Old video well debunked already.
1. Their narrative/graphs conflate wealth with income. These are two separate things. Raising income taxes actually SLOWS income mobility, or the ability for the poor to move out of the bottom portion of the wealth graph.
2. They misstate this data as indicating the poor get poorer while the rich get richer. Actually studies of individuals show this is not the case. Individuals in the lowest 20% in 1975 were followed for 16 years. By 1991, the majority of these people had moved up into a different bracket. The study was updated in successive decade. The latest data form the Treasury Dept. shows.
There was considerable income mobility of individuals in the U.S. economy during the 1996 through 2005 period as over half of taxpayers moved to a different income quintile over this period.
Roughly half of taxpayers who began in the bottom income quintile in 1996 moved up to a higher income group by 2005.
Among those with the very highest incomes in 1996 – the top 1/100 of 1 percent – only 25 percent remained in this group in 2005. Moreover, the median real income of these taxpayers declined over this period.
The degree of mobility among income groups is unchanged from the prior decade (1987 through 1996).
Economic growth resulted in rising incomes for most taxpayers over the period from 1996 to 2005. Median incomes of all taxpayers increased by 24 percent after adjusting for inflation. The real incomes of two-thirds of all taxpayers increased over this period. In addition, the median incomes of those initially in the lower income groups increased more than the median incomes of those initially in the higher income groups.
3. The last bullet point is important. While this video focuses on wealth inequality, isn't what we SHOULD be worried about living conditions? To put it simply which level of purchasing power would you wish on a populace?
Lowest 20% average income $8000
Highest 20% average income $200,000
Lowest 20% average income $12,000
Highest 20% average income $750,000
Obviously population 2 is less equal. Also obviously population 2's poor is better off.
Economic study after study shows when you strive for wealth equality, you do so by bringing down the standard of living to achieve equality, not by raising the floor.
- Continuity is or it is not. There is no such thing as soft continuity.
- A character IS his continuity.
- Continuity is consistency of the characteristics of people, plot, objects, and places seen by the reader or viewer.
- The Outhouse. We're not CBR yet, but the mods are trying really hard.