We are told almost daily of the attributes of the “free market” economy….but those markets are far from free….for many years I have written numerous times about this lie….this illusion…..
Then there is the economic inequality….where 1% of the population owns more than the bottom 80%…..but how bad can it possibly be?
Well as you might imagine I have also written numerous posts on this as well…..
After WW2 the economic growth ranged across all levels of society but that equality was to be short lived……our economy has become winner take all….and each passing year the inequality spreads.
In the three decades following World War II, the US saw economic growth that was shared across all levels of income, from the working class to the richest 1 percent. But that changed after the mid-1970s as income inequality increased exponentially during the next four decades.
A new study by nonprofit research organization RAND nails down what really happened. It shows that this rising inequality took a substantial bite out of the earnings of up to 90 percent of American households.
In this week’s WhoWhatWhy podcast, we talk with the authors of the RAND study, mathematician Carter Price and labor economist Kathryn Edwards.
Price and Edwards detail the unique approach they took in putting this report together. Up until now, they explain, nobody had devised a formula to show just how individuals and their families were affected by the rising inequality across the entire income spectrum.
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