Rich Envy?

In response to this post about the poor’s rich envy…

http://critical-thinker.net/?p=943

I think you may find the Economic Policy Institute has some interesting facts concerning the rich and poor.

http://www.epi.org/publication/11-telling-charts-about-2011-economy/

For example:

“In other words, the richest 5 percent of households obtained roughly 82 percent of all the nation’s gains in wealth between 1983 and 2009. The bottom 60 percent of households actually had less wealth in 2009 than in 1983, meaning they did not participate at all in the growth of wealth over this period.”
http://www.epi.org/publication/large-disparity-share-total-wealth-gain/

“In 1978, compensation of CEOs was 35 times greater than compensation of average workers. Since then, this ratio has skyrocketed, peaking at 299-to-1 in 2000. During the Great Recession, CEO pay fell relative to pay of typical workers because much of CEO compensation is directly linked to the stock market, which fell sharply in 2008 and 2009. However, the ratio bounced back during the recovery and stood at 243-to-1 in 2010. At this rate, it likely will not take long for the gap to reach its prior peak.”
http://www.epi.org/publication/ceo-ratio-average-worker/

However, the unemployment situation has improved since President Obama took office – checkout the graph.
http://www.epi.org/publication/job-seekers-ratio-remains-4-1-34th-straight/

I have also tracked this data at…
https://www.mixermuse.com/blog/2012/01/06/all-you-need-to-know-about-politics-1-6-12-2/

I think what is at issue here is not the ‘envy’ factor but the relative growing disparity between the rich and the poor and the erosion of the middle class. Put another way, how far would you let it go before you thought there may be an issue – 5% very wealthy and 95% very poor as many small countries have been historically and continue to be? Would you employ the same logic of envy and wealth creation if this were the case? In other words, have you set up an absolute ideology of your stated terms or are your concerns relative to the ‘current’ situation? If the current situations in these graphs is true or were true, is this acceptable to your current ideology? If not, what would be the trigger point where you might concede a break down in your ideology? Also, do you believe that the facts cited are wrong?

Is the relative growing disparity between the rich and the poor because the rich deserve it more or the poor deserve it less (let’s not get into blame about what party is responsible yet – just want to get an idea of your belief system)?

Interesting Note:
Here are America’s Highest Paid Chief Executives…
http://www.forbes.com/lists/2011/12/ceo-compensation-11_rank.html

Leave a Reply