How a Single Statistic Upended the American Economy
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- Опубликовано: 3 окт 2024
- The official statistics on America’s economy are grim. The rich just keep getting richer. There’s barely any progress on poverty. But dig into the data and you’ll find that there's an enormous caveat.
The government's record-keeping system, which dates back to 1947, has a major shortcoming: it doesn’t actually count most of the things the government does to help lift people out of poverty. As a result, a low-income household that may, once government aid is factored in, live off the equivalent of nearly $50,000 a year can show up on paper as having had less than $5,000.
These statistics not only mislead us about poverty but also distort our perception of wealth. The reason: because the data also doesn’t factor in the money that people lose to taxes. That has huge implications for our perceptions of inequality. Government data suggests that the top 20% of Americans earn 60 times more than the bottom 20%. But once the numbers are adjusted to factor in taxes and government benefits, the top 20% is only four times higher than the bottom 20%.
Upon closer inspection, it turns out that America’s rich people aren’t as rich as many of us think and America’s poor people aren’t as poor as many of us think. Which, taken together, kind of ruins everyone’s talking points. One more reminder of why context matters.
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This video seems misleading. The fact is shit is getting worse no matter the numbers.
Damn straight
I fit nowhere near these areas, no wealthy, never had any Gov programs
Except that you can't collect social security or medicare unless your elderly or disabled. It sounds like you're assuming everyone who falls below the poverty line income level collects those services.
No accounting for the depreciation of durable consumer goods. How many automobiles have Americans trashed since Sputnik?
5:00 Give an honorary Nobel Prize to the person who dreamed up the newspaper headline, "Nation's Pundits Not Sure What to Be Outraged By" Hilarious.
This is b.s. above. Poor people don't get $30,00 in government benefits. This is nonsense above.
No the problem is no fear or noleges God so sad meny blessings
They can't because we won't let them use our tax dollars and don't let them. People are poor because they didn't get a good education, we can help them by giving them homes and buying them food
@@jjcat445 "Education" has nothing to do with it. "Education" is just to employ teachers. The politicians removed heavy industry manufacturing from the society and flooded the American economy with cheap foreign goods. THAT'S the problem. We need MANUFACTURING jobs.
No, they get 5k. The other 25k is the administrative overhead.
U don't know what your talking about have you looked at the prices lately
YOU TOTALLY LEAVE OUT THOSE WHO EXIST RIGHT ABOVE THE
"POVERTY LEVEL" YET HEAVILY TAXED. THEY LIVE IN LOWER CONDITIONS THAN THE ONES ACTUALLY COUNTED AS BELOW THE POVERTY LEVEL RECEIVING THAT +$50K IN BENEFITS.
THEY DON'T COUNT, RIGHT?
The numbers in this video are also misleading. When I think of low income, I think of people below age 65. However, the statistics in this video are from the book "The Myth of Inequality." On page 20 it shows that the lowest quintile households in 2017 got, on average, $10,958 in old age Social Security benefits, $7,986 in Medicare benefits, and $2,575 in Social Security disability benefits, for a total of over $21,500 in old age or disability benefits. Plus $9,634 in Medicaid benefits, some portion of which is for senior citizens. Most low income people don't get these senior citizen benefits.
The book and video are correct that incomes are undercounted by the census bureau. But half of their "corrections" don't apply to most low income households.
Sir, you couldn't be even More Wrong! I am a 71 yo retired RN who had to retire in my 50s due to back injuries/surgeries (directly related to my profession) I never got Any Workman's Comp or Retirement Income. I had to wait yrs to get SSDI (putting me in extreme poverty and homelessness, even w a Masters Degree!)
I currently live on $1130/mo and $151 EBT! Try living on that today w rent that's tripled in 5 yrs where I live! I'd u think the Gov has helped the poor, u r So Wrong! I got a $90 'raise' in SS 5he 1st of 2023, then 6 mo later had my EBT cut in Half!!😢
Most people on Social Security don't receive 2500 dollars a month in that benefit, the average Social Security benefit is less than 1600 dollars a month, then the Medicare insurance payment comes out of that for 185.00 a month. Next you have to have a part D policy ( for prescription drugs and that is another 58.00 (sometimes more in different states.) Then you still have to buy your food pay for electricity, gas for your car, pay the 20% co insurance that Medicare doesn't. Then whatever is left gets split between rent, or property taxes, home maintenance, home insurance. You are not eligible for food help so if you're lucky you might have enough money to eat once a day for the month.
0:00 @@TenaB-j2l
Sorry, but we should NOT count free money when deciding if people are making progress.
Correct!
Every one of your statistics was consciously misinterpreted and misleading.
Yup
Well,if we know that a mistake has been done get it fix.
yeah people can't calculated that we have 330million people who lived in America and most people don't earn 100k per year. Also cost of an area where they lived at may cost less or more.
This is inaccurate. See the Supplemental Poverty Measure, used by the Census bureau since 2008.
What it mean
@@xyz-pg3zd
i bet pouring over census bureau statistics is riveting
...to rocket sugeons..
