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(CNBC)   Economists increasingly worry about K-shaped economic recovery that favors the wealthy, as opposed to all those other non-existent economic recoveries that favored the poor   (cnbc.com) divider line
    More: Obvious, Economics, Unemployment, Economy, current K pattern, much of the past generation, financial markets, actual shape of the recovery, Federal Reserve System  
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1803 clicks; posted to Politics » and Business » on 04 Sep 2020 at 4:50 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-09-04 3:30:23 PM  
So back to normal.
 
2020-09-04 4:19:09 PM  
Fark user imageView Full Size
 
2020-09-04 4:41:19 PM  
This is why you tax the rich, they will wind up with all the money again anyway at least it does some good flowing back into their hands.
 
2020-09-04 4:51:50 PM  
In b4 the commies
 
2020-09-04 4:51:57 PM  
LOL

It's almost like rewarding the already-wealthy doesn't actually help most people. Since most people aren't, you know, wealthy.
 
2020-09-04 4:54:12 PM  
Rube-Americans will always vote against their own self-interests.
 
2020-09-04 4:54:31 PM  
Yeah but think of all the jobs they will be able to create!
 
2020-09-04 4:54:38 PM  
I don't know what K-shaped means and the article has no picture of a K.

Real smart reporting there, CNBseenoletterK
 
2020-09-04 4:55:08 PM  
From 1944-1963 the top tax rate was 91%. Lets make America great again.
 
2020-09-04 4:56:41 PM  
"America sucks, the wealthy get more wealthy, so I'mma biatch about it on Fark!"

Vote
 
2020-09-04 4:59:09 PM  
The FR model favoured the poor.

/French Revolution
 
2020-09-04 4:59:24 PM  
Fark user imageView Full Size
 
2020-09-04 5:07:07 PM  

Bennie Crabtree: I don't know what K-shaped means and the article has no picture of a K.

Real smart reporting there, CNBseenoletterK


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Bonus:

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im7.ezgif.comView Full Size
 
2020-09-04 5:12:55 PM  
Must mean 'K' as in "strike out"
 
2020-09-04 5:15:50 PM  
So like every other growth/recovery in at least the last 2 decades?
What a surprise.
 
2020-09-04 5:25:46 PM  

Billy Liar: Must mean 'K' as in "strike out"


Or "K" as in "knock out"
 
2020-09-04 5:28:19 PM  
This analysis brought to you by The N. S. Sherlock Institute of Economic Research.
 
2020-09-04 5:40:42 PM  
Every economic recovery in my lifetime has been favorable to the wealthiest already. Sounds like business as usual.
 
2020-09-04 5:52:01 PM  

dyhchong: The FR model favoured the poor.

/French Revolution


Before that there was the Black Plague.  It killed so many people it effectively ended serfdom in Western Europe.  So much work needed to be done and so few hands were left that workers could command a serious premium for the next twenty years just by threatening to move to the next town over.
 
2020-09-04 6:04:07 PM  
"The rich get richer and the poor get the picture."

-Midnight Oil
 
2020-09-04 6:23:16 PM  

Bennie Crabtree: I don't know what K-shaped means and the article has no picture of a K.

Real smart reporting there, CNBseenoletterK


Basically means a tail of 2 cities.

Its going up for some people.  But continuing in a downward trend for the rest.
 
2020-09-04 6:50:09 PM  

Parthenogenetic: Bennie Crabtree: I don't know what K-shaped means and the article has no picture of a K.

Real smart reporting there, CNBseenoletterK

[22nredm3ttuynrp464ya5113-wpengine.net​dna-ssl.com image 586x436]
[uschamber.com image 850x371]

Bonus:

[22nredm3ttuynrp464ya5113-wpengine.net​dna-ssl.com image 850x739]

[im7.ezgif.com image 300x225] [View Full Size image _x_]


$32 an hour is way too low of a number to put in that one graph.  While solidly middle class, it ain't making it rain either.
 
2020-09-04 6:57:20 PM  
urbanprankster.comView Full Size
 
2020-09-04 7:11:05 PM  
We're in the process of finding out who's essential and who should go die. In the rain.
 
2020-09-04 7:19:14 PM  

Parthenogenetic: Bennie Crabtree: I don't know what K-shaped means and the article has no picture of a K.

