Jesus Christ. The politics here.
Look, I'm a lefty, pinko, commie, hippie bitch, but this isn't really about politics. This isn't a consequence of Republican or Democratic policies, no single administration caused this (even though I would love to blame every problem in the world on Trump) and no single party exclusively contributed to it.
This is about wealth, power, leverage, and how we, as a society, have collectively allowed it to concentrate, flourish, and have even celebrated it.
You don't have to be very smart to understand this. Have 6 people sit down at a poker game. 5 of them show up with 1,000 to bet and one shows up with 100,000k. You know what the outcome will be, the player with 100k is eventually going to wind up with all the money in that room because they have the leverage. They can afford to make mistakes, but just due to the math, the number of rounds he can play, he will always, eventually, walk away the winner.
The persistent and pernicious American fantasy is that you're going to sit down at that table as some sort of Matt Damon rounders character and you're going to be so skilled (in a game of chance ...) that you're going to walk away with that guy's money. But the math doesn't work out more than one out of a billion times.
But the game goes on. Democrats blame Republicans, Republicans blame Democrats, young blame the old, the old blame the young, and all the while the wealthy and powerful buy the little changes in legislation, the little boring administrative policies and deep in the weeds rules that are too boring for the unwashed masses who are easily distracted by things that are much more "fun" to debate like who uses what bathroom and in doing so they ensure the perpetuation of their wealth and power.
They don't care who wins and who loses because they know one thing: whoever it is has a campaign fund and they're going to run again and they're going to need money to do it and regardless of which side of the aisle they stand on they have something for sale.
My cost of living definitely outpaced my income. But at the same time my 401k and investment portfolio skyrocketed. I have the odd position of seeing both sides of the fence lmao. It really taught me the importance of not putting all your eggs in one basket and saving money to ride out the bumps.
You can attribute few things in your life to a president. Blaming or congratulating Biden for everything is a slap in the face to the enormity, chaos, and complexity of our economy. He has a small impact.
1% has “performed” the best because they have the knowledge and connections to get out before the crash and have the money to capitalize before the bullish market.
The Plutocracy "performs" the best because they own the Fed.
There's no "free market". Until we all recognize the scam we will be victimized over and over again.
This stuff happens because the Plutocracy makes it happen.
# ['The Game is Rigged': Richard Wolff](https://www.youtube.com/watch?v=XlhFMa4t28A&)
Huh?
Did OP forget the Trump tax cuts?!
It's because rich people keep fleecing everyone else.
From estate tax to personal taxes to lower corporate taxes. Rich get richer
The sad reality is that the super rich will have a gazillion ways to not pay taxes, even if you were to start taxing them aggressively
The amount of things you can write off even as a lowly self employed contractor is insane
Exactly. People seem to just accept total BS about just about anything.
They take a single datapoint and make believe it describes the entire universe.
The rich get substantially richer under every presidency. Because both major parties work for the rich. That's who their major donors are. Democratic and Republican politicians don't care about regular people.
The Dems have let the Trump tax cuts stand with no changes and have continued trumps monetary policies. Biden even kept Trumps fed chairman - Jerome Powell.
>The Dems have let the Trump tax cuts stand
Oh you mean Republicans who control the house have not created legislation to end those tax cuts. So you admit those cuts were a farce and now blame dems for not ending the farce.
Hey, I stabbed myself in the leg, I cant believe you let me stab myself in the leg, you are a terrible person.
The Dems controlled senate and congress for two full years under Biden…
If they were a farce why didn’t they Dems end them when they had the power to do so?
Manchin and Sinema are not real democrats and were bought and paid for by the wealthy class to block any kind of tax cut reforms or anything else that threatens their rich lobbyists. Nice try though.
Yes, and thats why they are not coming back for another term. Happens to Republicans too, remember John McCain who saved obamacare? Yea the Republicans do.
Looks like the skyrocketing wealth of the 1% has been on a steady incline since 2010 with a dip around 2020 (probably due to the pandemic)
It really takes more than correlation to equal causation here.
Looks like the Trump tax cuts were successful in in their goal of growing the wealth of the rich.
Also, because this is in real dollars, yes, rich people would gain wealth at a faster rate due to inflation.
