alt Hacker NewsWhen economy goes K shaped (only ultra rich or ultra poor with no in-between) GDP is good preidictor of how the ultra rich are fairing.
For everyone else a roulette wheel is a better measurement.
When economy goes K shaped (only ultra rich or ultra poor with no in-between) GDP is good preidictor of how the ultra rich are fairing.
For everyone else a roulette wheel is a better measurement.
No economy is K shaped. The vast majority of US income (78%) is earned by people outside the top 1%. It was as high as 90% during the bad economy of the 1970s. Since 1975, real GDP per capita has increased by a factor of 2.8. So the proletariat have 12 percentage points less of a number that’s 2.8 times bigger.