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A New Report Argues Inequality Is Causing Slower Growth


Business  (tags: Standard and Poor's, Economists, How Increasing Inequality is Dampening U, Possible Ways to Change the Tide )

Dandelion
- 209 days ago - nytimes.com
Economists at Standard & Poor's Ratings Services reports that an unequal distribution in incomes is making it harder for the nation to recover from the recession and achieve the kind of growth that was commonplace in decades past.



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Comments

Dandelion G. (396)
Tuesday August 5, 2014, 8:26 pm
The report is interesting not because it offers some novel analytical approach or crunches previously unknown data. Rather, it has to do with who produced it, which says a lot about how the discussion over inequality is evolving.
 

Carrie B. (305)
Tuesday August 5, 2014, 8:50 pm
Nothing like pointing out the obvious to the fools who are causing the inequality. Unfortunately, it won't change anything. Just vote!
 

JL A. (275)
Tuesday August 5, 2014, 11:07 pm
Thanks Dandelion--too much inequality even hurts the rich, as S&P is willing to tell everyone.
 

Dandelion G. (396)
Tuesday August 5, 2014, 11:25 pm
This is exactly what the 1% Nick Hanauer has trying to get across. That this system in the way it's going will not even help him after awhile, and that time is rapidly approaching.

For those who did see Nick Hanauer short speech it is at the link below.
Rich People Don't Create Jobs

As this seems so obvious, but when the 1% only see green, and everything looks wonderful to them, these dry reports like from S&P is something they can even relate to......because it tells them, they'll loose money. To those that only care about their own self interests, that might finally rattle their cage a bit to begin to change a bit of their policies that have had the middle class shrinking and the poor suffering ever more.
 

AniMae Chi (437)
Wednesday August 6, 2014, 2:24 am
Thanx Dandelion
 

Arild Warud (170)
Wednesday August 6, 2014, 3:55 am
July US jobs report
Most of the jobs added since 2007 has been low-wage or minimum-wage jobs,the latest job report shows that very slowly some middleclass jobs are coming back.
If people don't get paid a fair salary they will not have any money to spend and the domestick consumption will suffer heavily.The Stock-market is well overdue for a correction and that will put us back to where we were.
Thanks for posting Sheryl.
 

Birgit W. (157)
Wednesday August 6, 2014, 4:14 am
Doesn't this make sense? We don't need people to waste money on a study like this. No money = no spending power.
Thanks for sharing Dandelion.
 

Don H. (44)
Wednesday August 6, 2014, 4:23 am
Thank you, Dandelion!

This issue must be addressed.

We used to have a progressive tax system—no more!

It isn't only individuals that escape taxes, it's corporations. Now the nation can no longer afford to educate children or keep the infrastructure repaired. This is the direct result of Supply Side Trickle Down economics.

Working class wages have been stagnate for a decade while corporate profits are at record highs.

Don't vote for a filthy Republican.
 

Barbara K. (73)
Wednesday August 6, 2014, 6:18 am
Thank you, my friend. This goes to show that when the low and middle income do well, everyone does well. Glad they finally figured that out.
 

Winn Adams (209)
Wednesday August 6, 2014, 6:31 am
Thanks Sheryl - Inequity always hinders, never helps.
 

Kathleen Mireault (160)
Wednesday August 6, 2014, 6:59 am
Noted. Thanks, Dandelion. Seems like a no-brainer, but perhaps the souce of these tidings will rattle the 1%'s gilded cages a bit. Am not holding my breath!
 

Debbie S. (33)
Wednesday August 6, 2014, 7:36 am
They have forgotten that after NAFTA was put in to effect that most of the good paying jobs went overseas so there are not enough jobs left. What are left are more minimum wage service jobs. You can't run a country on this but they haven't figured it out yet. They would rather be in bed with China. So screw Wall Street and the Gov.
 

Debbie S. (33)
Wednesday August 6, 2014, 7:37 am
Also after they screwed over the American public do they think we want to buy their cheap foreign made crap and support them and their profits further? Ha!
 

