Does anyone else see a problem with this picture?

[kpete]

Robert Reich

U.S. billionaire wealth in 2010: $1.5 trillion
U.S. billionaire wealth in 2020: $3.9 trillion

Federal minimum wage in 2010: $7.25
Federal minimum wage in 2020: $7.25

Does anyone else see a problem with this picture?

Link to tweet

?s=20

[Blue Owl]

1. K&R for visibility

[Bernardo de La Paz]

2. It's unsustainable. Change it peacefully, please. . . . nt

[yonder]

38. Good words

[OldBaldy1701E]

43. Well

attempting to change it peacefully is why it has not changed. Maybe something a bit more... forceful?

[Hortensis]

3. It's been the same KIND of picture for over 35 years.

Last edited Sun Jan 31, 2021, 08:36 PM - Edit history (1)

And the Democratic Party has been trying to stop its development for that long.

Btw, have any on the illiberal left explained why they were as sure as the trumpists that Democrats were terrible and that it'd make no difference if Democrats OR the party of ultrawealthy white men got control in 2016? After all Democrats had already started what they could do under Obama to get rid of the ultrawealthy classes, with plans for much more.

Given their claimed opposition to income inequality, it has never make any sense at all.

[House of Roberts]

6. Excuse me?

"...has Senator Sanders ever explained why he thought it'd make no difference to throw the nation TO the party of ultrawealthy white men and away from the Democrats..."

Before I even accept that Bernie Sanders EVER made a statement of such, you'll have to show me cited proof that he did.

Or is today just smear Bernie Sanders day and I missed it on the Sunday shows?

[Hortensis]

8. Actually, I didn't realize I sent that. I'll amend it to "those on the

illiberal left who..." Out of recognition for his forebearance during the last election.

[jalan48]

4. Looks like some folks have greater influence over our elected representatives than others.

[dutch777]

5. Just goes to show...you can buy ALOT of tax relief with a spare $ trillion

Shameful. Really, REALLY, shameful

[AZ8theist]

12. Even more pathetic is you don't need nearly that much to buy a congressman...

I read somewhere it only costs about $3000 bucks to get a congressman to do your bidding....

[Mr.Bill]

7. Fortunately many states and localities

are taking care of the minimum wage problem. I'm okay with there being a federal minimum wage, but it really does need adjusting for cost of living in some areas. 7.75 is too low for anywhere, though.

Like Chris Rock said, If your boss is paying you minimum wage it's like saying I'd like to pay you less, but it's against the law.

[Mr. Ected]

9. A: Trickle Down Economics is a GOP Myth?

Who knew?

[Yavin4]

23. Trickle Down Economics is like Jason and Freddy.

A monster that was created in the 80s and just cannot be killed.

[yonder]

39. That'd be funny if not true. I'll go with clever.

[BigmanPigman]

10. This should be a national embarrassment.

[OldBaldy1701E]

44. Yes. It should be. (n/t)

[Evolve Dammit]

11. it's sick how low it is. Don't know how can do anything for less than 15, especially single parents.

[Crash2Parties]

13. Just to note, in California the min wage is $13

It will be $14 in 2022, and $15 in 2023.

For employees of companies with 26 or more employees, it's a dollar more each year.

And we're still the world's fifth largest economy, so the conservative's arguments fall flat.

[Ligyron]

14. Sure do, biggest problem in the world.

[oldsoftie]

15. I'd bet most of that increase is on paper. Stock ownership & property values.

And not easily converted to actual money. Yes, its still a massive jump. Yes the minimum wage should be increased for sure. It should go up every year. But i would not double it instantly; that would be a massive hit to millions of small businesses.

[Hermit-The-Prog]

16. You can graph that back a few more years ...

[Ferrets are Cool]

26. +1

[yonder]

40. +1. Excellent graphic that says a lot, thanks.

[Buns_of_Fire]

17. As Chairman/CEO of "Pitchforks 'R' Us" I've just decided

to bring back our famous line of "Millionaire Marinade$".

We'll probably put them next to the rent-to-own tumbrels.

[liberaltrucker]

21. Gonna need guillotines, too

Lots of them.

[Buns_of_Fire]

28. That would be aisle 4. We also have kits in our D-I-Y department, for those on a budget. nt

[calimary]

46. "Eat the Rich!"

[BobTheSubgenius]

18. I see a problem for some people, for sure.

But, if you're looking for something to feel positive about this...the system is working exactly to spec.

[tclambert]

19. Wow! Those poor, poor billionaires must be working SO-O hard!

Working through lunch, never playing golf, never taking long, luxurious vacations. And they must all have Ph.Ds. to have the kind of smarts it takes to earn SO-O much money. Doesn't your heart just weep for them?

Seriously, no one should make that much money (except LeBron, he might be worth it.)

