Sunday , June 16 2024
Home / Mike Norman Economics / US wealth distribution – fiscal policy increases private net worth but the poor miss out — Bill Mitchell

US wealth distribution – fiscal policy increases private net worth but the poor miss out — Bill Mitchell

Summary:
I read an interesting report this morning, which resonated with some other work I had been looking into earlier in the week. The Australian Council of Social Services (ACOSS) released a report yesterday (September 27, 2023) – Inequality in Australia 2023: Overview – which shows that “The gap between those with the most and those with the least has blown out over the past two decades, with the average wealth of the highest 20% growing at four times the rate of the lowest”. It is one of the manifestations of the neoliberal era and is ultimately unsustainable. Earlier in the week, I spent some time analysing the latest data from the US Federal Reserve on the distribution of wealth among US households. The US data goes a long way to explaining why the recent interest rate hikes have been

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

John Quiggin writes The edge of extinction

Lars Pålsson Syll writes The psychopathy of Ayn Rand

NewDealdemocrat writes May CPI continued to be all about shelter

Merijn T. Knibbe writes Deaths of infants and young children in Gaza. A fact-based estimate.

I read an interesting report this morning, which resonated with some other work I had been looking into earlier in the week. The Australian Council of Social Services (ACOSS) released a report yesterday (September 27, 2023) – Inequality in Australia 2023: Overview – which shows that “The gap between those with the most and those with the least has blown out over the past two decades, with the average wealth of the highest 20% growing at four times the rate of the lowest”. It is one of the manifestations of the neoliberal era and is ultimately unsustainable. Earlier in the week, I spent some time analysing the latest data from the US Federal Reserve on the distribution of wealth among US households. The US data goes a long way to explaining why the recent interest rate hikes have been inflationary in themselves.

As an aside, one of the characteristics of neoliberalism that is not often recognised is the way in which it has created schizoid welfare institutions – where key organisations that deliver or advocate for improved safety nets or poverty relief adopt internally inconsistent positions without, seemingly, knowing it.…

William Mitchell — Modern Monetary Theory
US wealth distribution – fiscal policy increases private net worth but the poor miss out
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

See also

Economics from the Top Down — new ideas in economics and the social sciences
How the Rich Get Richer
Blair Fix, a PhD-trained political economist based in Canada, author of the book Rethinking Economic Growth Theory from the Biophysical Perspective, and self-described "economic heretic"
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *