@marxist: "But, just a tip here. Look at these data by quintile. The bottom
four are flat since 1980. Have a look."But how many people have
stayed in those bottom quintiles for 40 years?In our capitalist
economy people frequently move from one income level to another, usually upward
until retirement when both income and expenses drop (home paid for, kids on
their own, etc).The world is full of socialist nations. There has
never been a wall keeping anyone in the USA. Yet people swim through 90 miles of
shark invested ocean to get in while those who are here pine for us to be what
the rest of the world wants to escape.Makes no sense to me. If I
believed the Marxist / socialist rhetoric, I'd relocate. I guess marxists
can't even accept that level of personal responsibility.
People, in the USA, are better off now then ever before. This is true from
top-to-bottom. The media like to create a false analogy comparing the Richest,
to the poorest and the amount of wealth held by the wealth-creators
is a jealousy issue, and a way to create class-warfare.This is the
USA, and it was built by business, wealth creators, but has moderated by some
pretty reasonable financial safety net protections for the labor force. This is
a lively continuing discussion, but we do a pretty good job trying to find the
right balance.From one that has been deployed around the world.. The
USA is still the best place to live on Earth.
I work four jobs, wife two. Not much sitting time sitting around in sweat pants
watching hot dog eating contests. I would bet that is more the norm for a lot
of people these days.
But, just a tip here. Look at these data by quintile. The bottom four are flat
since 1980. Have a look.
Samuelson is absolutely correct. Society is richer than ever before. Realizing
this takes is an understanding of economic history.In no ther age
have the masses been well enough economically to sit around in sweatpants and
crocs watching hot dog eating contests on television instead of spending every
waking moment toiling in fields or factories. In no other age has there been
enough wealth for endless rows of honky tonks, Dairy Queens, and 7-Elevens to
line the streets. As Samuelson says, the economy is doing well. But
it is irrefutable that society is richer than ever before.
Answer: Yes. We are richer than we thought.To summarize (reading
between the lines), Samuelson and most other "expert" economists
were/are wrong. The economy is doing much better than they thought/think.This is basically a mea culpa by Samuelson, without ever actually saying
so. I admire him for at least addressing the facts, rather than just discarding
them in circular file.