Real smart reporting there, CNBseenoletterK

[22nredm3ttuynrp464ya5113-wpengine.net​dna-ssl.com image 586x436]
[uschamber.com image 850x371]

Bonus:

[22nredm3ttuynrp464ya5113-wpengine.net​dna-ssl.com image 850x739]

[im7.ezgif.com image 300x225] [View Full Size image _x_]


Fark user imageView Full Size


NEAT

I tried to imagine what the vertical line in the K would be, and came up blank.

But there it is, in all it's gory glory.
 
2020-09-04 7:22:16 PM  
If we burn down all the places and eat the rich, the recovery will favor the poor.

Fire is the great equilizer.  And BBQ sauce.

AcneVulgaris: We're in the process of finding out who's essential and who should go die. In the rain.


The non essentials, especially those who cant figure the fark out how to wear a god damn mask, should die.  They should be welded into their homes and starved to death.  Or executed on the street by military snipers.  A person should be essential, especially in the world of corona.  Everybody else is just a carrier and if they are good citizens should go to the euthanasia center and line up for painless termination, to make sure they can't spread the disease.
 
2020-09-04 7:22:21 PM  

dkulprit: Bennie Crabtree: I don't know what K-shaped means and the article has no picture of a K.

Real smart reporting there, CNBseenoletterK

Basically means a tail of 2 cities.

Its going up for some people.  But continuing in a downward trend for the rest.


Dang.

Fark user imageView Full Size


nice "tail" pun
 
2020-09-04 8:13:25 PM  

AlgaeRancher: This is why you tax the rich, they will wind up with all the money again anyway at least it does some good flowing back into their hands.


But then they wouldn't get to Keep up with the Jonses. Or Gates. Or Buffets. Or Bezos.

But unlike our fake pleb version where it is appearances, they spend money on politicians. If your "neighbor" can spend 2 million dollars to screw you out of 4 million dollars in profits, it is more important to make 5 million dollars and spend 3 million to screw him out of 5 million in profits.

Monopoly busting wasn't invented for no reason, ya know.
 
2020-09-04 9:06:17 PM  

lennavan: Yeah but think of all the jobs they will be able to create!


Exactly!  Think about how efficient and productive the economy will be when we all have to get up at 4 am and get online to start bidding down our own pay to get gigs for 2 hours at a shot, working 18 hours per day with an hour of bidding between 4 to 8 gigs, 7 days a week, just to afford that ramen and Kraft Dinner in the cabinets of the dormitory we share with 8 other people but don't mind because we each sleep so little that hot-bunking is barely an issue...
 
2020-09-04 10:07:15 PM  
 
2020-09-04 10:14:14 PM  
I like how people hate the fact that someone like Jeff Bezos can create a service that hundreds of millions of people use everyday and has generated huge amounts of wealth for risk takers and then get upset when they are allowed to keep the profits of their risk.

Like, I don't see any of you creating Facebook, or Amazon, or Google, or Apple, or Microsoft, or Oracle, or Tesla ... if you had the genius, you would have.
 
2020-09-04 11:13:29 PM  

Bennie Crabtree: Parthenogenetic: Bennie Crabtree: I don't know what K-shaped means and the article has no picture of a K.

Real smart reporting there, CNBseenoletterK

[22nredm3ttuynrp464ya5113-wpengine.net​dna-ssl.com image 586x436]
[uschamber.com image 850x371]

Bonus:

[22nredm3ttuynrp464ya5113-wpengine.net​dna-ssl.com image 850x739]

[im7.ezgif.com image 300x225] [View Full Size image _x_]

[Fark user image image 374x288]

NEAT

I tried to imagine what the vertical line in the K would be, and came up blank.

But there it is, in all it's gory glory.


Iirc, that's the episode where Tick gets to ask the universe one question. "How am I doing?". Then a giant stone thumbs up emerges from the ground. Loved that show/ comic.
 
2020-09-04 11:16:10 PM  
And the K plot. We are all forked, again. Until we start taking the rich bastards' stuff (taxes or outright theft, I'm ok with either) this process will keep repeating.
 
2020-09-04 11:39:50 PM  

FarkBucket18: I like how people hate the fact that someone like Jeff Bezos can create a service that hundreds of millions of people use everyday and has generated huge amounts of wealth for risk takers and then get upset when they are allowed to keep the profits of their risk.
Like, I don't see any of you creating Facebook, or Amazon, or Google, or Apple, or Microsoft, or Oracle, or Tesla ... if you had the genius, you would have.