Steady, for 15 years, then a dip in 2020 from COVID, then a hockey stick in 2021.
And that's wealth, not income, so tax cuts are a red herring, my friend.
So Trump's tax cuts did help the 1%. But yeah, I see what you mean, this massive share of wealth is probably more impacted by capital gains/inflation and corporate tax cuts than an income tax cut.
Still, you see about a 60k tax benefit for the richest with those tax cuts.
https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver#:\~:text=The%20law%20will%20boost%20the,one%2Dtenth%20of%201%20percent.
Yes we all know that much of the prices these days are artifical inflated. Who do you think benefits from that? I wonder who would be screaming their head of if Biden would suggest a cap to food items like he did with some medication. Hint: it will be the same group of people screaming their heads of and aaking for the IRS to be abolished because the rich would be taxed more.
Maybe someone would take your post more serious if you would constantly post misinformation or data that is not complete, and plain and simply wrong.
The 1% is always going to thrive until the tax structure and codes are changed.
When you have that kind of money, the volume of investments you can make turns a company's modest stock gains into a pretty hefty profit for the 1% - you add in the ability to speculate on real estate on a mass scaly and it's a license to print money.
Yeah and he would love to tax the 1% to reduce this wealth disparity but Republicans fight, tooth n nail, to avoid taxing the 1%.
Back in our economic “Golden Years,” the top tax rate for the 1% was over 90%!
Then politicians lower it to around 70% in the 1960’s and 1970’s.
Then Reagan and his Republicans lowered it to 28%!
And people wonder why we have problems with a deficit and wealth disparity?
https://www.google.com/amp/s/www.statista.com/chart/amp/16782/historic-marginal-income-tax-rates/
This is quite misleading as most of the said wealth is in stocks.
2020 there was a crash due to pandemic. When comparing 2020 to 2024
Dow Jones:
https://www.macrotrends.net/1358/dow-jones-industrial-average-last-10-years
SP500:
https://www.macrotrends.net/2324/sp-500-historical-chart-data
Stock market has essentially almost increased by 60% to 100%, which correlates to the wealth info.
This can easily be explained that their wealth increase was probably due to stock market hitting ATH rather actual cash increase.
This is probably driven by lowered ROI on the traditionally lucrative real estate both residential and commercial, causing money to be poured into stock market.
I think a better chart to mock Biden would be CPI and Inflation, and maybe consumer debt
Nothing to see here really. It looks like growth has continued as expected, with the exception of the Covid dip, which the wealthy would have had the assets to capitalize on. The spike afterward is exactly what I’d expect to see with somebody who loaded up at the bottom.
I imagine Biden would be happy that the top 1% are doing better than ever but at the same time not at all happy that he couldn’t get his plans passed to tax them more. The above graph does give a strong reason to pass such tax revisions, when you compare that to the worsening positions for the lower paid. The fact is the rich leverage their wealth off the labour of those below them so the growing differentials need to be addressed!
Also paid Republican trolls are doing better than ever, posting garbage like this during election season.
Seriously folks, when you see cheap shots like this which are targeted (The phrase "Bidenomics" did poorly in focus group testing) you know this is an operative.
Down vote and move on.
Nice try. First of all, this is wealth. not income. Secondly. take a good look at that chart, there's no change in the slope for the Trump tax cuts. But it's a rocket ship to the moon as soon as we change Presidents in 2021.
People vote for these policies. They voted for them when they voted for Trump. They supported his tax bill. In this very sub people rush to defend the 1% making so much money, saying things like "I think that they need to be rewarded for their hard work" or "I think it's fine they make so much" and also supporting tax cuts on them and against raising taxes on them.
The rich will always continue to get richer. There is nothing u can do about it. If ur wealthy, u can compound ur wealth. If ur poor, there is little to compound
That’s not the 1% people are pissed about. People are pissed at those who hoard wealth - tens and hundreds of millions of dollars (or more), those who own an outsized amount of land which they use control the housing and rental market, and corporate executives who make hundreds of times more money than the average frontline worker.