Those darn bureaucratic accountants can't even do their job correctly.
replaced by unelected officials😮
It's about lobbyist... Legal bribing
for some reason you keep saying the richest are the ones with the highest income level. unless you keep the income it doesn't increase your wealth at all. That money comes in one door and out the other. it is still systematically a reverse robinhood situation in the US where you steal from the poor and middle class and give to the wealthy. the problem is not government accounting and statistics, its the exploitation and too big monopoly corporation systematically screwing the little corporation.
and if you are in the bottom 20% but still manage to keep and invest income you can money manage your way to a better life than some of the bigger earners.
Americans are in 38 place in world rankings for math and now American are fighting to be become richer, but just small percentage.
Absolute nonsense. The Census Bureau took its first crack at valuing non-cash benefits in 1982, and has been documenting and publishing its "Supplemental Poverty Measure" (SPM), which includes all the non-cash benefits mentioned, since ~2008. The notion that Census was unaware or unwilling to address that non-cash benefit shortcoming is laughable, as is relying on Phil Gramm's work in the first place. This video is a dumpster fire of idiocy and misinformation. Where do I go to get that seven minutes of my life back?
The difference in the two catagories is vast. Giving help to our poor for food and job training is for improvement for America's future.
Giving nearly half a trillion annually in tax cuts, subsidies and allowing the budget cuts that resulted in a bare bones IRS that cannot manage the high dollar CPA wizardry to catch the loophole abuses- Is Theft.
Polar opposites.
LBJ..guilty
Was it really a mistake?
Shush. Don't let the povels know they pay our taxes. I love watching their arguments on Mark's apps.
🤣 Oh hell no! 🤔She went from saying she was an 105 lbs. female, to saying she was a 500 lbs. female! 🤣
She must have had one of those instant, Reversed Jenny Craig Diet's & alot of alcohol! 🤣😂🤣
SORRY FOLKS... WAS COMMENTING ON A VIDEO THAT SOMEHOW SUDDENLY CHANGED...🤭
I DON'T EVEN BELONG HERE
WTH?!😱 🤣😂🤣
More BS - look at the homeless on the streets!
the catch is they cook the books. They dont factor in the people who receive no benefits from government. Nor do they adjust to cost of living, the real costs. Theyve taken the fuel, rent/ mortgage& food out of the equasion that previously was a basic point to getting a real number of poverty.
This is a campaign ad for you know who
American (Western) poverty =/= international poverty
You’re right about much of this, but what you disregard is the institutions and mega corporations that control most of the assets. Yes, the top 20% are not much richer but that top 1%. That’s what makes the difference when they own so much of the wealth and assetsand national infrastructure of our country as well as foreign investment
They are smart and work hard, a concept foreign to you
Haha "Salah honey, your coochie is eating your shorts!"😅😂🤣😂😅😂🤣🤣😅
The Healthy- Wealthy-Wise triune is a dark triune😅 you don't need. Wisdom-Love(grace)-Power is the triune that you need. 😅
B S
Factor in inflation, health care, rising utility costs, child care, transportation, etc., and try to live on social security! The income allowed line is too low to get help!
The problem is government spending in the wrong places, not seeing the true picture, and on true needs of its poor!
I am just thinking what will happen after de-dollarization???
The rich are not rich as you think??? Bwah,ha,ha!!!
When on looking at national statistics it distorts everything; a job that pays 50, 000 in Oklahoma your doing good. A job that pays 50000 in high rent regions in Ny or Ca,, 2000 for a cheap studio apt., you are one unexpected bill away from going into debt that will take months and months to pay off. Secondly scraping by on 50,000 means everything besides rent, food, and medical gets hit with sales tax. An upper income bracket might invest 50000 and delay income tax and until they spend it there is no sales tax.
Iam asick servant and atenant with no children, please help me for the sake of jumanity. Thank you Honor
20 thousand
dollars for housing and treatment. We need it, my dear.
Humanity is alive. Thank you
🙏🙏🙏
WARNING: Kite and Key are conservative group lauded by the National Review. Do your own homework before believing their interpretation and omission of other key stats.
Without doing any homework at all this smacks of alternative facts for a specific narrative…I’m sure it makes the target audience feel well informed and armed with real knowledge & irrefutable evidence though.
The poverty level was lowered 2019
No just the 13 families that own the Bank and their shareholders. No mistakes here men and brethren 🏦
Good morning todo Mundo ❤🎉😊
True....
How did people get 2+2=5
The same way we think 35 Trillion in debt is just a number…😂
Because of what you are saying. I honestly don't believe what you are saying. You are right about the Fault being on The wealthier 's selfishness. There is also much to much to discuss & try to explain over TEXTING.
Come on…. The ‘top 20% are not the rich. 3/4 of that belongs to the middle class, and the top 5% (more like 1-3%) is much closer to really being the kind of ‘rich’ that outlines the most meaningful wealth gap in our society.
See the book: The Web Of Debt -And How We Can Break Free- by Helen Hodgson Brown J.D.
