Re: Don't be fooled by the wealthy's economic research deception

Posted: Thu Feb 28, 2019 2:22 am, #8
by janebird21
The wealthy try to use "research" to prove that economic inequality isn't all that bad... That article and some related postings are from 2017, hello 2019. It's time for an update:

First off, anyone with any sort, form, or blurp on a resume regarding a research background can immediately spot the errors in data. Unfortunately, the author makes us wait until the end of his article to disclose the following:
The study, circulated by the National Bureau of Economic Research, has not been peer reviewed yet.
Normally, this is where I would stop. It pains me to even give it attention due to its lack of merit but here we are.
The link to the actual paper the Steve Goldstein reviews can be found https://www.nber.org/papers/w23655
I tried to dig deeper to see if the merit has changed and comically this was the first thing I saw after clicking the acknowledgment link:
Bruce Meyer receives funding that supports his research from the Alfred P. Sloan Foundation, the Russell Sage Foundation, the Federal Reserve Bank of Chicago, and the American Enterprise Institute.
Alfred P. Sloan Foundation = CEO of GM
Russell Sage Foundation = created by contributions from Mrs. Sage, widow of railroad magnate and financier Russell Sage.
Federal Reserve Bank of Chicago = set up like corporations and members hold stock. I can only guess but clearly, the stockholders do not represent the average "working class" citizen of the United States.
American Enterprise Institute (AEI) = funded by corporations connected to the fossil fuel industry -are we seeing a trend yet?
More about AEI according to https://mediabiasfactcheck.com/american ... institute/
According to Open Secrets AEI almost exclusively supports Republican candidates through donations.

In review, AEI is closely associated with conservatism and neoconservatism, although it claims to be non-partisan. Policy wise they advocate for lower taxes, fewer protections for consumers and the environment, and cuts to the social safety net.
I hope the message is clear. The referenced article and study is merely intended as a one-click, quickly forward posting intended to move through the ranks of social media without clear verification. In 2019, I believe Republicans call it "Fake News". I would like to call it, "Republicans stop spreading your fake news and then blaming the news' or perhaps "The ones controlling the markets, controlling legislations aka tax legislation are the ones that don't want you to know they are hurting you" but none of those fit so easily on the screen of a smartphone.

Up next: The rate of consumer consumption is NOT an accurate measure of economic inequality nor does the measurement of consumption predict resulting effects on societies with large economic inequality gaps. ***How this article does not account for items bought on credit.