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Response to uawchild (Reply #10)

Thu Oct 15, 2015, 01:52 PM

13. Share of wealth is irrelevant to median income or QOL however

I have purchasing power of X, and am willing to trade my time for X in purchasing power (nominal numbers are useless - it's what I can do with my dollars that matters, same for anyone). Now if my boss's boss's boss makes 5X or 30X that makes no difference to what I can enjoy with my X. Similarly if the lowest paid employee makes 0.1X or 0.9X it makes no difference to me personally. Politically yes we can decry the inequality of a .1X to 30X range, but if I'm a median earner it does not affect my lifestyle. As long as X means I can buy at least the same and preferably a bit more than it did last year, that bigwig's 30X can become 2000X, and my share of total income much much less as shown in your chart, but as long as the real value of X increases, I as a hypothettical median earner am better off.

That's exactly what we are seeing. The median guy is marginally better off, but the guys who can buy the robots and ERP systems are much much much better off.

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FBaggins Oct 2015 #1
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