Curiously, while high percentages of people of people are negative about the economy right now, and feel we are going in the wrong direction, the vast majority are positive about their own prospects. There is also a recent poll, asking people if they were "living the American Dream, or had good prospects to in the near future." Public perception is strange
Using GDP is tricky, and I am not sure they were appropriately used. Part of GDP growth simply reflects a growing population through kids growing up, and immigration, another part is productivity improvement from newer less expensive ways to do things. When looking at an economic activity measure, that might be compared to worker wages, the productivity measure is the one to use., because the income is a per worker measure.
From after WW II, when the playing field had been leveled by federal legislation, and the National Guard was no longer used on strikers, productivity gains, long buses with one driver, automated toll stations, huge coal mining machines, CAD systems for architects and computer logic, were split equally between worker wages and owners. Part of the Reagan Administration agenda was breaking labor unions, done partly by conning non union people, that labor unions were ripping them off. The fact was that union contracts set the standard for similar companies in the same industry, and/or the same type of worker. The recent decades since, have a dramatic shift with worker wages getting a very small share.
Finally, I like to say that the top 0.01% gives the whole top 1% a bad name. Most of the top 1% more like the 9% below it, being just families of two professionals, with bachelors or masters degrees, being teachers, professors, IT Professionals, lawyers (most make less than you think), family practice doctors, Nurse practitioners, Physicians Assistants etc.
Curiously, while high percentages of people of people are negative about the economy right now, and feel we are going in the wrong direction, the vast majority are positive about their own prospects. There is also a recent poll, asking people if they were "living the American Dream, or had good prospects to in the near future." Public perception is strange
Using GDP is tricky, and I am not sure they were appropriately used. Part of GDP growth simply reflects a growing population through kids growing up, and immigration, another part is productivity improvement from newer less expensive ways to do things. When looking at an economic activity measure, that might be compared to worker wages, the productivity measure is the one to use., because the income is a per worker measure.
From after WW II, when the playing field had been leveled by federal legislation, and the National Guard was no longer used on strikers, productivity gains, long buses with one driver, automated toll stations, huge coal mining machines, CAD systems for architects and computer logic, were split equally between worker wages and owners. Part of the Reagan Administration agenda was breaking labor unions, done partly by conning non union people, that labor unions were ripping them off. The fact was that union contracts set the standard for similar companies in the same industry, and/or the same type of worker. The recent decades since, have a dramatic shift with worker wages getting a very small share.
Finally, I like to say that the top 0.01% gives the whole top 1% a bad name. Most of the top 1% more like the 9% below it, being just families of two professionals, with bachelors or masters degrees, being teachers, professors, IT Professionals, lawyers (most make less than you think), family practice doctors, Nurse practitioners, Physicians Assistants etc.
So interesting….
Are there any societies in the history of the world that do not perpetuate the ‘have and have not’ socioeconomic mode?
Maybe in small pockets like a Kibbutz?