Ben Oscarsito (364)
Wednesday August 6, 2014, 7:42 am
We all knew that, did we not...?
 

Dandelion G. (396)
Wednesday August 6, 2014, 9:08 am
For many of us it's a no brainer but the Elites need to read it from their so called "believable" sources. A source that is telling them this system will hurt them. They don't care that it hurts the poor or the middle class but this is a place they read for "their" benefit. So to save themselves maybe we get saved too.....they certainly will not do it because of the kindness of their hearts, we know they don't have those.....hearts.
 

Arild Warud (170)
Wednesday August 6, 2014, 10:02 am
Sheryl,it's not "rocketscience",when the average American customer" don't have money to go on a buying spree it will come back and bite them in the ass.If a product is cheaper to produce elsewhere it's called outsourcing.Next time you need to complain that you have no electricity don't be surprised if the person who answers your call is actually sitting in India or any other devolping Country.
 

Arlene C. (96)
Wednesday August 6, 2014, 11:09 am
merci Dandelion
 

GGmaSheila D. (167)
Wednesday August 6, 2014, 12:46 pm
Actually, the 1% isn't worried about their income as much as they want to continue their power trip, at the expense of the middles class an the poor. This makes sure the middle class will go under and we will have only two classes, three if you want to include the toadies since they'll never achieve the 1% status...they'll become the high middle class.
 

LaurenSICK Kozen (166)
Wednesday August 6, 2014, 12:53 pm
Noted & Shared. Thanks Sheryl for posting.
 

Gene Jacobson (258)
Wednesday August 6, 2014, 1:33 pm
Rick Hanauer's presentation needs be seen by everyone. It is truth. But the people who need to see it most are the 1% and they never will. Though it would be to their benefit and normally that is all that drives them, but they'll get a synopsis, if that, and decide it isn't worth their time, if it ever even catches their eye. Everyone wins, but not if not everyone knows that. Sigh.
 

Terry H. (15)
Wednesday August 6, 2014, 1:47 pm
This TED talk froma couple of years ago is also very enlightening on how income inequality harms society.
https://www.youtube.com/watch?v=cZ7LzE3u7Bw
 

Dandelion G. (396)
Wednesday August 6, 2014, 2:12 pm
Thank you past member for the video. Loved the part where he states, "if Americans want to live the American Dream they should move to Denmark." I've live linked the video below for others.
How Economic Inequality Harms Society
 

Caitlin Mac Iver (103)
Wednesday August 6, 2014, 2:36 pm
As Carrie B. said above, nothing like pointing out the obvious. It certainly seems obvious to me that the inequality is simply getting worse until there will be virtually no buyers except from the 1%. Is that what they want? Probably so. Why are the right-wing so blind? They don't even recognize their own diminished middle class and how the tax burden has landed on them for the past 30 years or so. It's crazy.

I'm sad to say, but voting may not be the option that makes much difference in America unless we can replace a lot in Congress as well as in the white house next time. We need more of those who understand the need for compassion as well as commerce in life.
 

SusanAWAY Allen (219)
Wednesday August 6, 2014, 2:51 pm
Noted and shared. To most, this is obvious or it should be. Thanks for posting ~
 

Charlie Rush (78)
Wednesday August 6, 2014, 3:48 pm
LOGIC plays no roll in the lives of the greedy.
They are unwilling and/or incapable of seeing what any intelligent, responsible person recognizes innately.

The 1% are well-practiced at investing their vast wealth overseas, while the middle, and especially the lower classes must spend what they have in order to survive.
Moreover, why in the world would anyone in the 99% support Big Business, if it works against the interests of the majority?

Obviously, we need Big Business; there is no doubt, but when the Supreme Court justices (some apparently owned by Big Business), declared them people, they took most power away from the individual.

We must never forget what Voltaire, historian and philosopher, said:
THE COMFORT OF THE RICH, DEPENDS UPON AN ABUNDANT SUPPLY OFF THE POOR.

In other words, where would they be without us?
 