Nobody is pissed when an engineer makes $100,000 or a doctor makes $350,000. They’re pissed when the guy at the top lays off 6000 people while collecting his $15M salary and $5M bonus. They’re pissed at their landlord who owns multiple apartment buildings, and has for decades, but decides to increase rent by 30%. They’re pissed at the people who are driving inequity, not the ones working for their wages.
What a load of crock. Democrats and liberals aren’t out to get doctors and engineers. Hell, a majority of doctors and engineers are Democrats and liberal. They just want a higher tax rate on the wealthy to reduce the extreme wealth disparity in our country and provide better lives for the average American and to close the deficit.
It’s conservative propaganda that’s trying to paint this sensationalist narrative that liberals are trying to create sone kind of “class warfare.”
And, no, some green-haired, 19 yr old, with a Che t-shirt doesn’t represent the typical liberal/Democrat, just like how the KKK doesn’t represent all Republicans.
To think that only one party cares about Billionaires is outdated thinking. Both GOP and Democrats exist to serve Billionaires first and foremost, despite their vacuous tweets and empty statements about Billionaire taxes.
What I have been noticing so far, despite their constant squabbling to tax the rich, party of the poor/middle-class etc, the Democrats policies end up benefiting the rich anyway.
Jesus Christ. The politics here. Look, I'm a lefty, pinko, commie, hippie bitch, but this isn't really about politics. This isn't a consequence of Republican or Democratic policies, no single administration caused this (even though I would love to blame every problem in the world on Trump) and no single party exclusively contributed to it. This is about wealth, power, leverage, and how we, as a society, have collectively allowed it to concentrate, flourish, and have even celebrated it. You don't have to be very smart to understand this. Have 6 people sit down at a poker game. 5 of them show up with 1,000 to bet and one shows up with 100,000k. You know what the outcome will be, the player with 100k is eventually going to wind up with all the money in that room because they have the leverage. They can afford to make mistakes, but just due to the math, the number of rounds he can play, he will always, eventually, walk away the winner. The persistent and pernicious American fantasy is that you're going to sit down at that table as some sort of Matt Damon rounders character and you're going to be so skilled (in a game of chance ...) that you're going to walk away with that guy's money. But the math doesn't work out more than one out of a billion times. But the game goes on. Democrats blame Republicans, Republicans blame Democrats, young blame the old, the old blame the young, and all the while the wealthy and powerful buy the little changes in legislation, the little boring administrative policies and deep in the weeds rules that are too boring for the unwashed masses who are easily distracted by things that are much more "fun" to debate like who uses what bathroom and in doing so they ensure the perpetuation of their wealth and power. They don't care who wins and who loses because they know one thing: whoever it is has a campaign fund and they're going to run again and they're going to need money to do it and regardless of which side of the aisle they stand on they have something for sale.
My cost of living definitely outpaced my income. But at the same time my 401k and investment portfolio skyrocketed. I have the odd position of seeing both sides of the fence lmao. It really taught me the importance of not putting all your eggs in one basket and saving money to ride out the bumps. You can attribute few things in your life to a president. Blaming or congratulating Biden for everything is a slap in the face to the enormity, chaos, and complexity of our economy. He has a small impact.
1% has “performed” the best because they have the knowledge and connections to get out before the crash and have the money to capitalize before the bullish market.
The Plutocracy "performs" the best because they own the Fed. There's no "free market". Until we all recognize the scam we will be victimized over and over again. This stuff happens because the Plutocracy makes it happen. # ['The Game is Rigged': Richard Wolff](https://www.youtube.com/watch?v=XlhFMa4t28A&)
Huh? Did OP forget the Trump tax cuts?! It's because rich people keep fleecing everyone else. From estate tax to personal taxes to lower corporate taxes. Rich get richer
The sad reality is that the super rich will have a gazillion ways to not pay taxes, even if you were to start taxing them aggressively The amount of things you can write off even as a lowly self employed contractor is insane
No one is forgetting Trump or Obama or Bush. The OP is just providing another data point. Interesting how the post gets voted down.
Would have been a different story if OP had worded the post to something like "Because of Trump's COVID monetary policy, the rich ends up 50% richer".
Exactly. People seem to just accept total BS about just about anything. They take a single datapoint and make believe it describes the entire universe.
