed to the teeth what would inflation adjusted income for the 70% threshold in 1980 be? Historical Income Tax Rates | Wolters Kluwer
In 1981 a married couple would pay 70% on anything above $215,400 and a single filer would pay 70% on anything over $107,700. According to a google search, $1 in 1981 would be worth $3.47 today. So a 70% tax rate in '25 based on 1981 tax rates would start at around $744,000 for married couples and $372,000 for a single filer. So are those the income levels that a 70% tax rate should start at? Historical Federal Individual Income Tax Rates & Brackets, 1862-2021 $1 in 1981 → 2025 | Inflation Calculator
Workers have been getting a smaller cut of the pie since the 1950s too. I don’t have the information for all the executives but looking at CEOs their pay was on average 20x their median worker’s salary in the 1950s. It’s now in excess of 300x.