More like,
Jeff Bezos created a service that uses hundreds of millions of people each day, and profits (massively) from it.

Fark user imageView Full Size


You cool with that?  Hey, those guys don't care if you are or not. They've been doing it for years.
 
2020-09-04 11:43:47 PM  
1) Universal Basic Income NOW
2) Re-link capital gains and income tax rates
3) Tax (stock sale) transactions

#AnyoneButBidenOrBillionaires
 
2020-09-05 12:05:22 AM  

cryinoutloud: FarkBucket18: I like how people hate the fact that someone like Jeff Bezos can create a service that hundreds of millions of people use everyday and has generated huge amounts of wealth for risk takers and then get upset when they are allowed to keep the profits of their risk.
Like, I don't see any of you creating Facebook, or Amazon, or Google, or Apple, or Microsoft, or Oracle, or Tesla ... if you had the genius, you would have.

More like,
Jeff Bezos created a service that uses hundreds of millions of people each day, and profits (massively) from it.

[Fark user image image 449x181]

You cool with that?  Hey, those guys don't care if you are or not. They've been doing it for years.


Oh hell. This shiat again? The device you're using right now, the clothes you're wearing now, and nearly everything in your life was made by people YOU used so that you can live comfortably.

But hey, why don't we just redistribute the worlds wealth to everyone and then realize the the entire world - all 8 billion of us - only generate about $11,000/year of added value.

So, sure, throw pot shots at Jeff Bezos all you want, but he came up with the idea - not me, and certainly not you.

In either case, I quite like my life built on exploitation and I imagine you do too. Hell, minimum wage in this country pays nearly double what the world average wage would, so be careful who you demand fealty from - you might not like it so much when you are reduced down to those stark realities.

I quite like my wealth, I'm quite certain you do too considering you're on a device that costs more than billions on this planet make in a year.

Guess we'll just save that inequality for another day? ¯\_(ツ)_/¯
 
2020-09-05 3:47:13 AM  

FarkBucket18: I like how people hate the fact that someone like Jeff Bezos can create a service that hundreds of millions of people use everyday and has generated huge amounts of wealth for risk takers and then get upset when they are allowed to keep the profits of their risk.

Like, I don't see any of you creating Facebook, or Amazon, or Google, or Apple, or Microsoft, or Oracle, or Tesla ... if you had the genius, you would have.

Jeff Bezos can create a service


Bezos didn't create shiat.  He paid other people to develop a merchant website for him in the early days of the internet, and it gradually expanded from there.
 
2020-09-05 3:50:57 AM  
FarkBucket18:

In either case, I quite like my life built on exploitation and I imagine you do too. Hell, minimum wage in this country pays nearly double what the world average wage would, so be careful who you demand fealty from - you might not like it so much when you are reduced down to those stark realities.

It's very revealing about what kind of person you are that you talk about forcing everyone else down to reach parity with the poorest nation's in the world, instead of wanting to bring everyone else in the world up to the American standard of living, or better still, a first world standard of living.
 
2020-09-05 11:34:20 AM  

FarkBucket18: I like how people hate the fact that someone like Jeff Bezos can create a service that hundreds of millions of people use everyday and has generated huge amounts of wealth for risk takers and then get upset when they are allowed to keep the profits of their risk.

Like, I don't see any of you creating Facebook, or Amazon, or Google, or Apple, or Microsoft, or Oracle, or Tesla ... if you had the genius, you would have.


Then shouldn't anyone, who creates any amount of wealth, be they Jeff Bezos or a burger slinger, be allowed to keep all the wealth they create, in theory?
See - reality and theory are two different things - and we have to actually live in the former.
Wealth can only be created in the context of civilization - and civilization costs money.
And people need to contribute to it proportionally to what they get out of it.
So, sorry - the taxation is theft narrative needs to be discarded, and left on the classroom floor in Econ 101.
Not a real philosophy.
 
2020-09-05 1:34:37 PM  

Murkanen: FarkBucket18:

In either case, I quite like my life built on exploitation and I imagine you do too. Hell, minimum wage in this country pays nearly double what the world average wage would, so be careful who you demand fealty from - you might not like it so much when you are reduced down to those stark realities.

It's very revealing about what kind of person you are that you talk about forcing everyone else down to reach parity with the poorest nation's in the world, instead of wanting to bring everyone else in the world up to the American standard of living, or better still, a first world standard of living.