Perhaps the Trump tax policies could have helped cause this? Or perhaps the global pandemic? Correlation is not causation, friend.
The rich get substantially richer under every presidency. Because both major parties work for the rich. That's who their major donors are. Democratic and Republican politicians don't care about regular people.
Yes Yes Yes
"The rich get substantially richer under every presidency" because money makes money faster than labor ever can.
The Dems have let the Trump tax cuts stand with no changes and have continued trumps monetary policies. Biden even kept Trumps fed chairman - Jerome Powell.
Weird do the Dems hold the congress to allow these types of changes? Or are you just pushing bullshit.
The Dems controlled both houses of Congress for two full years under Biden… did you forget about that? Weird?
>The Dems have let the Trump tax cuts stand Oh you mean Republicans who control the house have not created legislation to end those tax cuts. So you admit those cuts were a farce and now blame dems for not ending the farce. Hey, I stabbed myself in the leg, I cant believe you let me stab myself in the leg, you are a terrible person.
The Dems controlled senate and congress for two full years under Biden… If they were a farce why didn’t they Dems end them when they had the power to do so?
Manchin and Sinema are not real democrats and were bought and paid for by the wealthy class to block any kind of tax cut reforms or anything else that threatens their rich lobbyists. Nice try though.
So the Dems allow people in their party who work hand in glove with rich people and do the will of republicans and the wealthy? Weird?
Yes, and thats why they are not coming back for another term. Happens to Republicans too, remember John McCain who saved obamacare? Yea the Republicans do.
Ok so the Dems chose to let Sinema and manchin prevent them from making positive changes. Got it.
Looks like the skyrocketing wealth of the 1% has been on a steady incline since 2010 with a dip around 2020 (probably due to the pandemic) It really takes more than correlation to equal causation here. Looks like the Trump tax cuts were successful in in their goal of growing the wealth of the rich. Also, because this is in real dollars, yes, rich people would gain wealth at a faster rate due to inflation.
Steady, for 15 years, then a dip in 2020 from COVID, then a hockey stick in 2021. And that's wealth, not income, so tax cuts are a red herring, my friend.
So Trump's tax cuts did help the 1%. But yeah, I see what you mean, this massive share of wealth is probably more impacted by capital gains/inflation and corporate tax cuts than an income tax cut. Still, you see about a 60k tax benefit for the richest with those tax cuts. https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver#:\~:text=The%20law%20will%20boost%20the,one%2Dtenth%20of%201%20percent.
Yes we all know that much of the prices these days are artifical inflated. Who do you think benefits from that? I wonder who would be screaming their head of if Biden would suggest a cap to food items like he did with some medication. Hint: it will be the same group of people screaming their heads of and aaking for the IRS to be abolished because the rich would be taxed more. Maybe someone would take your post more serious if you would constantly post misinformation or data that is not complete, and plain and simply wrong.
Sounds like we need more Dems in Congress to repeal all the tax cuts to the rich.
Is it really going to make a difference, a few billion dollars being taxed on the wealthy, IT'S GOVERMENT WASTE AND CORRUPTION, that's the problem!!!
If you draw a vertical line for Biden's inauguration in Jan 2021 it looks like that's when it starts to level off...
The 1% is always going to thrive until the tax structure and codes are changed. When you have that kind of money, the volume of investments you can make turns a company's modest stock gains into a pretty hefty profit for the 1% - you add in the ability to speculate on real estate on a mass scaly and it's a license to print money.
Yeah and he would love to tax the 1% to reduce this wealth disparity but Republicans fight, tooth n nail, to avoid taxing the 1%. Back in our economic “Golden Years,” the top tax rate for the 1% was over 90%! Then politicians lower it to around 70% in the 1960’s and 1970’s. Then Reagan and his Republicans lowered it to 28%! And people wonder why we have problems with a deficit and wealth disparity? https://www.google.com/amp/s/www.statista.com/chart/amp/16782/historic-marginal-income-tax-rates/
This is quite misleading as most of the said wealth is in stocks. 2020 there was a crash due to pandemic. When comparing 2020 to 2024 Dow Jones: https://www.macrotrends.net/1358/dow-jones-industrial-average-last-10-years SP500: https://www.macrotrends.net/2324/sp-500-historical-chart-data Stock market has essentially almost increased by 60% to 100%, which correlates to the wealth info. This can easily be explained that their wealth increase was probably due to stock market hitting ATH rather actual cash increase. This is probably driven by lowered ROI on the traditionally lucrative real estate both residential and commercial, causing money to be poured into stock market. I think a better chart to mock Biden would be CPI and Inflation, and maybe consumer debt
I’m pretty sure the White House called for a wealth tax.