Book explains how the Federal Reserve Bank (which is NOT a government bank, but is instead, a private corporate entity) creates money by ledger entries then loans the money at interest. So if you obtain a mortgage loan, you have a mortgage debt that was created by a few strokes on a keyboard, but you must pay your mortgage with dollars that you spent your life's time earning. This is the cause of ALL our debt problems.
When they break down the millionaire in America that didn’t inherit money this is a rip off from Dave Ramsey
The only reason this video has so many views is because people misclicked.
When Obama came into office I can't remember who said it but I remember hearing that they were going to change the school system dramatically and then kids were coming home and saying 2 + 2 + 5 I went to the school to talk to them about it because it didn't make sense just like the way that they do math in school does not make any sense whatsoever anymore kids have no interest in learning math because they've made it so difficult and made it so it doesn't make sense but anyway but you just showed on this video that the mistakes were 2 + 2 equals 5 it just clicked this is what exactly what I heard when Obama took office they were going to be teaching
Census fraud accounting 101 when did the inflation rate vanish & the glass steals act 🤔🤫🤫🤫🤫
what wealth?! 😂
Gaslight ALERT 🚨‼️ Piss down my back and tell me it’s raining but don’t tell me we aren’t worse now from when a single income could raise an entire household. Save your time don’t bother watching this.
Also not factored in is increased standards of living. In todays world look at the conveniences we practically take for granted…internet, air conditioning, access to food, it is unprecedented in history. Most of the “poor” in the US are wealthy by world standards.
Most below the poverty level don’t have internet, Biden is working on that. They live in food deserts & run out of food before the end of month, i.,e school lunch & breakfast programs. They don’t have airconditioning. The projects I grew up in had no airconditioning, & I lived in every project in my city, except (2). Also, the neighboring city. My family & friends were generationally below the poverty line, because education & jobs were denied our type. Poverty is real for more than 70% of black people. I’ve done exponentially better since becoming an adult. The civil rights act, & having an opportunity to go to schools that my grades were good enough, but we didn’t have money. Also, we didn’t know anyone on the regents board, in addition, we weren’t donors. Affirmative action required that the University at least considered me, and that’s gone now. The case against California regents got rid of quoto’s and points a long time ago, yet that remains a talking point.
USA spectacular poverty misery long working hours working poor ppl low wages!
Felis Navidad y año nuebo 🎉❤😊
0:13 substantive choice republic in Christ empire
Id like to see you live on 100 dollars foodstamps a month, WHEN you arent being cut off, no funds for Section 8 since 2022, they're jailing the homeless to feed them in California, YOU COULDN'T DO IT...HUNTED IN CALI
Basic math: Plus less Minus = Remainder must be Plus. Or you end up in the Poor House or be a Slave!
Thelevel of the poverty
Where are you getting these numbers even if were dumb enough to believe that government assistance provide 45k perhousehold, your math is incorrect. When you factor in government assistance the poverty rate is still 8%. For a video concerned about the US population being misled this video sure is misleading at a minumum.
La verdad de los controladores de los umanos y como ser libres jonas l.mamani Hipnosis❤❤
Nothing happens in this world by mistake. 🙃
Oh no! You mean that we are being lied to and the confusion is being used as an excuse to claim it was a mistake?
Business as usual!
@@psikeyhackr6914 actually the truth is is that we've been lying to ourselves.
@@psikeyhackr6914 our egos are not our amigos. 🙃
@@israelelohim4469 LOL
@@psikeyhackr6914 Agape !
Lies
We can help ourselves by our God we don't need Government or their programs we need them TO GET OUT OF THE WAY OF PROGRESS!!! 😡✝️❤️🩹✌️
?
These comments are in FULL DENIAL.
Kamala is..poor millionaire a d she will leave a multi-millionaire😅😊😊
JESUS WAS BORN POOR AND DIED POOR THE RICH WILL BE BEGGING FOR A DROP OF WATER WHEN THEY WILL BE SUFFERING IN HELL 😢
Great video.
It's a travesty you don't have more of a following. I expect RUclips is limiting your exposure.
Quote of the Day: "It’s important to make your mark in this world. Also, it’s important to hold onto your values that are near and dear to your heart." Our American 🇺🇸 Dream is alive and well, and our American 🇺🇸 values should be strong. Unfortunately, some folks want to do away with our values. Let's stay true to ourselves and keep our values close, while also striving to make our mark on the world.
American and migrant women with multi kids that look like they NEVER missed a meal with kids of different fathers get all assisted help in a week befoe any male with same stats.
🤣🤣🤣🤣🤣🤣
Hey Chris,
Do you tell your members there’s the possibility of significant damages?
I’m proof of a $25,000 loss…
Freddie B
Apparently you live in a cave
What I don’t understand is that ppl work: their incomes are taxed ok I understand the need✅ but also their pensions, IRA, Social Security also taxed: why taxed twice!?!?! They are older. Younger they have trusted the $ pulled for taxes and $ saved for later. So it shouldn’t be taxed again. 🧐🥸