Quit down playing the inequality. Let me make the math easier. Of 10 people, one owns 86% of the stock. The other 9 fight for the other 14%. You are trying to justify that and it’s unfortunate. Also, the few billionaires are still very much a problem. However, the top 10% still displays a large inequality, quite the opposite of “doing very well”. And, I’m glad there are 10%’ers who are pro-equality, they aren’t complaining about being oppressed. They are displaying solidarity with the less fortunate and I hope they are showing it by voting for pro equality measures and politicians (an oxy-moron, I know, but there’s a few good ones).
True, it’s hard to relate to the people defending the status quo in these comments. I think I am usually pretty good at understanding the other side of the argument, but tough for me here.
20- and 30- somethings at FAANG is hardly a picture of America as a whole. Also if 20- and 30- somethings ignore the rest of our neighbors in other fields because “F you got mine”, we’re hardly better than the elitists.
The elite are not the ones making a tech salary and spending 1/4 of it on their rent. The elite are the few who are writing those tech salary paychecks.
Agreed. The difference between the top .01% and top 2% is many magnitudes larger than the difference between those 2% and the other 98%. (Sorry no source.). But both seem to contribute to the increasing inequality.
I bet the people making $7.25 an hour would consider the $500k/year FAANG crowd pretty elite. Also if you own enough tech stock then you are also kind of writing the paychecks.
Just flip it around, would plummeting housing prices benefit homeowners with a mortgage? No, that's a disaster (see the 2007 housing crash). Borrowing, especially at the extreme low rates, on an appreciating asset is great, paying debt on a depreciating asset is a nightmare.
Flip what around? A mortgage doesn’t give you the benefits of being wealthy. Whether the market is good or bad. Anyway, the point is moot as the parent report shows the top 10% also own 41% of the houses, so the initial argument stands that the wealthy are benefiting the most.
Thanks for the link. I’m on mobile and only got a second hand source on my comment below. I totally agree it must be worse now. It would be interesting to see the latest numbers.
I checked a lot of my family and friends names. I found my friend on the list. Without letting him know, I asked if he was for or against it. He said he's never made a comment, and there are 2 comments with his name and current address. I believed the fake comments were happening, but this is actual proof for me that it did happen. He is submitting a report on AG Schneiderman's website now.
