Is there any data that refutes the notion that all incremental wealth in US goes to the wealthy?

Question

Guys, I am still waiting to see some data that disproves the idea that all incremental wealth goes to the top in the US. I have data that supports this idea, which I pulled from the Bureau of Labor Statistics. I would be happy to share the data with you by request. I'm at [e-mail].

Now, I have seen a lot of the usual beligerent right wing response to my inquiries. And, some well-intentioned but unsatisfying appeals to comparative GDP growth and such. But, I haven't seen anything that can't be easily explained as a measure of growth for which all the gains go to the top.

Please present some iron-clad data that shows that people who are working hard, playing by the rules, keeping out of trouble, striving for the dream are in any way advancing their position in this country as it is currently rigged.

--------------
Kevin, see your response. So, do you not have any data? The data pulls I do show that total compensation is up on real terms over the past 55 years. In fact, it's up more than 100%. However, the measure includes executive salaries and bonuses, and also medical expenses and other benefits. With the exponential growth of executive pay in the past 20 years, and the high rate of increase in medical expense -- it's possible that all the compensation increase is accounted for there.

Technology operates on the economy. It makes it possible to accomplish more with the same relative amount of resources. No argument there. I guess I would argue that the average person cannot afford goods that are worth any more today than the same relative bundle in 1950.

A computer that can now be purchased for $50 on eBay used to cost millions and fill a large room with same functionality. Bringing up technology, you have an apples to oranges in terms of economic power.

Answer 1

Yes, I am not wealthy and I receive incremental interest payments.

That refutes this notion.

Good investing to you!

Mr. V


PS: MLMs of course, are rigged.

Answer 2

If you did a bit more research you'd have no trouble finding blogs, columns, and books in which people present exactly the data and explanations you are looking for. There are always problems with the type of data that seem to support your argument -- e.g., there are various controversies surrounding such issues as inflation estimates, and real wages vs. salaries vs. total compensation, etc.

However you could also use some common sense and look around you. Simple consumption patterns prove beyond any doubt that people today are better off than they were in years past. Are houses bigger and nicer? (Visit a 30 years old middle class neighborhood; then go to a brand new middle class neighborhood). Are cars better, safer, and with more horsepower? Do typical people get to indulge in goods and services that few people or no one had years ago?

Computers, cell phones, free long distance, broadband internet access, HDTV, cable TV with hundreds of channels, Big screen flat panel TVs, digital music, free downloads, iPods, pet health care insurance, air travel, college education, this hypochondriacs paradise of medical treatment and drugs that did not even exist 20 years ago, available even to those people who so famously have no health care insurance? The answer to all of the questions is a very obvious YES.

If people were content to limit their consumption to only the products and lifestyles that were typical 10, 20, 30 years ago, most people would find that they have money coming out of their ears.

You can also use some common sense and ask yourself, could the typical person do things to make himself or herself more valuable and increase income? Can you go to med school, law school, work two or three jobs like immigrants famously do? Go back and get a degree in chemical engineering or learn to be a computer programmer? Can you exercise some personal discipline to avoid too much debt and invest money instead? The answer to all these things is yes -- perhaps limited only by your own intelligence in some cases -- the opportunities have never been so ready and abundant. So people should quit whining.