Krugman: "Trickle-down economics has now become shut-your-trap economics."

[babylonsister]

http://krugman.blogs.nytimes.com/2012/01/12/be-vewy-vewy-quiet/

Be Vewy, Vewy Quiet


Andy Rosenthal gets a bit of a laugh out of Mitt Romney’s insistence that the only reason anyone would talk about inequality is the “politics of envy”, and that if the subject is discussed at all, it should only be in “quiet rooms”.

Indeed. Because there’s no way anyone who isn’t motivated by envy could be interested in and possibly concerned about this:



Trickle-down economics has now become shut-your-trap economics.

[jimlup]

1. What is the vertical axis? Percent? Dollars?

I'd like to use this graph on a mainstream site where I often debate economic policy but I know I'll be attacked and I'd like to know more about the source and nature of the graph.

Thanks!

[babylonsister]

2. Hi. I found this under comments @ Krugman's link; I imagine there's more...

The figure comes from a Congressional Budget Office report entitled
"Trends in the Distribution of Household Income Between 1979 and 2007", Pub. No. 4031, October 2011. The label on the vertical axis is Percent

[jimlup]

5. Thanks!

Yeah I'm usually to lazy to look at the comments...

[FreakinDJ]

3. Is that chart adjusted for inflation ?

[Jim Lane]

8. Yes, "real" means inflation-adjusted.

If it says "nominal" that means current dollars (i.e., no inflation adjustment) as opposed to constant dollars (i.e., inflation adjusted).

If it doesn't say anything it's safer to assume that it's not adjusted.

[BlueJazz]

4. ....and approximately 50 % of the 99 percent will vote for the One percent.

[jimlup]

6. Scary isn't it...

[renate]

7. it's be great if this became a slogan for the Democratic party

Although they're funded by the one percent too, darn it....

I do think that what you said could be used as a really nice slogan by somebody like Alan Grayson or Elizabeth Warren.

[BootinUp]

9. Why does Paul hate America. /sarcasm