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

Posted: Sat Aug 12, 2017 6:24 am, #3
by Doctor A
People will always try to justify their world view even if it is wrong. One has only to look at the abundance of conspiracy theories about us. Worse yet, most of this is old conspiracy theory has been debunked years ago but people still cling onto it. The conservative brain structure of those individuals working for Rupert Murdock will want to justify their world view even if if means using deceptive results of the data they obtain to rationalize their position. And of course, there are those like Murdock himself, who will gladly use this deception and the ignorance of those reading his publications to maintain his wealth and position.

Jessica is correct when stating we must be vigilant and wary when reading research and articles trying to minimize the extent of income and economic inequality. Every war has their Joseph Goebbels, their ministers of propaganda, who will defend their position regardless of how immoral it is (not withstand their own religious heritage). What is worse are those who will present this disinformation knowing full well and being cognizant their reporting does not match reality to justify their own position as is the case with Steve Goldstein, the author of the original article. No doubt, as D.C. bureau chief for MarketWatch, he will receive accolades from his superiors for his good work. But to those of us, like Jessica with a keen eye and wit to match, he is seen as a bumbling fool and a mere lackey for the rich.

What follows is from the FRC's website home page, "CLICK HERE to learn about the Counter-Intuitive Impact Of Economic Inequality." It is a mountain of evidence revealing the real extent of economic inequality upon economic growth.
Two economic-publication excerpts below—one from Forbes and one from The Economist—bear out this relationship between wealth in the hands of the few at the top and consequent overall economic and biopsychosocial decline versus the relationship between an income share that benefits the masses as a whole and consequently prompts growth that benefits all of society.

Income Inequality Hurts Economic Growth
From: Forbes, By Erik Sherman, Dec 9, 2014

"There is and has been a reduction of economic growth because of the growing concentration of income among a smaller portion of the global population."

"The new OECD analysis found a ‘negative and statistically significant’ correlation between income inequality and economic growth. Specifically, the 3 Gini point rise in inequality that was the average for OECD states over the last 20 years meant 0.35 percent less economic growth per year for the same time, or a total 8.5 percent GDP loss in that period."

How inequality affects growth
From: The Economist
Jun 15th 2015, 14:23 by R.A.

"And on June 15th economists at the IMF released a study assessing the causes and consequences of rising inequality. The authors reckon that while inequality could cause all sorts of problems, governments should be especially concerned about its effects on growth. They estimate that a one percentage point increase in the income share of the top 20% will drag down growth by 0.08 percentage points over five years, while a rise in the income share of the bottom 20% actually boosts growth."