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Thursday, September 10, 2009
The Rich Are Becoming Poorer
It's official. The WSJ reports today that the "Income Gap Shrinks in Slump (that's the Recession we're in) At the Expense of the Wealthy." So, in 15 years, what do you think the eco profs are going to be saying about this period in US History? Right now, some are saying that American society will become less egalitarian. Also predicted by others interviewed for the article is a change in the relationships between employer and employee as well as fewer people aiming for jobs in the finance industry. What do you think this will mean for your future? What other consequences do you predict? To read the entire article, drop by Hankamer or Moody Library and scan this front page story. If you are a business major, you probably already have picked up your own.
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Even though the Rich are becoming poorer, relatively speaking, they are still incredibly rich compared to the rest of society. Future Econ Profs will most likely call this time period the same thing we do, or worse. We call it a recession, they may go further and call it a depression however unlikely. With all the people crying "wolf" (socialism) it is no surprise that they say our society will become less egalitarian. Personally I think it is foolishness.
ReplyDeleteJohn Duncan
A lot of what will be remembered is hanging on to these next three and a half years with the President we have. However if you look at the Economic patterns in America's history (last 100 years or so) you will see flucuations but everything usually becomes stable at some point. During this hard economic period you will see larger gaps, but give it five years and I think things will be better.
ReplyDeleteI do see an improvement coming around with the economy however, I think it's naive to think that the income gap is significantly shrinking between the wealthy and the lower classes. In the professional society we've grown accustomed to, salary alone isn't really what is going to make the employer and employee's relationship more egalitarian, the responsibilities, decisions made must also be taken into account. I don't think future economic professors will call this a depression but I definitely think history professors will highlight on the panic and insecurity that this crisis has brought upon the american people for the simple reason that very few people saw this sudden economic drop coming.
ReplyDeleteThis economy is not in a major recession yet; the one in the 70's and 80's was 10 times worse than the one we're in now, although it mey head that way in the next 6 months when the rest of the bailout goes into effect. The statement that the rich are becoming poorer is completely bogus. The poor are becoming poorer, and the rich remain as they were, because they have ways around it. More rich CEOs are laying off workers they don't need, creating more poor people, and leveling out their profits. For all the people that blame the rich for that, look at it from their point of view; they're getting screwed. Long term this economy will crash if we keep letting the government screw with it, and it won't take more than a couple years before another major economic power emerges.
ReplyDeleteThe gap shrinking would be nice only, if the poor were getting better benefits and the rich were not overexcessively rich. The deal is though, there are many, "I wish's". When is something going to get done? I'd like a healthcare plan like Switzerland's and a better banking system. The generation now is running my generation and the generation after my generation into some serious debt. We need more people who love math enough to do accounting.
ReplyDeleteThe richer are getting poorer because of the recession. Eventually, I hope, we will no longer be in a recession anymore and the rich will become richer once again.
ReplyDelete