Current Events > Economics
Household Incomes Increased More in 2018 Than in the Previous 20 Years—Combined
franksolich:
https://fee.org/articles/us-household-incomes-increased-more-in-2018-than-in-the-previous-20-years-combined/
US Household Incomes Increased More in 2018 Than in the Previous 20 Years—CombinedWhy did US incomes suddenly explode in 2018 after decades of tepid growth? The answer is not difficult to find.
For years, a school of economists has complained that US wages have been virtually stagnant for decades.
“Jobs are coming back, but pay isn’t. The median wage is still below where it was before the Great Recession,” former Labor Secretary Robert Reich said in 2015. “Last month, average pay actually fell.”
In fact, it’s not hard to find data showing that wages have barely increased since the 1970s, a figure many have used to stoke classy envy.....
.....Government statistics, which use the Consumer Price Index to measure inflation, show that from 2002 through 2015 median weekly earnings didn’t budge at all, but surged between 2018 and 2020.....
.....The question, of course, is why did US incomes suddenly explode after decades of tepid growth? The answer is not difficult to find.
The year 2017 saw massive deregulation and passage of the Tax Cuts and Jobs Act (TCJA). Estimates placed the deregulation savings at $2 trillion. But what was likely even a bigger factor was the cut businesses saw in corporate taxes.
Prior to 2017, the US had the highest corporate tax in the developed world (if not the whole world). With a top bracket of 35 percent, its corporate tax rate was higher than Communist China and socialist Venezuela.
This was a terrible policy on a number of levels. For starters, the revenue-maximizing rate of a corporate tax is 15-25 percent, which means anything above that isn’t even generating more revenue, it’s simply punitive and economically harmful. (Evidence bears this out. The United Kingdom, for example, reduced its corporate tax rate and saw revenues grow.).....
thundley4:
Biden will raise corporate rates and raise taxes on "the rich". His tax policies will also see a huge decline in family farms and small family businesses.
Eupher:
--- Quote from: thundley4 on February 23, 2021, 05:47:28 PM ---Biden will raise corporate rates and raise taxes on "the rich". His tax policies will also see a huge decline in family farms and small family businesses.
--- End quote ---
As we have seen, Biden and his scum-sucking sycophants want to see small businesses fail.
You can't develop a socialist Utopia with people who are independent, entrepreneurial, and think on their own. the mega-corporations that toe the communist line are what they want to succeed. This is corruption, graft and greed at its finest.
Grandpa Gropes showed us how it could be done.
DLR Pyro:
--- Quote from: thundley4 on February 23, 2021, 05:47:28 PM ---Biden will raise corporate rates and raise taxes on "the rich". His tax policies will also see a huge decline in family farms and small family businesses.
--- End quote ---
the dems will claim that the 2018 increase in household incomes was because of policies implimented during the obama/biden terms and that the decline that will happen because of xiden's tax increases are due to President Trump's policies during his 4 year term
thundley4:
--- Quote from: DLR Pyro on February 27, 2021, 11:36:32 AM ---the dems will claim that the 2018 increase in household incomes was because of policies implimented during the obama/biden terms and that the decline that will happen because of xiden's tax increases are due to President Trump's policies during his 4 year term
--- End quote ---
Some democrats are claiming the gas price increase is because of increased demand because the economy is recovering. They just can't reconcile the fact that gas prices held steady for almost 4 years while the economy was a roaring success under President Trump.
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