There are lies, damn lies, and statistics.
You're rich!
- Thread starter Macfrommichigan
- Start date
We do live in a world of riches. Most everyone living today in 1st world countries have great luxuries when compared centuries ago: air-con, TV, mobile phones, indoor plumbing, enough food to become obese, etc. And yet still there are so many people struggling around the world, even with smart people like Jeffery Sachs trying to figure out good public policy. The End of Poverty - Wikipedia
Then again it is headlines like this that capture most peoples attention.
The 3 Richest Americans Hold More Wealth Than Bottom 50% Of The Country, Study Finds
I hope everyone on this forum is rich. Or at least has a big stockpile of shaving supplies.
Then again it is headlines like this that capture most peoples attention.
The 3 Richest Americans Hold More Wealth Than Bottom 50% Of The Country, Study Finds
I hope everyone on this forum is rich. Or at least has a big stockpile of shaving supplies.
- Thread starter
- #23
We do live in a world of riches. Most everyone living today in 1st world countries have great luxuries when compared centuries ago: air-con, TV, mobile phones, indoor plumbing, enough food to become obese, etc. And yet still there are so many people struggling around the world, even with smart people like Jeffery Sachs trying to figure out good public policy. The End of Poverty - Wikipedia
Then again it is headlines like this that capture most peoples attention.
The 3 Richest Americans Hold More Wealth Than Bottom 50% Of The Country, Study Finds
I hope everyone on this forum is rich. Or at least has a big stockpile of shaving supplies.
Well said. We have many blessings today, including medical and technological ones. And shave kit. But it is also true the gap between the top 20% and the bottom 20% gets bigger and bigger.
shavefan
I’m not a fan
Globally, I wonder how much aging populations, population growth, combined with automation in various job sectors weigh on the disparity between the top and the bottom.
- Thread starter
- #25
So many factors!
Consider this scenario: You work for Acme, Inc. Every year Acme employees get a 5% raise. If you are the CEO or a senior manager, that raise could amount to $20,000 or $40,000 or $60,000, right? But if you work in the mailroom, that raise might be $750 or $850. Now, the kicker is, every year the folks at the top get bigger and bigger checks. So do the folks at the bottom, and in the middle. But at the top the checks are way bigger. Hence, the disparity in income grows with time.
Now, consider asset growth. If your 401k grows 7% a year and you have $50,000 in the fund, you gain $3500. If you have a retirement account with two million, a 7% gain is what, $140,000? And this continues over time.
A rising tide may lift all boats, but some rise more than others.
Consider this scenario: You work for Acme, Inc. Every year Acme employees get a 5% raise. If you are the CEO or a senior manager, that raise could amount to $20,000 or $40,000 or $60,000, right? But if you work in the mailroom, that raise might be $750 or $850. Now, the kicker is, every year the folks at the top get bigger and bigger checks. So do the folks at the bottom, and in the middle. But at the top the checks are way bigger. Hence, the disparity in income grows with time.
Now, consider asset growth. If your 401k grows 7% a year and you have $50,000 in the fund, you gain $3500. If you have a retirement account with two million, a 7% gain is what, $140,000? And this continues over time.
A rising tide may lift all boats, but some rise more than others.
shavefan
I’m not a fan
and the robot that took the production workers job gets no raise
More like “a rising tide lifts all yachts”
"All animals are equal, but some animals are more equal than others."
-Orwell(Animal Farm)
- Thread starter
- #29
The lesson, I suppose, is to select rich, and preferably good looking parents.
Probably the best Orwell quote ever
And the next one:
“The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which.”
Agreed. I don't mind the tide raising all boats. A person/company such as SteveJobs/Apple made himself wealthy as well as many employees. And provided customers devices that are very expensive, yet most could not imagine living without. A win-win for everyone.
Most of the "oversized" CEOs paychecks are based on stock gains. Stock prices have greatly benefited from Federal Reserve and Central bank policies (extremely low interest rates & QE), so public oversight had a role. Add to that is how most board of directors practice the "lake wobegon effect" e.g. our leadership/CEO is certainly above the industry average.....after all we are smart and we hired them in the first place....so lets pay them above average...wash, rinse, repeat, every few years and public company leadership pay has ratcheted up faster than most things.
Interesting perspective of different incomes and standard of living around the world.
Dollar Street - photos as data to kill country stereotypes
I would have greatly preferred if this website had posted per household numbers in their local currency along with a date. Or even USD and date of the conversion to get a truer sense of their economic plight. It appeared that manyof these posts had be converted into USA "pricing power" which is far too abstract and subjective IMO.
For instance this family in South Korea earns $660/month in pricing power Dollar Street - photos as data to kill country stereotypes
while this family in India $4621/month Dollar Street - photos as data to kill country stereotypes
Which makes no sense when you look at the photos of each (the Indian family does not look 7 times "richer" than the South Korean).
Dollar Street - photos as data to kill country stereotypes
I would have greatly preferred if this website had posted per household numbers in their local currency along with a date. Or even USD and date of the conversion to get a truer sense of their economic plight. It appeared that manyof these posts had be converted into USA "pricing power" which is far too abstract and subjective IMO.
For instance this family in South Korea earns $660/month in pricing power Dollar Street - photos as data to kill country stereotypes
while this family in India $4621/month Dollar Street - photos as data to kill country stereotypes
Which makes no sense when you look at the photos of each (the Indian family does not look 7 times "richer" than the South Korean).
shavefan
I’m not a fan
Which makes me think about the fact that Washington D.C. is in the top 5 " highest cost of living" in the U.S. The cozy relationship between our lawmakers and corporations is alarming.
My earlier post about robots replacing human jobs hits home with me as I worked in the automation industry for nearly 20 years. I've seen the change, and for lower and middle income jobs it hasn't been good. I found it a bit eerie to walk through a 300,000 sq/ft manufacturing plant with only a handful of maintenance personnel practically running the whole place. Compared to 2-3 decades prior and that same plant was relatively teaming with workers. And as automation technology evolves, at an ever increasing pace, I wonder about the future of incomes/jobs at the lower/middle class levels, although a lot of this low hanging fruit is already off the tree. IME, the middle management jobs will be next in the automation crosshairs (they already are in fact) and I expect we'll see those job replaced at an accelerated pace in the future. I also expect that the owners and higher management positions will continue to do fine.
It costs too much to get elected.
Cost of 2018 election surpasses $3.9 billion, a midterm record - OpenSecrets News
shavefan
I’m not a fan
It's criminal.
Here's how to read the figures-
If you are of median worldwide net worth, you are screwed.
If you are of median worldwide net worth, you are screwed.
I ask, as a personal favor, that you not calculate and post what that amounts to in terms of dollars per combined IQ points of the winners.
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