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   PoliticsThe Runaway Income and Wealth Inequality in America


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From: ryanaka3/12/2019 4:21:28 PM
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The Forty Year Accumulation Of Income Inequality in America.

Top0.01% has exploding income and thus wealth.

Top1% way above the GDP Growth.

Top10% at par with GDP Growth.

Bottom90% way below the GDP Growth.


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From: ryanaka3/12/2019 4:25:34 PM
   of 67
 
"The Fed may have inflation under control, but it has allowed income inequality and shadow banking to get out of control "

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From: ryanaka3/13/2019 9:10:40 AM
   of 67
 
PPI, CPI lower today (March 2019) than at the beginning of Donald Trump presidency.


Republicans are no (fiscal) conservatives.



Enriching themselves (Top1%) and the Explosion of Budget Deficit is what the GOP is all about.

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From: ryanaka3/15/2019 2:12:25 PM
   of 67
 
Few Americans see savings from Trump's tax reform: Reuters/Ipsos poll

"The March 6-11 survey found about 21 percent of adults who had either filed their taxes or planned to said “the new tax plan that Congress recently passed” would let them pay less this year; about 29 percent said they would pay more; 27 percent said there would be no impact; 24 percent said they were not sure."

reuters.com

=> Further steepening the wealth transfer curve from the Bottom90% to the Top1%.

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From: ryanaka3/17/2019 6:44:31 PM
   of 67
 
U.S. deficit grew 77% in first quarter of 2019
The Treasury Department said the U.S. deficit grew 77% in the first 4 months of the 2019 fiscal year (beginning Oct. 1), driven by sweeping tax cuts passed at the end of 2017 and increased federal spending, reports the Washington Post.

The big picture: The department said the deficit for the 4 months amounted to $310 billion — up from $176 billion recorded in the same period during the last fiscal year. Meanwhile, tax revenue from October 2018 through January 2019 dropped $19 billion, per the Post. Corporate tax payments fell approximately 25%, and there was a 9% increase in federal spending.

https://www.axios.com/federal-deficit-77-year-16fd4460-7ac0-4050-a42d-7d2b442533b0.html

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To: ryanaka who wrote (5)3/17/2019 6:47:25 PM
From: ryanaka
   of 67
 
Debt is suddenly hot

The truism that debt and deficits matter is fading away among policy elites.

Driving the news: The chorus is telling us don't worry, be happy: The Wall Street Journal: "Worry About Debt? Not So Fast, Some Economists Say" ... Foreign Affairs: "Who’s Afraid of Budget Deficits?" ... NY Times: "How America Learned to Stop Worrying and Love Deficits and Debt."

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The NY Times' Neil Irwin captures the debtgeist: "Economic orthodoxy that ruled for decades held that fiscal responsibility was inherently good and the national debt a leviathan to fear. Now the intellectual and political currents are flowing — gushing, really — in the opposite direction."That's after the national debt passed $22 trillion, the most ever — $2 trillion of that while Trump was in office.

https://www.axios.com/national-debt-deficit-matter-738423e7-a283-4576-8eda-bdf7f3fe9fb3.html

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From: ryanaka3/18/2019 3:31:29 PM
   of 67
 

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From: ryanaka3/18/2019 3:55:10 PM
   of 67
 
"Wealthiest 10% of Americans own 84% of all stocks in America."


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From: ryanaka3/21/2019 10:29:59 AM
   of 67
 
Trump's Middle Class Tax Hike:
Last year, my federal tax return (for 2017) was over $4,000
This year, my federal tax return (for 2018), I owe some hundreds dollars.

Total paycheck federal income tax deduction remained virtually the same between 2017 and 2018.
  • My income level probably falls in the 70-85 percentile, Middle Class.
  • My income remained almost the same between 2017 and 2018.
  • However, the Adjusted Taxable Income went up by more than $30,000.
  • The biggest difference was the elimination of various deductions in Trump Tax Law:
    Family deduction; State tax deduction; Property tax deduction; Charitable contribution
    , ..


In the Chart below:
Upper middle class is 90th to 99th percentile, making $120k to $425k after tax. Their income growth is at par with the GDP growth.
Middle, lower middle and poor people lost ground for the past 40 years, with their income growth falling further below the GDP growth, while the Top1% gaining ground with their income growth much in excess of the GDP growth. The Top0.01% Billionaires saw their income growth sky rocket.


If a Nation's economic productivity growth is measured by the GDP growth, then the people must share the benefit in a fair way. On average this should be reflected in the income growth, not just the 0.01%, 1% or 10% of the people. It must be reflected in the income growth for the 70-95% of the people.


America's system is broken. Ronald Reagan started it. All GOP presidents aggravated the income inequality problem further. Donald Trump exploded the problem with his tax cut to the ultra wealthy (1% and 0.01%) and Trump Tax Hike for the bottom90%.


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From: ryanaka3/21/2019 11:05:51 AM
   of 67
 
The American middle class is stable in size, but losing ground financially to upper-income families


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