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Income Inequality Questions
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2013 Sep 24, 2:28am 56,147 views 226 comments
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tatupu70
2013 Nov 2, 9:56pm
You do realize that in both cases now and in the 1920s government overreach was at it's height. The creation of too much credit in the 1920s and in the early 2000s
So when the history books all talk about Laissez Faire 1920s, they actually mean government overreach?? OK then. Please detail this overreach and how government "created" too much credit.
Which created the inequality at both times in 1920s with deflation and now with inflation created by uncle Ben
The 1920s were a boom decade--ever hear roaring 20s? Until the Great Depression. In any event, please detail how deflation causes inequality. And also how inflation causes inequality.
indigenous
2013 Nov 3, 1:51am
So when the history books all talk about Laissez Faire 1920s, they actually mean government overreach?? OK then. Please detail this overreach and how government "created" too much credit.
They kept interest rates too low which created inflation. There were also international reasons.
Until the Great Depression. In any event, please detail how deflation causes inequality.
If you have dollars during deflation the value of your money goes up.
And also how inflation causes inequality.
Inflation conversely helps those who have investments.
indigenous
2013 Nov 3, 2:15am
The point is that government causes inequality by its every act, by its very existence. It can only better itself by destroying itself. Short of that it should destroy every monetary molecule it has contaminated over its time on earth. Such monetary ethnic cleansing would reset wealth purity at the quantum scale. Don't you get it?
Yea you jest there does have to be a rule of law. On the other hand Somalia has improved the standard of living for it's people without it except tribal law.
tatupu70
2013 Nov 3, 2:35am
They kept interest rates too low which created inflation. There were also international reasons.
No they didn't. Rates were actually quite high when compared with the CPI.
If you have dollars during deflation the value of your money goes up.
Inflation conversely helps those who have investments.
Hopefully, even you can see how ridiculous those two statements are. Except that I will add that the natural state of a free market tends toward inequality. The government must intervene to limit that natural force.
They kept interest rates too low which created inflation. There were also international reasons.
No they didn't. Rates were actually quite high when compared with the CPI.
If you have dollars during deflation the value of your money goes up.
Inflation conversely helps those who have investments.
Hopefully, even you can see how ridiculous those two statements are. Except that I will add that the natural state of a free market tends toward inequality. The government must intervene to limit that natural force.
tatupu70 - why are the statements that indigenous made ridiculous?
I do agree that a pure free market will drive toward inequality and limit equal opportunity. We must have some regulation.
indigenous
2013 Nov 3, 3:45am
No they didn't. Rates were actually quite high when compared with the CPI.
The actual rate was around 7%. Prices for consumer items should have gone down but were instead going up because of FED lowering of the interest rates.
Except that I will add that the natural state of a free market tends toward inequality. The government must intervene to limit that natural force.
Not true in fact the opposite is true. The inequality is made much worse by government intervention. Which is just a way for the cronies to get rich at our expense. You and your ilk have bought into their propaganda hook line and sinker. Like your friend sbh who can only mock and has no clue about the reality of this
tatupu70
2013 Nov 3, 3:56am
The actual rate was around 7%. Prices for consumer items should have gone down but were instead going up because of FED lowering of the interest rates.
Huh? So, now that you realize that inflation was, in fact, very low at the time, you're saying that the problem was that it "should" have been deflation??
Could I ask how you determine what inflation/deflation "should" have been?? I'm assuming you have some sort of scientific formula, right?
Not true in fact the opposite is true. The inequality is made much worse by government intervention. Which is just a way for the cronies to get rich at our expense. You and your ilk have bought into their propaganda hook line and sinker. Like your friend sbh who can only mock and has no clue about the reality of this
OK--let me ask you this then. What was the cause of the 30 years of lower inequality that the US enjoyed in 50s through 70s? Are you going to argue that there was less government intrusion during that period?? (with a straight face?)
We would have 60-80 hour work weeks?!?
Someone is smoking on a Wednesday am, and its not me.
My friends that work in union shops, do work 60 hour work weeks.
Johnson and Johnson
Armstrong
They actually have said, they don't work. They stand around and finger their phones, and take naps and bullshit with the other union shleps, for 28$ per hour. The machines do all the work. If the machines break, they call in a tech to repair them
I 2nd this. I do some work but really the work can easily be done in 2-3 hours tops. Well technically it is, but the other 5-6 hours is day dreaming and BS. Sometimes I'll chip in and do extra but not if everyone else is sitting around on their arse all day. Funny thing is I make about $19 an hour, plus benefits and retirement.
Oh wait, I can hear the denials coming!!!
Absolutely - the Fed is driving income disparity.
leo707
2013 Nov 7, 8:25am
And why aren't we friends?
