The term “Yo-Yo Economics” is quite interesting. It’s not surprising to see the old saying “the rich get richer” coming true, but is absurd that one percent of Americans control 22% of the nations wealth. The economic divide is growing larger and larger everyday with little help for the lower middle classes who are working with the “on your own” way of life. Recent data shows the gap is not getting smaller but staying in the middle ground. The book “State of Working America 2008/2009” gives the example that, about 60% of families that start in the bottom fifth are still there a decade later, and at the other end of the income scale, 52% of families that start in the top fifth finish there at the end of the decade. Americans do not object to the unequal outcomes if the people that are working hard are the ones that come out on top, but the economy has become completely off scale. Jared Bernstein, co author of “State of Working America 2008/2009” said, “When income concentration creates barriers to the resources and opportunities that would enable people to get ahead through their own initiative and efforts, that violates our fundamental sense of fairness.”
The term “Yo-Yo Economics” is quite interesting. It’s not surprising to see the old saying “the rich get richer” coming true, but is absurd that one percent of Americans control 22% of the nations wealth. The economic divide is growing larger and larger everyday with little help for the lower middle classes who are working with the “on your own” way of life. Recent data shows the gap is not getting smaller but staying in the middle ground. The book “State of Working America 2008/2009” gives the example that, about 60% of families that start in the bottom fifth are still there a decade later, and at the other end of the income scale, 52% of families that start in the top fifth finish there at the end of the decade. Americans do not object to the unequal outcomes if the people that are working hard are the ones that come out on top, but the economy has become completely off scale. Jared Bernstein, co author of “State of Working America 2008/2009” said, “When income concentration creates barriers to the resources and opportunities that would enable people to get ahead through their own initiative and efforts, that violates our fundamental sense of fairness.”