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Old 01-30-2014, 11:29 AM  
Prison Bitch Prison Bitch is offline
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If we want more income equality.....

If we want more income equality, should we return to the economy of George W. Bush?
BY JIM LINDGREN
January 28 at 5:41 am

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Other things being equal, income equality is better than inequality. But other things are NOT equal. The easiest way to make incomes more equal in the short run is to have a recession.

Much has been made of growing income inequality since 1979, but very little attention has been paid to which of the four presidental administrations preceding Barack Obama increased income equality and which ones reduced it. In short, the two presidents whose terms involved improving income equality were the two George Bushes and the two whose terms were associated with worsening after-tax income equality were Ronald Reagan and Bill Clinton. It is probably not an accident that the two presidents in whose administrations the GDP grew the most were the two presidents whose time in office coincided with worsening income equality.

The president under whom the poorest quintile enjoyed the largest increase in after-tax household income was George W. Bush. And the two administrations under whom the richest quintile and richest 1 percent fared the worst were the two Presidents Bush. Among Barack Obama’s four immediate predecessors, the two biggest income equalizers were George H.W. Bush and George W. Bush.

Just to be clear, I am not pining for the good old days of the economy of George W. Bush.


But George W. Bush was the most successful of our recent past presidents in achieving very substantial increases in incomes for the poorest quintile (+18.4%), while keeping gains for the richest quintile and richest 1 percent at modest levels. For example, under Bush the Younger, the incomes of the richest 1 percent rose only 6.5 percent in eight years, compared to a staggering 84 percent under Clinton and 91 percent under Reagan.
If you would rather have Bill Clinton’s economy than George W. Bush’s economy – and I definitely would – then as a practical matter you probably don’t care overmuch about income equality.

http://www.washingtonpost.com/news/v...george-w-bush/
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Old 01-30-2014, 11:43 AM   #2
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There's no actual desire for income equality. It's mostly just a campaign sell. Taxing billionaires won't actually make anything better. But peddling that some people are too rich and others's aren't rich enough is a gold mine to get votes.
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Old 01-30-2014, 11:45 AM   #3
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The president under whom the poorest quintile enjoyed the largest increase in after-tax household income was George W. Bush.
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Old 01-30-2014, 11:49 AM   #4
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Originally Posted by blaise View Post
There's no actual desire for income equality. It's mostly just a campaign sell. Taxing billionaires won't actually make anything better. But peddling that some people are too rich and others's aren't rich enough is a gold mine to get votes.
Supposing that is true, why would any liberal who is concerned about it support Barack Obama?
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Old 01-30-2014, 11:51 AM   #5
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because they don't support BO out of principal...they support him because he's there guy. Team D vs. Team R.
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Old 01-30-2014, 11:53 AM   #6
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Originally Posted by Prison Bitch View Post
Supposing that is true, why would any liberal who is concerned about it support Barack Obama?
Believing can be comforting, especially when it comes with an ability to claim you're effecting change without getting off the sofa yourself.
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Old 01-30-2014, 11:55 AM   #7
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Originally Posted by InChiefsHell View Post
because they don't support BO out of principal...they support him because he's there guy. Team D vs. Team R.
Correct answer, and why so many of the Team D folk just don't care about all the things President Obama is doing that they complained bitterly about President Bush doing.
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Old 01-30-2014, 11:57 AM   #8
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I think they support Obama because they like his ideas and want freebies.
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Old 01-30-2014, 11:58 AM   #9
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Plus he's friends with Beyonce and a lot of other celebs. And it makes you not a racist, too.
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Old 01-30-2014, 12:35 PM   #10
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Quote:
Originally Posted by blaise View Post
There's no actual desire for income equality. It's mostly just a campaign sell. Taxing billionaires won't actually make anything better. But peddling that some people are too rich and others's aren't rich enough is a gold mine to get votes.
Is "income equality" supposed to mean that everyone makes the same amount of money, period? Has anyone said that is actually the goal?
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Old 01-30-2014, 12:36 PM   #11
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Originally Posted by BucEyedPea View Post
I think they support Obama because they want freebies.
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Old 01-30-2014, 12:43 PM   #12
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Originally Posted by cosmo20002 View Post
Is "income equality" supposed to mean that everyone makes the same amount of money, period? Has anyone said that is actually the goal?
I don't think anyone has said that's the goal. Why do you ask?
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Old 01-30-2014, 12:45 PM   #13
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FYP
I see what you did there. I just thought the ideas are about freebies.
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Old 01-30-2014, 12:53 PM   #14
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I absolutely hate articles like this.

When you look at the declines in income for the top 1% during Bush Jr, it was driven by the tech bubble bursting in 2001 and then the crash of 2007-08. This analysis tells us nothing as to why these things happened and attributing these things to presidents absent tax cuts during their administrations (Raygun and Bush Jr) is ludicrous. In the case of Shrub Jr, his tax cuts (which disproportionately benefited the wealthy) are directly responsible for some of the growth in the income of the top 1% under Obama.

For Obama, who came into office in 2009, we have a huge rally in all assets which has driven the income growth for the top 1%.

Simply pointing to these statistics under different presidents tells us nothing.
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Old 01-30-2014, 12:59 PM   #15
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I don't think anyone has said that's the goal. Why do you ask?
Because the term "income equality" implies that incomes should be equal. I'm asking because I want to understand the outrage that seems to be brewing. Are we talking about an "equal pay for equal work" principle or a "everyone should make the same amount no matter what" principle?

I have a feeling that "equal pay" is a label being put on something Obama may have said and it doesn't really reflect what he was actually saying. Just asking for some clarification--
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