I think people are missing the larger point of what these type of graphs show. Of course there has always been rich and poor in America. And the bottom poor in America are doing better than the “middle class” in Zimbabwe or some other third world country. But the real point of these type of graphs is that return on productivity has skewed exponentially toward the wealthy. It’s evidence that supply side economics does not work. Trickle down? There is none; the rich just get richer while inflation and stagnant wages make the poor get poorer. This is not political rhetoric or demonization of the wealthy. It’s simply reality and can be substantiated with data and numbers.
People also need to stop with this logical fallacy about the wealthy working hard for their wealth. Typically that’s not how it works, wealthy people typically increase their wealth exponentially by not working hard instead choosing to use this little thing called the stock market. The whole point of the stock market is to make your money work for you and get more of it. Even CEOs who make hundreds of millions of dollars do not work in the traditional sense. They get paid to make decisions, and often times those decisions are out right horribly affecting the lives of the middle class and poor who work under them. Luckily many CEOs have golden parachutes which takes care of that pesky notion of accountability which they can then use to make investments (and continue to grow their wealth exponentially) as a backup for being fired.
About Author: Nadia Sahar is an undergraduate from the University of Nottingham, currently running a cosmetics and beauty services company.
Disclaimer: The opinions expressed in the above article are of the writer’s only and do not necessarily represent Aaj.tv/Aaj News policies.