‘We were shocked’: RAND study uncovers massive income shift to the top 1%

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The median worker should be making as much as $102,000 annually—if some $2.5 trillion wasn’t being “reverse distributed” every year away from the working class.

Just how far has the working class been left behind by the winner-take-all economy? A new analysis by the RAND Corporation examines what rising inequality has cost Americans in lost income—and the results are stunning.

A full-time worker whose taxable income is at the median—with half the population making more and half making less—now pulls in about $50,000 a year. Yet had the fruits of the nation’s economic output been shared over the past 45 years as broadly as they were from the end of World War II until the early 1970s, that worker would instead be making $92,000 to $102,000. (The exact figures vary slightly depending on how inflation is calculated.)

The findings, which land amid a global pandemic, help to illuminate the paradoxes of an economy in which so-called essential workers are struggling to make ends meet while the rich keep getting richer.

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Tesla patents new chemistry for better, longer-lasting and cheaper batteries

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Tesla has made a lot of battery moves this year and it is closing the year by filing a patent on a new chemistry for better, longer-lasting and cheaper batteries.

Earlier this year, we reported on Tesla’s battery research partner, Jeff Dahn and his team at Dalhousie University, unveiling the impressive results of tests on a new battery cell that could last over 1 million miles in an electric vehicle.

The new battery tested is a Li-Ion battery cell with a next-generation “single crystal” NMC cathode and a new advanced electrolyte.

Since then, Tesla has been filing US and international patents on the new battery chemistry.

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What you need to earn to be in the to 1%

 

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Hint: Try aiming for the top 10% instead. Or maybe move to New Mexico.

When you think of the 1%, you probably think of people banking millions of dollars per year, traveling from vacation home to vacation home on their private jets, and spending tens of thousands without thought or care. Those people certainly exist, but they don’t all earn seven-figure incomes.

The Economic Policy Institute (EPI) published a study that looked at income inequality based on 2017 reported wages, and the results may be surprising. While the top 1% obviously out-earn the bottom 90% by a considerable margin, you don’t need to make millions each year to join them. And if you consider yourself relatively well-to-do, you may be in the top 5% or 10% already.

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