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Re: The alarm bells begin to ring in China
I find it rather interesting that even the top 1% saw a decline in their rate of income gain in the period after 1979. Given the apparent triumph of capital over labour, and that cohorts accumulated assets, that is surprising.
Nevertheless, it seems that finding a way to level out or re-distribute income, so people can service their debt, is of more immediate concern than the potential ills of large wealth disparities - as long as the public can continue to be pursuaded that the American Dream is alive and well.
Originally posted by FRED
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Don't mean to step on any toes here (metalman) and maybe this supports the point you're making. From this week's commentary:
The top 20% have plenty off assets to cover debts. Everyone else?
As you say, c1ue, looks like a setup for political/economic disaster.
The top 20% have plenty off assets to cover debts. Everyone else?
As you say, c1ue, looks like a setup for political/economic disaster.
Nevertheless, it seems that finding a way to level out or re-distribute income, so people can service their debt, is of more immediate concern than the potential ills of large wealth disparities - as long as the public can continue to be pursuaded that the American Dream is alive and well.
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