If you brought everyone up to the first world standard of living, there would be a world wide shortage of resources inside of a couple years. You can't just add tens of terawatts of energy output without accelerating the global end game.

PV is great, except for the waste generation. Wind energy is great, except for the finite resources needed to capture it. Nuclear is great, but we'd run out of nuclear materials far before we could support a world full of first world lifestyles.

What you fail to realize is that the inequality built into humanity has allowed for us to capitalize on technological innovations. Setting a world baseline of equality would destroy Earth rather quickly.

So, either accept that Americans need to live more like Africans or that we will destroy this Earth. Either way. the sanctimonious bullshiat of thinking that somehow the economic activity of the world would increase by 500% without any downsides is hilariously naive.
 
2020-09-05 1:36:23 PM  

jso2897: FarkBucket18: I like how people hate the fact that someone like Jeff Bezos can create a service that hundreds of millions of people use everyday and has generated huge amounts of wealth for risk takers and then get upset when they are allowed to keep the profits of their risk.

Like, I don't see any of you creating Facebook, or Amazon, or Google, or Apple, or Microsoft, or Oracle, or Tesla ... if you had the genius, you would have.

Then shouldn't anyone, who creates any amount of wealth, be they Jeff Bezos or a burger slinger, be allowed to keep all the wealth they create, in theory?
See - reality and theory are two different things - and we have to actually live in the former.
Wealth can only be created in the context of civilization - and civilization costs money.
And people need to contribute to it proportionally to what they get out of it.
So, sorry - the taxation is theft narrative needs to be discarded, and left on the classroom floor in Econ 101.
Not a real philosophy.


They are. A burger slinger gets paid exactly what their labor is worth on the open market and the economic activity they generate.

See, here's the thing you miss: everyone can flip burgers. Not everyone can be a CEO. Not everyone can be a doctor. Not everyone can be a lawyer. The wealth you earn is based on the supply and demand forces of your labor's value.
 
2020-09-05 1:40:04 PM  
FarkBucket18:

If you brought everyone up to the first world standard of living, there would be a world wide shortage of resources inside of a couple years.

Oh bullshiat.  There's ample food, sustainable materials, and renewable energy to ensure everyone has not just a life, but a good life.  It just requires people, like yourself, to stop being greedy farks about paying your part of the bill for living in a functional society.
 
2020-09-05 2:51:31 PM  

Murkanen: FarkBucket18:

If you brought everyone up to the first world standard of living, there would be a world wide shortage of resources inside of a couple years.

Oh bullshiat.  There's ample food, sustainable materials, and renewable energy to ensure everyone has not just a life, but a good life.  It just requires people, like yourself, to stop being greedy farks about paying your part of the bill for living in a functional society.


That's literally not true.

https://www.fastcompany.com/1680379/w​h​at-would-happen-if-the-entire-world-li​ved-like-americans
 
2020-09-05 3:03:35 PM  
FarkBucket18:

That's literally not true.

An OpEd from 6 years ago that relies on assuming everyone would live like the most overly indulgent and wasteful individuals in the richest cities of the UAE and US, Dubai and New York City respectively, and ignores that only a tiny fraction of a minority live that way in the UAE and the US, to argue against improving living conditions for everyone?  And you think this proves that people can't live a first world lifestyle with the resources and technology we have now, let alone what's constantly being developed and improved upon?
 
2020-09-05 3:12:03 PM  

Murkanen: FarkBucket18:

That's literally not true.

An OpEd from 6 years ago that relies on assuming everyone would live like the most overly indulgent and wasteful individuals in the richest cities of the UAE and US, Dubai and New York City respectively, and ignores that only a tiny fraction of a minority live that way in the UAE and the US, to argue against improving living conditions for everyone?  And you think this proves that people can't live a first world lifestyle with the resources and technology we have now, let alone what's constantly being developed and improved upon?


Here's a BBC source. This isn't new. The world literally cannot sustain a first world standard of living for 8 billion people. This is your first (But certainly not your last) lesson in finite resources.

https://www.bbc.com/news/magazine-331​3​3712

"'Ecological footprinting' is where researchers look at how much land, sea and other natural resources are used to produce what people consume - how many potatoes they eat, how much milk they drink, the cotton that goes into the shirts they wear and so on."

