On Market Watch, Brett Arends reports on research by Peter Lindert, economics professor at the University of California in Davis, who notes that 'Britains Downton Abbey economy of the 1920s,' [...] was slightly 'less unequal than… the U.S. today' (emphasis added).
U.S. fans of the hit British TV series, whose latest season ended last night, may think they are looking through a window at a lost world of privilege and poverty, aristocrats and servants, upstairs and down.
But they should think again. A research paper to be presented this week at the National Bureau of Economic Research, a leading think tank, will confirm that the U.S. today has become as unequal as the England of the Earl of Grantham, Lady Mary, Daisy the kitchen maid and Carson the butler a hundred years ago.
The richest take home a higher share of national income in America today than did the aristocrats and superrich of 1920s England. The poor today take home a smaller share than the butlers, chauffeurs and other working folk did back then.
|Almost All U.S. Senators That Voted Against Gun Control Reforms Receive Funding From the N.R.A.|
|"Wealth doesn't trickle down, it just floods offshore." $21 Trillions Lost to Global Tax Havens|
|How Economics Can Save You If You Are Kidnapped by Pirates|
|Iceland Wants to Switch to the Canadian Dollar|
|Therapy Now Available For Rich Feeling Guilty of Being Rich|
|“Astronomers have sent a radio message to a neighbouring star system.”|
|“When automation starts displacing lawyers, accountants and bankers, then we might see some push-back.”|
|“A photograph of the last male northern white rhinoceros.”|
|How to Avoid Jury Duty|
|CaptchaTweet: Write Tweets in Captcha Form|
|“A fraudster poses as an attractive woman and encourages a man to masturbate in front of a webcam.”|
|“Facebook has contributed to, and profited from, the erosion of democratic norms in the United States.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|“Semis, not personal cars, are the smartest use of autonomous technology.”|
|Google Map Shows You the Most Photographed Areas of the World|
|“The homemade airplane does indeed fly!”|
|“The way we produce energy today is deadly.”|