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The broad facts of income inequality over the past six decades are easily summarized:
The years from the end of World War II into the 1970s were ones of substantial economic growth and broadly shared prosperity.
Incomes grew rapidly and at roughly the same rate up and down the income ladder, roughly doubling in inflation-adjusted terms between the late 1940s and early 1970s.
The income gap between those high up the income ladder and those on the middle and lower rungs — while substantial — did not change much during this period.
Beginning in the 1970s, economic growth slowed and the income gap widened.
Income growth for households in the middle and lower parts of the distribution slowed sharply, while incomes at the top continued to grow strongly.
The concentration of income at the very top of the distribution rose to levels last seen more than 80 years ago (during the “Roaring Twenties”).
Wealth (the value of a household’s property and financial assets net of the value of its debts) is much more highly concentrated than income, although the wealth data do not show a dramatic increase in concentration at the very top the way the income data do.
– Southwest Airlines . Conceived over drinks by Herb Kelleher and Rollin King in 1966, Air Southwest was mired in legal difficulties until 1970. In 1971 the company changed its name to Southwest Airlines and made its first flight in June of that year.
– FedEx . Founded in Little Rock, Arkansas by Fred Smith in 1971, Federal Express made a smart move in 1973, just as jet fuel prices were spiraling out of control. Smith moved his company to Memphis, Tennessee and hatched the superhub concept that would give his company a huge efficiency advantage.
– Microsoft . Bill Gates dropped out of Harvard and talked friend Paul Allen into joining him in Albuquerque, New Mexico to start Micro-Soft. The company’s first product was an adaptation of the Basic programming language used in the Altair 8800, a kit computer.
– Genentech . In 1976 biochemist Herb Boyer and venture capitalist Robert Swanson started Genentech around a new technology, recombinant DNA. They created a brand-new industry, biotechnology. Genentech’s ticker symbol is DNA.
– Apple . Steve Jobs and Steve Wozniak formed Apple Computer in 1976 to sell the Apple I personal computer kit. Each was hand-built by Woz. A year later the company launched the Apple II, considered by many to be the first personal computer useful for business tasks.
–SAS Institute. Far from Silicon Valley some North Carolina State University academics started a company in 1976 called the Statistical Analysis Software Institute. Later the company shortened its name to SAS Institute. It has become the world’s largest privately held software company, headed by cofounder Jim Goodnight.
– Oracle . In 1977 Larry Ellison, Bob Miner and Ed Oates founded Software Development Laboratories around a new IBM technology called relational databases. The company’s first product was called the Oracle database and outperformed IBM. In 1982 the company was renamed Oracle Systems.
I feel as do many, its a truly globalist takeover.
We are in a sad state. Everyone complains about these problems, but no one wants to change them.
Spend spend spend, just like the government. Keep digging that hole, sooner or later its too deep to get out of.