I was making a joke, because according to the Pnet data the user "elvis" has no friends.
You and I are not friends because the only thing we have in common is that we both can be sarcastic jerks, and that is not a good foundation for a friendship.
What was it? That we are the ones who control our own destiny? Or could it be that I was poking fun at "leveling the playing field"? Or was it that "the man" is holding us down?
Throw off your shackles - workers of the world unite and demand everyone receive equal pay! Obamaphones for all! SNAP cards for everyone over the age of eight! Section 8 housing for Long Island and Beverly Hills! A free car from Government Motors for every licensed American and every illegal alien whether or not they have a drivers license...its only fair. All students, K through graduate school, including law and medical school, to receive straight A's. Come on - LETS LEVEL THE PLAYING FIELD ONCE AND FOR ALL! Besides, you didn't build that and you won't lose your existing plan.
It's the logical extreme straw man, that says everything about you. Obviously you were intentionally exaggerating, but the implication is moronic.
What, the fact that there are moderates out there who think it would be to our benefit if taxes went back maybe half way up to what they were in the 60s, makes us commie pinko marxists ? You wish.
You wish you could paint me as a commie that wants a totally level laying field, when actually I'm just one of millions of people with a little common sense. I think we need to pay our bills, and that only then will we figure out how to limit our government spending.
Why don't we just put an end to this thread by proposing we make minimum wage $50/hr, which works about to ~$100,000 per year. Wouldn't that just fix the problem? Why do we have to make it so f'ing complicated??
Or...better yet, the police goes around to everyone making over $200,000 and demand that they write the gov't a check for $15,000, or they go to jail. Then, we just give all that money to the disadvantaged and poor so that they're no longer poor anymore...ever. Oh wait...I think we kinda do that today, don't we?
leo707
2013 Nov 7, 9:42am
I don't have any friends at Pnet and I don't know why.
Maybe you need to be more honest, Abe.
Why don't we just put an end to this thread by proposing we make minimum wage $50/hr, which works about to ~$100,000 per year. Wouldn't that just fix the problem? Why do we have to make it so f'ing complicated??
Or...better yet, the police goes around to everyone making over $200,000 and demand that they write the gov't a check for $15,000, or they go to jail. Then, we just give all that money to the disadvantaged and poor so that they're no longer poor anymore...ever. Oh wait...I think we kinda do that today, don't we?
This is what happens when you mix an authoritarian personality with an IQ of about 80.
Is this that guy, what was his name, Ray ? Or perhaps it's "honest" Abe ? Maybe its a new dim bulb retard venting his nonsense. Hey, maybe it's a celebrity like Sean Hannity or Rush Limbaugh. Definitely sounds like one of those guys.
Not sure why I don't have him on ignore yet.
He's what keeps America great.
He's also likely to love guns, HATE fags, and consider himself a good and spiritually enlightened Christian.
What else can be done?
Apparently not a fucking thing.
"The World's Billionaires Have Doubled Their Wealth Since 2009"
"There are more billionaires today than there were during the global financial crisis in 2008 and 2009 -- and they're twice as rich, says a new report released Wednesday."
Is it only through taxing the wealthy that we can achieve a more stable distribution of income and wealth?
http://www.youtube.com/embed/rc-bELgAowU
Higher tax rates (symbolism) or higher tax revenue (substance)?
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http://www.nytimes.com/2006/07/09/washington/09econ.html?pagewanted=print&_r=0
July 9, 2006
Surprising Jump in Tax Revenues Is Curbing Deficit
By EDMUND L. ANDREWS
WASHINGTON, July 8 — An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
On Tuesday, White House officials are expected to announce that the tax receipts will be about $250 billion above last year's levels and that the deficit will be about $100 billion less than what they projected six months ago. The rising tide in tax payments has been building for months, but the increased scale is surprising even seasoned budget analysts and making it easier for both the administration and Congress to finesse the big run-up in spending over the past year.
Tax revenues are climbing twice as fast as the administration predicted in February, so fast that the budget deficit could actually decline this year.
The main reason is a big spike in corporate tax receipts, which have nearly tripled since 2003, as well as what appears to be a big increase in individual taxes on stock market profits and executive bonuses
indigenous
2013 Nov 9, 1:12am
I like the quote from Keynes paraphrasing: it is possible to raise the taxes so high that they will defeat their own purpose.
No economist has ever uttered the phrase "trickle down theory"
Hard to beat the logic of the Sowell man.
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It seems apparent to me that income inequality drags our economy down and limits its potential. If consumers, even while working two jobs and having more than one wage earner in the household, can't afford basic goods and services, then every entity in the US suffers.
That said, how can it be rectified? How are wages set in a capitalist society? Is it only through taxing the wealthy that we can achieve a more stable distribution of income and wealth?
What else can be done?