Tuesday, January 29, 2013

Edward Fullbrook — Score card: 16% vs. 288%

Change in annual wages, by wage group, 1979–2004 (2011 dollars)

Bottom 90%– 16% increase; top 1% – 127%; top .1% – 288%

Change in annual wages, by wage group, 1979–2011 (2011 dollars)

Bottom 90%– 15% increase; top 1% – 134%; top .1% – 279%

Real-World Economics Review Blog
Score card: 16% vs. 288%
Edward Fullbrook

The rent is too damn high.

Edward J. Dodson comments:
This should not be a surprise to anyone with a basic economics education. At the heart of our system of property and tax laws is a fundamental redistribution of wealth from producers to non-producers. This is in the form of the claims on production by landed interests as recipients of rents (imputed and as charges to lessees). Economics and economists as a group have largely ignored the moral question of whether societally-created rents need to be publicly collected as the logical source of revenue to pay for necessary public goods and services. The privatization of rents (which is unearned income to individuals and entities) has meant the taxation of legitimately earned income flows, capital goods and other assets as well as commerce, imposing heavy debt weight losses on the economy.


Roger Erickson said...

"We've fought this battle since the start of feudalism. If you give the serf's a whole loaf of bread, they do less work.

If you educate them, they leave.

It's obvious, from our point of view."
Ren Tigh Ayer

Bob said...

Law of the land has been stolen from the people to serve the lobbyists and special interests and monpolists. This problem is choking off real entrepreners from fullfilling their dreams. Human capitol will flow to where it can flourish just as the jews along with Einstein fled to the US from Germany away from the Nazis. I hope someone at the top is taking notice of this. Where can the gifted go to fufill thier dreams freely, I would say Brazi.