Heres some other links:

https://www.independent.co.uk/environ​m​ent/developing-world-west-living-stand​ards-sustainable-products-luxury-afric​a-asia-us-south-america-a8195416.html

https://www.nature.com/articles/s4189​3​-018-0021-4
 
2020-09-05 4:57:37 PM  
FarkBucket18:They are. A burger slinger gets paid exactly what their labor is worth on the open market and the economic activity they generate.

Sure, and tax rates are ultimately determined by a market too.  First-world countries all have a certain going rate structure, in case you haven't noticed.  Don't like it, you're free to shop elsewhere.  For example, there are plenty of flat-tax countries to choose from, go ahead and look them up.
 
2020-09-05 5:09:37 PM  

Yankees Team Gynecologist: FarkBucket18:They are. A burger slinger gets paid exactly what their labor is worth on the open market and the economic activity they generate.

Sure, and tax rates are ultimately determined by a market too.  First-world countries all have a certain going rate structure, in case you haven't noticed.  Don't like it, you're free to shop elsewhere.  For example, there are plenty of flat-tax countries to choose from, go ahead and look them up.


They are. Which is why you see such an aversion to taxes by Americans writ large and why any increase in taxes is ultimately replaced by a decrease in taxes.

Also note that overall revenue from taxes has remained virtually flat for the last century regardless of the marginal tax rate du jour.

Lastly, we have more flat taxes than progressive taxes in this country for a reason. The fact that federal income tax and *some* state income taxes remain progressive is an interesting footnote, but is certainly not the favored tax system in this country.

I'm just fine with the taxes we pay today. I may wish they were lower, but not enough to make a stink about it. However, I'll fight every increase in taxes at all levels. I like my money. If you want more of it, earn more. It's a pretty simple concept.
 
2020-09-05 5:47:12 PM  

FarkBucket18: Yankees Team Gynecologist: FarkBucket18:They are. A burger slinger gets paid exactly what their labor is worth on the open market and the economic activity they generate.

Sure, and tax rates are ultimately determined by a market too.  First-world countries all have a certain going rate structure, in case you haven't noticed.  Don't like it, you're free to shop elsewhere.  For example, there are plenty of flat-tax countries to choose from, go ahead and look them up.

They are. Which is why you see such an aversion to taxes by Americans writ large and why any increase in taxes is ultimately replaced by a decrease in taxes.


I know, I wasn't being sarcastic.  Of course you're fine with the taxes the way they are, that's why you're still here.  When you're not fine anymore, you'll shop elsewhere.  And of course you'll resist paying more.  Everyone would rather pay less than more, but they'll pay the market rate for what they're getting.  It's not theft, it's the market.

The huge caveat to all of the above, of course, is the degree to which any given market being discussed is imperfect.  "Free market" people typically fail to address this.
 
2020-09-05 5:49:09 PM  

FarkBucket18: I like how people hate the fact that someone like Jeff Bezos can create a service that hundreds of millions of people use everyday and has generated huge amounts of wealth for risk takers and then get upset when they are allowed to keep the profits of their risk.

Like, I don't see any of you creating Facebook, or Amazon, or Google, or Apple, or Microsoft, or Oracle, or Tesla ... if you had the genius, you would have.


Lottery winners pay 37% tax.
 
2020-09-05 5:52:09 PM  

FarkBucket18: Murkanen: FarkBucket18:

In either case, I quite like my life built on exploitation and I imagine you do too. Hell, minimum wage in this country pays nearly double what the world average wage would, so be careful who you demand fealty from - you might not like it so much when you are reduced down to those stark realities.

It's very revealing about what kind of person you are that you talk about forcing everyone else down to reach parity with the poorest nation's in the world, instead of wanting to bring everyone else in the world up to the American standard of living, or better still, a first world standard of living.

If you brought everyone up to the first world standard of living, there would be a world wide shortage of resources inside of a couple years. You can't just add tens of terawatts of energy output without accelerating the global end game.

PV is great, except for the waste generation. Wind energy is great, except for the finite resources needed to capture it. Nuclear is great, but we'd run out of nuclear materials far before we could support a world full of first world lifestyles.

What you fail to realize is that the inequality built into humanity has allowed for us to capitalize on technological innovations. Setting a world baseline of equality would destroy Earth rather quickly.

So, either accept that Americans need to live more like Africans or that we will destroy this Earth. Either way. the sanctimonious bullshiat of thinking that somehow the economic activity of the world would increase by 500% without any downsides is hilariously naive.


Yeah, the first world is the 1%er of the world.
 
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