THE MOST INTERESTING CHART BELOW IS THE BOTTOM ONE WHICH SHOWS MEDIAN WEALTH PER ADULT.
IT DEMONSTRATES THE ABSOLUTE FAILURE OF THE ‘WINNER-TAKES-ALL’ AMERICAN BUSINESS MODEL
I’m not arguing in favor of income equality or against capitalism. I am arguing, pragmatically rather than ideologically, in favor of what works for most people financially, seems like a reasonable and fair balance of interests, and promotes—as a minimum—an adequate quality of life for all concerned (with a little progress thrown in for good measure).
The American Business Model (Crony Capitalism) doesn’t do that. The Northern European Business Model (Social Capitalism) largely does.
The more data I collect, the clearer the picture becomes. The plight of the typical American is becoming increasingly serious. Roughly two-thirds are living paycheck to paycheck—with no reserves available in case of some setback. Costs are going up—pay is static or in decline. Personal debt and economic risk are ever increasing. The prospect of poverty hovers.
Americans, on average, live sicker, and die about two years sooner. The life-span of poorer Americans is actually diminishing.
Such growth as there is goes to the ultra-rich.
But does anything change in the U.S?
Remarkably little where the ABM is concerned. And the Republican promotes more tax breaks for the rich.
Let me introduce some data from Paul Krugman.
Many wealthy white conservative males believe that hard work is the reason for their great fortunes. But for every ONE DOLLAR in safety net programs, SIX DOLLARS goes to tax expenditures, tax underpayments, tax havens, and corporate nonpayment. For many privileged Americans, denial is easier than facing the fact that the hardest workers are those who have to fight their way up from the bottom.
The American Tragedy continues.