Half of Americans are “shut off from economic growth”
Even after accounting for the occasional recession and slowdown, America’s economy has greatly expanded since the days of disco.
Despite that growth, however, half of Americans have failed to share in the country’s economic gains since the 1970s, with roughly 117 million American adults living on income that’s stagnated at about $16,200 per year before taxes and transfer payments, according to new research from economists Thomas Piketty, Emmanuel Saez and Gabriel Zucman.
The findings help explain the sharp divisions in America’s growing, yet increasingly unequal, economy, with previous research from Saez and Zucman finding that the riches of the country’s top 1 percent had reached the type of dizzying heights only previously seen in the era of “The Great Gatsby”and the Gilded Age. The economists called the income stagnation experienced by the bottom 50 percent of Americans as “the most striking development in the U.S. economy over the last decades.”
“The bottom half of the adult population has thus been shut off from economic growth for over 40 years, and the paltry increase in their disposable income has been absorbed by increased health spending,” the authors wrote in their paper.
And the elites wonder why so many are so desperate.canoeist52, Gracchus, snot and 10 othersjwirr, FanBoy, Lynetta, DJ13, A little weird, Atticus Fox1, Downwinder, , broiles, Doremus Jessup like this"But nothing ever changes unless there's some pain" - Tears For Fears "Goodnight Song"
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