Comments on: The Meme That Won’t Die: ‘Growing Income Inequality’ http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/ The Business End of the Blogosphere Fri, 21 Nov 2008 09:28:22 +0000 http://wordpress.org/?v=2.5 By: TBlumer http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115940 TBlumer Mon, 16 Jul 2007 13:53:42 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115940 #7, I referred to Gini in the related post. What's interesting from your numbers is that inequality went up FAR MORE during the 1990s than it did during the eeeeevil Reagan-era 1980s (.034 during the 1990s vs .025 during the 1980s -- a 36% difference), or (so far) since the turn of the century. #7, I referred to Gini in the related post. What’s interesting from your numbers is that inequality went up FAR MORE during the 1990s than it did during the eeeeevil Reagan-era 1980s (.034 during the 1990s vs .025 during the 1980s — a 36% difference), or (so far) since the turn of the century.

]]> By: Joe C. http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115938 Joe C. Mon, 16 Jul 2007 13:43:19 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115938 The most common measure of income inequality - the Gini Index (the higher, the more income inequality) - shows the following (U.S. Census Bureau): 1967: 0.397 (first year reported) 1968: 0.386 (lowest coefficient reported) 1970: 0.394 1980: 0.403 1990: 0.428 2000: 0.462 2002: 0.466 2003: 0.466 2004: 0.466 2005: 0.469 (no statistical difference) Another myth... BUSTED! The most common measure of income inequality - the Gini Index (the higher, the more income inequality) - shows the following (U.S. Census Bureau):

1967: 0.397 (first year reported)
1968: 0.386 (lowest coefficient reported)
1970: 0.394
1980: 0.403
1990: 0.428
2000: 0.462
2002: 0.466
2003: 0.466
2004: 0.466
2005: 0.469 (no statistical difference)

Another myth… BUSTED!

]]> By: TBlumer http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115933 TBlumer Mon, 16 Jul 2007 02:45:39 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115933 Feel free to use the term. It is pretty ironic given the "conventional wisdom." One of these days I'm going to get around to learning Flash Animation or whatever it is that enables animation. Feel free to use the term. It is pretty ironic given the “conventional wisdom.”

One of these days I’m going to get around to learning Flash Animation or whatever it is that enables animation.

]]> By: Ironman http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115932 Ironman Mon, 16 Jul 2007 02:39:36 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115932 #2: I think you just created the perfect description of what happened between 1995 and 2005. When I get around to filling in the years in the middle, and then animating the chart, I hope you don't mind my borrowing the phrase! P.S. Thanks for deleting the double post! #2: I think you just created the perfect description of what happened between 1995 and 2005. When I get around to filling in the years in the middle, and then animating the chart, I hope you don’t mind my borrowing the phrase!

P.S. Thanks for deleting the double post!

]]> By: TBlumer http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115930 TBlumer Sun, 15 Jul 2007 23:03:07 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115930 There were actually three somewhat related pieces: Ben Stein\'s, one called the Richest of the Rich about Sandy Weill and others, and then the \"Fair Taxes?\" one you referred to. Anyone who wants a tax increase should have to say exactly what they think the highest marginal rate should be. Most Americans think that rates should be no more that 20%-25% of income (average, not marginal) when polled. Added later: Forgot to say thanks. Thanks! There were actually three somewhat related pieces: Ben Stein\’s, one called the Richest of the Rich about Sandy Weill and others, and then the \”Fair Taxes?\” one you referred to.

Anyone who wants a tax increase should have to say exactly what they think the highest marginal rate should be. Most Americans think that rates should be no more that 20%-25% of income (average, not marginal) when polled.

Added later: Forgot to say thanks. Thanks!

]]> By: bill sloat http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115924 bill sloat Sun, 15 Jul 2007 16:08:58 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115924 Tom: There's an interesting article/column in today's NYT business section that is aimed at debunking the idea of tax inequality -- the the rich pay less. It points out that Warren Buffett, who says the rich don't pay enough, is wrong. Have you seen it? The economics look pretty compelling, but I'm not expert. You might want to check it out because it is topical and important. Tom:

There’s an interesting article/column in today’s NYT business section that is aimed at debunking the idea of tax inequality — the the rich pay less. It points out that Warren Buffett, who says the rich don’t pay enough, is wrong. Have you seen it? The economics look pretty compelling, but I’m not expert. You might want to check it out because it is topical and important.

]]> By: TBlumer http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115922 TBlumer Sun, 15 Jul 2007 15:18:05 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115922 #1, methinks I see a middle-class bulge instead of a shrink. #1, methinks I see a middle-class bulge instead of a shrink.

]]> By: Ironman http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115920 Ironman Sun, 15 Jul 2007 14:37:37 +0000 http://www.bizzyblog.com/2007/07/15/the-meme-that-won%e2%80%99t-die-%e2%80%98growing-income-inequality%e2%80%99/#comment-115920 If it helps, I recently did a series on how the distribution of income shifted (primarily by age group) from 1995 to 2005. Here's a link with graphs of the <a href="http://www.inblogs.net/politicalcalculations/2007/06/big-picture-shifting-incomes-from-1995.html" rel="nofollow">big picture</a> of what changed for individual income earners aged 15-74: http://politicalcalculations.blogspot.com/2007/06/big-picture-shifting-incomes-from-1995.html Conclusion: income inequality decreased. If it helps, I recently did a series on how the distribution of income shifted (primarily by age group) from 1995 to 2005. Here’s a link with graphs of the big picture of what changed for individual income earners aged 15-74:

http://politicalcalculations.blogspot.com/2007/06/big-picture-shifting-incomes-from-1995.html

Conclusion: income inequality decreased.

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