Dandelion G. (396)
Wednesday August 6, 2014, 4:54 pm
We have had for a long time Arild, people answering the phone with accents from other Countries. In fact now, it is a badge of honor when they tell the consumer that the "support" will be handled by an American. McDonald's is or was trying to get rid of it's drive through window person that took the order. One would speak into a box and the person answering you would be living in India or where-ever, then there would be a person to hand the food out the window. So these Corporations try to get away from paying their rock bottom salaries as it is. Then the Republicans would like us to do away with Minimum Wage. They'd have us working for a dollar an hour if they could get away with it, they don't care where you live, how you live, if you eat, or have a bed to sleep on, once you walk out their door. Just show up on time, put on a smile and get to work, be your sick, slept in the woods, or your parent died the night before, because people have no health care or any time off without getting fired. They don't care.
 

Joanne Dixon (40)
Wednesday August 6, 2014, 5:07 pm
This is a headline that makes me want to say, "Well, no s**t, Sherlock, what was your first clue?" Which itself says a lot about our society. The other quote which probably applies is "If they will not listen to Moses and the prophets, they would not believe even if someone rose from the dead."
 

Lois Jordan (58)
Wednesday August 6, 2014, 5:35 pm
Noted w/many thanks for posting, Dandelion. Glad to read this; especially the reports from S & P economists. There should be at least an article like this daily in newspapers like this, as well as reports on the 3 major networks. Obviously, it has to be repeated so it stays "in the cycle" and not just a one-time piece for the 24-hr. news coverage. I hope it's reprinted in the Wall Street Journal, Forbes magazine and other places 1%-ers read. Maybe it will get through their heads. After all, it affects their "bottom lines."
 

Roberto M. (55)
Wednesday August 6, 2014, 9:41 pm
So many great comments!
I can't think of something different to add.
Thank you Dandelion!
 

Margaret Goodman (238)
Thursday August 7, 2014, 12:21 am
Charlie Rush wrote,
"We must never forget what Voltaire, historian and philosopher, said:
THE COMFORT OF THE RICH, DEPENDS UPON AN ABUNDANT SUPPLY OFF THE POOR."

I wonder if all the right wing work against women controlling their reproductive lives is to ensure the abundant supply of the poor.
 

Kevin K. (19)
Thursday August 7, 2014, 3:23 am
Very interesting and something many people have known for some time. The poor and working/middle class spend more than the wealthy in real terms so you take more and more from the hands of the lower paid and you get less spending in the high street/main street.
 

Edwin M. (356)
Thursday August 7, 2014, 3:37 am
To quote the inimitable Bob Dylan "You don't need a weatherman to know which way the wind blows"
 

Dandelion G. (396)
Thursday August 7, 2014, 12:20 pm
Margaret I'm sure that they'd like women to be back in the kitchen again.....you know those pesky women they all now must deal with in DC and other places women have ventured into.

You are also correct too in the fact that it would create more poor and well they could have more children working for half wage like they did back during the pro-labor movements.....is why Unions had to be formed. Firstly it was to get the pay scale up so that children could get out of the mines and sweatshops and into schools and to work on work safety issues.

You might recall that Newt Gingrich was always banging the drum for the children to clean the schools in order to get their school lunch if the parent in their life couldn't afford it. Talk about a creeping back.
 

Kaz SICK Damiza (198)
Thursday August 7, 2014, 1:23 pm
Noted. Cheers Dandelion!
 

Jude Hand (56)
Thursday August 7, 2014, 3:06 pm
Noted. And what money-crazed folks will give heed? Kochs? Buffet? Waltons?
 

Edith B. (145)
Tuesday August 12, 2014, 8:10 pm
We all ready know this, but having S&P do an article on it might influence some in positions of power to re think their attitudes.
 

Dandelion G. (396)
Wednesday August 13, 2014, 7:01 am
Exactly Edith, is why I thought it important to place on here.
 

Gina Caracci (231)
Tuesday August 26, 2014, 7:23 pm
DUH!
 
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