Inequality

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morbo3000
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Inequality

Post by morbo3000 » Thu Sep 22, 2016 9:13 pm

I'm moving this here because there is some nuance to this topic missing from other threads.

Inequality refers to the widening gap between the super rich and middle class. Not between the middle class and the poor. That's not a "democrat" agenda. The Wells Fargo story is a great example. Millions in fraud. Top executives rewarded in the millions. The super rich in banks, investment firms, etc siphon off the profits of national productivity. If that weren't happening, wages would naturally raise for the middle class. Middle class wages have been essentially stagnant for decades, while executive pay skyrockets. I heard an interview with a billionaire who said that no matter how much money he makes, he only needs so many pillows. So money that could otherwise be used to grow the economy through purchases is stagnant in their bank accounts. Often off shore. And not paying taxes.

The Epi-pen story is another example. Huge compensation for executive while artificially inflating the price. Knowing it will be subsidized by insurance costs. Passing the price onto consumers in higher premiums.

We've been dealt the myth that dealing with this problem is redistribution of wealth. Or that this is class warfare. It's not. The super rich have been robbing us. What's even worse about this is when their criminal activity is unveiled, no one is held accountable. A far more petty drug conviction will land someone in jail for years. While stealing money from the public and being bailed out by taxpayer money earns you a golden parachute of millions.

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Paidion
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Re: Inequality

Post by Paidion » Fri Sep 23, 2016 6:13 pm

Image
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Re: Inequality

Post by steve7150 » Fri Sep 23, 2016 7:06 pm

Inequality refers to the widening gap between the super rich and middle class. Not between the middle class and the poor. That's not a "democrat" agenda. The Wells Fargo story is a great example. Millions in fraud. Top executives rewarded in the millions. The super rich in banks, investment firms, etc siphon off the profits of national productivity. If that weren't happening, wages would naturally raise for the middle class. Middle class wages have been essentially stagnant for decades, while executive pay skyrockets








I think you are dramatically overstating the actual impact raising taxes on the super rich will have. America's national debt will be 20 trillion when Obama leaves office. Our annual deficits are over 500 billion and slated to dramatically increase over the next decade because of built in social program increases.
Hillary wants to raise taxes on the rich, i think to a 65% tax rate. All things being equal that would raise 50 billion a year as i understand it, but all things won't stay equal. The super rich are very mobile and capable of changing residences to more favorable tax havens if they are motivated enough. Many will be motivated , so the net tax impact may end up being 30 billion but America's annual deficits are headed toward 750 billion - 1 trillion annually, so the actual impact of this will be small plus there will be an impression that America is anti-business and this will reduce the motivation to take the risk of investing in new businesses here which will negatively impact the growth of the economy. This slowing in the growth of the economy will negate the tax increase of 30 billion and we will be left with a slower growing economy, which we already have as it's down to 2% growth. It average 4 1/2% annual growth under Reagan.

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Re: Inequality

Post by morbo3000 » Fri Sep 23, 2016 10:17 pm

That's a really interesting reply since I didn't say anything about raising taxes.


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Homer
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Re: Inequality

Post by Homer » Sat Sep 24, 2016 12:23 am

Morbo,

Why do you imply that all the rich are bad and got there by swindling the common folk? Let's take Steve Jobs for example. Through his hard work and intelligence he came up with products that people feel enrich their lives. Perhaps you might think they were overpriced but the market set the value. People practically broke down the doors of the stores to buy them. So how were his customers injured? He was rich but I say more power to those like him.

The Epi-pen seems to be an egregious example but on the other hand drug companies spend untold millions on drug research and trials that never pan out. They take great risk and should receive great rewards. How many life saving new drugs come from Russia or Cuba? I would have been dead long ago without them.

I suspect one of the greatest motivators on the liberal side is envy. Social archeologists say that at the time of Christ in the ANE envy was considered the greatest of all sins. As for me I am comfortable, content, and couldn't care less how much the rich have. What they do with their money is between them and God.

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Re: Inequality

Post by morbo3000 » Sat Sep 24, 2016 12:45 am

Homer wrote:Why do you imply that all the rich are bad and got there by swindling the common folk?
I didn't say that. And didn't imply it because I don't believe it.
I suspect one of the greatest motivators on the liberal side is envy.
I am a liberal. I am not envious. Neither are the economists.
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Re: Inequality

Post by steve7150 » Sat Sep 24, 2016 1:27 pm

That's a really interesting reply since I didn't say anything about raising taxes.










True but you did say "The super rich are robbing us" and " Money that could be used to grow the economy through purchases lies stagnant in bank accounts", so i read into your comments that the solution for this is to raise taxes on the rich.

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Re: Inequality

Post by Paidion » Sat Sep 24, 2016 1:41 pm

Morbo wrote:I am a liberal. I am not envious. Neither are the economists.
Oh dear! Image You don't fit into the mold into which some conservatives stuff all liberals!
Paidion

Man judges a person by his past deeds, and administers penalties for his wrongdoing. God judges a person by his present character, and disciplines him that he may become righteous.

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Re: Inequality

Post by steve7150 » Sat Sep 24, 2016 2:00 pm

Morbo wrote:
I am a liberal. I am not envious. Neither are the economists.


Oh dear! Image You don't fit into the mold into which some conservatives stuff all liberals!
Paidion








Personal character traits are counterproductive and unprovable, all that matters is what system works the best.

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morbo3000
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Inequality

Post by morbo3000 » Sat Sep 24, 2016 5:06 pm

Personal character traits are counterproductive and unprovable, all that matters is what system works the best.
Then perhaps Homer shouldn't accuse people he disagrees with of character flaws.


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