We've been a services economy for a long ass time now. We also extract rent via IP rights. Take the richest company in the world right now. Manufactures hardware in China, sells worldwide, evades taxes via Ireland, and their primary distinction mark is software (now they design hardware too tho).
Services to consumers who get paid for their services to consumers. That service can be offshored pretty easy and it many instances, it has been.
So as soon as China says off, we're now ed since ramping up production in the US for critical items isn't a walk in the park (as we saw during COVID).
China wont say fk off soon dork.
Once China says fk off to us, they fk themselves as well.
They understand this, you dont.
Your predictions and 2.75 will buy a cup of coffee at Starbucks.
outdated legal thresholds and special interest carve outs took a big bite out of overtime pay
https://capitalandmain.com/overworked-and-underpaid
Generous pandemic related public transfers had an historic effect.
https://www.nber.org/papers/w31486Heathcote et al. (2010) conducted an empirical analysis of several dimensions of inequality in the United States over the years 1967-2006 using publicly-available survey data. This paper expands the analysis, and extends it until 2021. We find that since the early 2000s, the college wage premium has stopped growing and the race gap has stalled, but the gender wage gap has kept shrinking. Both individual- and household level income inequality have continued to rise at the top, while the cyclical component of inequality dominates dynamics below the median. Inequality in consumption expenditures has remained remarkably stable over time. Income pooling within the family and redistribution by the government have enormous impacts on the dynamics of household-level inequality, with the role of the family declining relative to that of the government over time. In particular, largely thanks to generous government transfers, the COVID recession has been the first downturn in fifty years in which inequality in disposable income and consumption actually declined.
https://americanaffairsjournal.org/2...l-development/Deindustrialization, deagrarianization, financial extraction and shrinking populations in high and middle income countries are seen as the main obstacles to global economic development in this article.
The rising tide may not lift all boats and the narrative that it has up til now has been disproportionately borne by the performance of China and South Asia, according to the authors.
tl;dr
The main reason why is that they industrialized, pouring capital into productive capacity and R&D rather than pissing away their money on financial extraction and rentier gatekeeping.
Last edited by Winehole23; 09-03-2023 at 02:08 AM.
Amazon is an abusive monopoly that screws it own marketplace, buyers and sellers alike. He also owns a legacy media megaphone to massage the abuse.
Oh, and he's a world class exploiter of his own workforce.
It's OK to hate if the behavior is odious and harmful.
But go ahead, CC, tell us how Jeff Bezos is a social benefactor.
Upfront, non-means tested money was very effective not only to mitigate, but to reverse inequality.
Trump deserves credit for that too, but I don't hear him boasting on that.
Rent free.But go ahead, CC, tell us how Jeff Bezos is a social benefactor.
Reading through the thread I noticed a pending question and answered it.
you're welcome
That's why you want to stop immigration?
They taking our jobs!!!!
Stands to reason, immigrants are generally more educated than US natives. Apparently the brainpower and extra wealth are undesirable.
the rising tide does not lift all boats
Oxfam expects the world’s first trillionaire within a decade and poverty to end in 229 years! The wealth of the world’s five richest men has more than doubled from 2020, as 4.8 billion people became poorer.
The 2024 Oxfam report en led Inequality Inc. warned, “We’re witnessing the beginnings of a decade of division” as billions cope with the “pandemic, inflation and war, while billionaires’ fortunes boom”.
“This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else”, noted Oxfam International’s Amitabh Behar.Global Poverty Grows as Super-Rich Get Richer Faster (substack.com)Summarising the report, Tanupriya Singh noted gaps between rich and poor, and between wealthy nations and developing countries had grown again for the first time in the 21st century as the super-rich became much richer.
The Global North has 69% of all wealth worldwide and 74% of billionaire riches. Oxfam notes contemporary wealth concentration began with colonialism and empire.
Since then, “neo-colonial relationships with the Global South persist, perpetuating economic imbalances and rigging the economic rules in favour of rich nations”.
The report notes, “economies across the Global South are locked into exporting primary commodities, from copper to coffee, for use by monopolistic industries in the Global North, perpetuating a colonial-style ‘extractivist’ model”.
Inequalities within rich nations have grown, with marginalised communities worse off, giving rise to rival ethno-populisms and vicious iden y politics.
Seventy per cent of the world’s largest corporations have a billionaire as principal shareholder or chief executive. These firms are worth over $10 trillion, which exceeds the total output of Latin America and Africa.
The incomes of the rich have grown much faster than for most others. Hence, the top 1% of shareholders own 43% of financial assets worldwide – half in Asia, 48% in the Middle East, and 47% in Europe.
Between mid-2022 and mid-2023, 148 of the world’s largest corporations made $1.8 trillion in profits. Meanwhile, 82% of 96 large corporations’ profits went to shareholders via stock buybacks and dividends.
Only 0.4% of the world’s largest companies have agreed to pay minimum wages to those contributing to their profits. Unsurprisingly, the poorer half of the world earned only 8.5% of world income in 2022.
The wages of almost 800 million workers have not kept up with inflation. In 2022 and 2023, they lost $1.5 trillion, equivalent to an average of 25 days of lost wages per employee.
monopoly power screws workers
Oxfam notes that monopoly power has worsened world inequality. Thus, a few corporations influence and even control national economies, governments, laws, and policies in their own interest.
An International Monetary Fund (IMF) study found monopoly power responsible for 76% of the fall in the labour share of US manufacturing income.
tax the rich....
feed the poor...
til there are no - rich no more....
that's not what anyone is proposing. the money making money isn't taxed at/over 100%, not even close.
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