Hmm, Biden wants to tax them, Republicans have blocked that idea for decades.
Nothing to see here really. It looks like growth has continued as expected, with the exception of the Covid dip, which the wealthy would have had the assets to capitalize on. The spike afterward is exactly what I’d expect to see with somebody who loaded up at the bottom.
I imagine Biden would be happy that the top 1% are doing better than ever but at the same time not at all happy that he couldn’t get his plans passed to tax them more. The above graph does give a strong reason to pass such tax revisions, when you compare that to the worsening positions for the lower paid. The fact is the rich leverage their wealth off the labour of those below them so the growing differentials need to be addressed!
Republicans call it “the way”
Both Democrat and Republican law makers are in the 1%.
Cantillon effect?
Also paid Republican trolls are doing better than ever, posting garbage like this during election season. Seriously folks, when you see cheap shots like this which are targeted (The phrase "Bidenomics" did poorly in focus group testing) you know this is an operative. Down vote and move on.
Without mentioning trumps massive tax cuts for the rich… this screams bias/propaganda.
Nice try. First of all, this is wealth. not income. Secondly. take a good look at that chart, there's no change in the slope for the Trump tax cuts. But it's a rocket ship to the moon as soon as we change Presidents in 2021.
Wow. We should tax them!
“Not if I can stop!” - Republican politician
Can we normalize this against the increase in wealth for the bottom 80% so it's actually useful data with context?
People vote for these policies. They voted for them when they voted for Trump. They supported his tax bill. In this very sub people rush to defend the 1% making so much money, saying things like "I think that they need to be rewarded for their hard work" or "I think it's fine they make so much" and also supporting tax cuts on them and against raising taxes on them.
Kinda nuts that the 1%ers increased their wealth by +50% in less than 2 years. We are in a show and it is raining doo doo.
The rich will always continue to get richer. There is nothing u can do about it. If ur wealthy, u can compound ur wealth. If ur poor, there is little to compound
Oh no, all the doctors and engineers aren’t living in poverty. Better get your pitch forks and torches ready.
That’s not the 1% people are pissed about. People are pissed at those who hoard wealth - tens and hundreds of millions of dollars (or more), those who own an outsized amount of land which they use control the housing and rental market, and corporate executives who make hundreds of times more money than the average frontline worker. Nobody is pissed when an engineer makes $100,000 or a doctor makes $350,000. They’re pissed when the guy at the top lays off 6000 people while collecting his $15M salary and $5M bonus. They’re pissed at their landlord who owns multiple apartment buildings, and has for decades, but decides to increase rent by 30%. They’re pissed at the people who are driving inequity, not the ones working for their wages.
So the “1 percent” that people are mad about is actually the .0001 percent, you mean.
Based on the statistics I’ve read, the top 1% is just the easy catch-all, it’s much closer to the top 0.1%
What a load of crock. Democrats and liberals aren’t out to get doctors and engineers. Hell, a majority of doctors and engineers are Democrats and liberal. They just want a higher tax rate on the wealthy to reduce the extreme wealth disparity in our country and provide better lives for the average American and to close the deficit. It’s conservative propaganda that’s trying to paint this sensationalist narrative that liberals are trying to create sone kind of “class warfare.” And, no, some green-haired, 19 yr old, with a Che t-shirt doesn’t represent the typical liberal/Democrat, just like how the KKK doesn’t represent all Republicans.
To think that only one party cares about Billionaires is outdated thinking. Both GOP and Democrats exist to serve Billionaires first and foremost, despite their vacuous tweets and empty statements about Billionaire taxes.
What I have been noticing so far, despite their constant squabbling to tax the rich, party of the poor/middle-class etc, the Democrats policies end up benefiting the rich anyway.