[Aussie105]

20. Re-invent Robin Hood!

Take from the rich, give to the poor!

$15 per hour? Nope, let's go for $30!

The top end of town won't even notice. Just ignore the bitching about it though.

[I_UndergroundPanther]

22. This👆

[DallasNE]

24. Here Are Some Charts That Track Constant Dollar Values

What stands out is that not only have the owners taken every dime of the productivity gains of the workers but also cut the real earnings of the workers. This is one of the key reasons the share of income for the top 1% has exploded over the years while minimum wage workers slide deeper into the poverty hole. Our economy is immoral.

https://oregonstate.edu/instruct/anth484/minwage.html#:~:text=Nominal%20values%20range%20from%20%240.25%2Fhr%20in%201938%20to,the%20minimum%20wage%20to%20keep%20up%20with%20inflation.

[yonder]

41. +1. Thanks.

[bdamomma]

25. It can't be any clearer

that 1% is practicing reverse socialism they steal from us and give to themselves. Bastards.

[Aussie105]

29. The only protection workers have ever had from

employers expecting workers to work for basically nothing, is strong Unionism.

Governments all over the world have gutted the power of Unions, and the bosses have done what you'd expect greedy people to do. Keep wages dormant, while inflation erodes buying power.

The economic effect of people living on or below the poverty line seems to evade politicians. They after all, make much more than the basic income. They don't feel the pain.

Meanwhile, small businesses throughout the country wonder where the customers are, and why the few that do show up, don't spend big.
(HINT: they don't have the money to spend.)

Interesting historical facts:
In Australia, there was once a link between the pay rises Federal politicians voted for themselves, this flowed on to
Federal and State Judges and politicians. From there, to state employees like teachers and nurses.
There were significant and regular pay rises. Buy a house, mortgage hurting? Fear not, a couple of pay rises and you'd be laughing!

This led to rampant inflation and high interest rates on both savings (good) and mortgages (bad) and the links were soon severed.
Of course, politicians maintained their need for pay increases.

Unions reacted to this by . . . . crickets!

[Takket]

30. we've been redistributing wealth to the top since Ray-Gun

Time for warren to unleash her wealth tax. it is terrible for the economy for wealth to be sitting in bank accounts of 1%ers who don't need or want to spend it. How much money does a person actually need to be able to fund everything they could possibly desire?

The more wealth is fluid, the better for everyone. And the rich will still be rich. just not AS rich

there is no reason we can't have a surplus and pay down the national debt by the time 2024 rolls around

[TigressDem]

31. K&R K& R K&R K&R K& R K&R K&R K& R K&R

[Mike Nelson]

32. Well...

... YES. The minimum wage should be raised, obviously. The very wealthy have excesses of cash they can't even spend fast enough, given a human lifespan. I'm sure Reich knows this, but the minimum wage isn't the only problem... and wealthy people can still be rich and live like Gods, with some fairness...

[N_E_1 for Tennis]

33. KnR...nt

[PatrickforO]

34. I definitely do! But then, Reich is my favorite economist. n/t

[AllaN01Bear]

35. hem

minimum ssi payment : $500.00
minimum social security payment :$150.00
never changes .

[malaise]

36. The only thing that trickled down was the

bullshit lies

[yonder]

42. Great thread with good comments and examples.

[calimary]

45. Yep. Glaringly so.

If your country set it up so that you can become super rich, then you should be DAMN GRATEFUL, and be more than willing to shoulder a bigger share of the burden.

It goes back to the whole idea of the scrawny little 98-pound weakling out walking with the 275-pound muscleman. They come upon an overturned car, and want to right it to check for injured people. Who of the two is best-equipped to turn that car back to right-side-up? The skinny weakling or the big brawny muscle dude?

Methinks the republi-CONS would assign that heavy-lifting job to the weaker of the two, so Mr. Muscles could relax and maybe take a nice nap.

[Aussie105]

47. A 'stagnant money' tax?

Got everything you want, plus a few million dollars of spare cash?
Great! Well done!

Got more stashed away in different places? Been there for years? Not so great.
How about a 10% annual tax on these, drawn directly from those accounts into government coffers, no wriggle room?

And start tracking down those stale and stagnant cash piles in overseas accounts? 20% annual tax on those?
And those companies - you know who you are - that channel profits to token on paper only 'head offices' in different countries that offer tax havens?
They were meant to attract investments in those local places, but that's not working.

The problem with money is that it's human nature to think you can never have enough.
You always want more, even well beyond buying a comfortable lifestyle for the rest of your life.
Only a few rich people spread their excesses elsewhere. We applaud these philanthropists, while ignoring the money hoarders.

[FailureToCommunicate]

48. Hmmm. Yes. Kinda.