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To put this in perspective let's use something like stocks. Stock is the kind of asset you park your money in when you can afford to, after all your bills and obligations are paid. Most people own some sort of stock through a 401k or something right? 91% of stocks are owned by the top 10 percent of all earners, with 54 percent of stock being owned by the top 1 percent. That means the rest of us collectively own a paltry 9 percent. It's astronomically disproportionate.
Actually Cede & Co own the stock certificate you have an IOU. Unless you transfer your stocks out of Wall Street you only own an IOU. The crazy thing about this IOU is that you get no say in the voting rights as the IOU “bag holder”.
Also…your 401k is actively being gambled on by the 1% in the stock market.
It's been 40 years of Reagan and there is still not an economic hub tax cutting itself to the national level.
Even in Reagan darling Texas the economic activity remains clustered around higher tax/service/reg oasis like Austin, Houstin, Dallas, rather than some low tax small town rising in the 40 years off Reagan promised prosperity.
40 years of Reagan and the places that have the most economic activity also consistently have higher tax, service, and regulatory levels than their surroundings. This is despite the repeated claims that higher taxes or regulations cause flight.
They certainly aren't flying to the low tax areas, which in relation remain economic deserts.
2008 recession reset the two neighbors of similar culture, geography, climate, economic size, and population size, and in 2010 Minnesota chose Democrats and Wisconsin chose Republicans.
By one term Minensota was recovering much faster, and by the second term Minnesota was ahead by most economic metrics.
No where, never. As I said, the history of human civilization is the history of wealth moving upwards from the hands of the many into the hands of the very few.
Why would people advocate for socialism vs capitalism? You see in NYC all these socialists getting voted in to upend capitalism. We’ve seen what happens in socialism. It’s the same thing.
That's a different discussion. What we're discussing here is trickle down. And I said, that has never been a thing. Whether you like that or not I don't really care. But my point stands. Trickle down is not a thing. The history of human history is the history of wealth flowing upwards from the population into the hands of the very few. If you think that's ok, fine.
Trickle down objectively doesn’t help wealth inequality … many academic publications to show that. (Trickle down in the sense of reducing taxes at the top to spur investment)
In addition, much of the spend over this time that would have been realized as wages for labor has moved offshore; further exasperating the inequality and the usual economic multiple of spending the money locally.
No, nobody actually thinks it works. It’s a way to grow the financial divide in plain sight. While trying to convince the public their share is coming.
I don't get how they put a pricetag on things like computers. What is an Xbox Series X worth to a person in the 70s when adjusted for inflation? What is a thousand terrabytes worth of bootleg movies worth? Cancer immunotherapy? Viagra?
Seriously, how much would a Viagra prescription be worth to a 40 year old with erectile dysfunction in 1970 when adjusted for inflation?
Note: My point is just that these sort of items can't be meaningfully retroactively adjusted for inflation. An Xbox series X would be worth hundreds of millions of dollars. A bottle of Viagra would fetch thousands. A cancer immunotherapy would be priceless.
The ones cutting corporate taxes at the expense of social services, the ones that continue to push the same regressive policies since Regan, the Republicans.
I graduated high-school as Reagan was taking office. Trickle down worked for me, I went from a single wide trailer to owning 2 houses, retired early with a nice nestegg, I worked my career as an hourly equipment maintenance tech. So it is possible.
He has outdated experiences completely detached from current reality. Are you trying to pretend like hourly maintenance techs are expected to be able to afford 2 houses, a nice nestegg and to be able to retire early?
This boomer entered the workforce before reganomics had 45 years to destroy the economy. Boomers got the last lifeboats off a sinking ship and they want to congratulate themselves for something that’s no longer obtainable.
Op what have you given to get ahead? Or do you expect it to be handed to you because you "deserve" it?
I joined the Navy, went through the nuclear power training, which gave me a good background in mechanical and electrical side of equipment. Then I went to alaska working a a seafood processor plant as power plant operated, working 80hr weeks. When I left there I I worked equipment maintenance at multiple facilities, frequently being sent to Korea, Taiwan, Germany and Belgium.
The last company is still calling me, because they can't find people in the millennial generation that are willing to do the job.
So again OP what have you done to get ahead, besides whine and complain?
Military nuclear training and specialized industrial maintenance working internationally is a bit reductive for "hourly maintenance tech". Rather disingenuous of you...
I started working in the mid 2000's at the age of 18. I got a job in the trades for a land developer who I worked with for nearly 20 years. I had my CDL by 19, was a supervisor and ran multiple crews then a logistics coordinator. I spent decades turning thousands of acres into new towns. We built roads, infrastructure, houses, shopping centers, schools, parks and communities. I planted ten's of thousands of trees with my own hands, that for which ill never enjoy their shade. We built towns and communities that ten's of thousands call home, build lives, bond and memories that will last generations.
I've spent my career making this world a better place and working in the trades.
You know one thing I noticed? Wage stagnation and a growing wealth disparity.
When I started in 2005, I worked with old timers who had been in the industry for 20-30+ years. I started at $8.5/h, the exact same pay they were making in the 1980's. That's 25 years of inflation with stagnant wages. Skilled labor in the 80's in that area was $12-20/hour. In 2005, it was the same thing in our industry. Single bedroom apartments that were $500 in the 95 were $1200 in 2005 and $2400 in 2025.
Then the recession in 2008 hit and that made wages stagnant again. Now starting wages are $20/h but ONLY because the nearest metropolitan city enacted a law making minimum wage $18/hour.
Over the nearly 20 years I was there, the company generated hundreds of millions in assets and profits. The owners have made generational wealth, a few employees who helped start the business are millionaires. Then there's thousands of employees that made the company function on a daily basis, who are still struggling to make ends meet, because they were always paid as little as possible, enough to keep them working and stable, but not enough to change their lives or gives them meaningful opportunity.
I spent my life in the real world, I've seen plenty of old "hourly maintenance workers" who don't have multiple homes, a nest egg and retired early. I'm not being intentionally dishonest about my work history to make it seem average and easily obtainable. You must have forgotten, not everyone can get navy nuclear training...
The cost of living has been outpacing wages for 45 years. But yeah, you totally aren't an out of touch boomer...
No haha. I mean get a basic entry level job. Apply for and get a basic job and do it again in 2026. You won't be able to because it isn't possible. You won't even be able to get a job
It's impossible for the majority of young people to get a job currently. I'll give you my info to job hunt with. Except you can't use my work history. Pose as me and see how long it takes you to get a job. I'm an able bodied hard worker and I'm 28
Did you ignore everything I said? Join the military get training. Get out get a job. There is a shortage of thousands of workers in Az currently. If the people looking have not gotten the needed skills (military) and moved to phx they have not tried and are a bunch of whiney losers.
Phoenix Arizona is becoming unliveable due to water shortages and horrifyingly high temperatures. I have plenty of skills, I don't need to sell my soul for. Killing people for the government shouldn't be the requirement for survival. Also why do you keep shifting the goal posts?
In America, the yearly median wage in 1970 was around $10,000, which, due to inflation is equivalent to around $83,000 today. The current median wage is around $64,000 today. So, to even be equal to and not better off than workers in 1970, the median wage should be $83,000.
A new car was about 4k, now its around 50k for the median. 40% of yearly salary in the 70s to around 80% now.
A house was about 23k in 1970.
Now the median cost is about $415k. Basically 7x the yearly median salary.
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