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(WTOP)   Good news, everybody. The mega-rich's net worth increased from $1.7 trillion to $2 trillion last year, which means there's gonna be a lot more cash money trickling down to the rest of us very soon   (wtop.com) divider line 469
    More: Cool, rises, T. Boone Pickens, Microsoft Corp., Dustin Moskovitz, Hyatt Hotel, Larry Ellison  
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2430 clicks; posted to Main » on 17 Sep 2013 at 7:52 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



469 Comments   (+0 »)
   
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2013-09-17 09:11:02 AM  

Aristocles: In order for those rich folk to get richer, they literally had to take from the poor.


This is a true statement you farking troll.
 
2013-09-17 09:13:19 AM  

Joe Blowme: dready zim: Lady J: Carn: Lady J: regardless of libs vs cons; whatever (all boring)

what's to be done? you can't march into people's houses and take wealth

No, but reasonable actions can be taken to attempt to lower the gap in future earnings while at the same time adding funds to our still unbalanced budget.

Add a couple more higher tax brackets and raise income taxes on the wealthy.
Count capital gains as income over 100K and tax at same rate.
Get rid of the ceiling on earnings for paying social security.
Make sure estate taxes stay around or are reinstated.
Add a very small trading tax on the major US stock markets (.03%) to dampen high frequency trading and gambling for short term profit.  If you want to gamble trade commodities.
Reinstate Glass Steagal or a new version.  Don't let banks be in the mortgage business and trading business.
Raise the minimum wage and peg it to CPI, inflation, or some other sensible metric.
Create a new Federal works program with the goal to rebuild every single defunct federal road, bridge, dam, or other in America.  This will take decades.  If you grow the bottom and middle, the vast wealth at the top becomes less dangerous to the economy.

see, this is what I meant. you get a 'smart!' click

Also, DO put a hard limit on individual wealth gain. Peg it to the minimum wage to give them an incentive to increase that...

fark your american dream that lets a few people ruin the world for the rest of us.

Yes, by all means lets punnish success and see how that works


Success built on the hard work of others deserves punishment. It would work better if we rewarded hard work, not your ability to screw over others.

How you get your success matters. A lot.
 
2013-09-17 09:13:31 AM  

Erebus1954: It's trickle up poverty.


Hmmmmmm, *flipping pages in anatomy book*  .  .  .  pretty sure the Urethra is a one way thing.
 
2013-09-17 09:13:47 AM  

Joe Blowme: Yes, by all means lets punnish success and see how that works


Wanna know how I know you are not part of the successful crowd you're white knighting?
 
2013-09-17 09:13:49 AM  

Jorn the Younger: DrPainMD: Is this the thread where everybody biatches about other people's money when they should be out earning money for themselves?

Is this the thread where conservatrolls show up to berate the poor for not having the good sense to be born wealthy, or attempt to maintain the fallacy that harder work turns into increased rewards?


Is this the thread where people have no job creativity and expect to make millions as a cubicle drone?
 
2013-09-17 09:14:29 AM  
IMO you gotta increase the minimum wage and possibly add some more tax brackets at the top. But at least increase the minimum wage... I know republicans/conservatives are fine with subsidizing wal-mart and mcdonalds profits with their tax money but I ain't.
 
2013-09-17 09:16:14 AM  

dready zim: Many years ago a wise man said that you either have to eliminate poverty for the masses or eliminate democracy for the masses because in a properly democratic society where the majority is poor they would just vote to take the money from the rich.

As this has not happened and in fact seems completely improbable I will let you draw your own conclusion as to the level of democracy in the United States...


The drooling masses of poor have been convinced to vote to give more money to the wealthy because they, too, might be wealthy one day?

Mob rule is a beautiful thing.
 
2013-09-17 09:16:44 AM  
Don't worry everyone, they'll pay their fair share. We know this for sure because the last really rich Republican guy to run for president was so transparent about how it all works:

i.imgur.com
 
2013-09-17 09:17:17 AM  

Madbassist1: Joe Blowme: Yes, by all means lets punnish success and see how that works

Wanna know how I know you are not part of the successful crowd you're white knighting?



because i dont use spell checker?
nikonites.com
 
2013-09-17 09:18:09 AM  

untaken_name: give me doughnuts: netcentric: Democrats are hoping angry taxpayers will blame the rich for having to send money to Washington

Class envy.

Despite record tax revenues, the federal government still racked up $755 billion deficit in the first eleven months of fiscal 2013

I think I know why there are issues for the middle class today.   And it isn't because of a few wealthy individuals.

You have to work 107 days in America,  just to pay your tax bill.

Maybe a large bloated Government is the problem.

And yet we have one of the lowest individual and corporate tax burdens in the developed world.
So maybe the problem isn't bloated government.

Because spending 1.30 times what you take in is not a problem? Leaving a debt so large it will consume your descendants isn't a problem? Geez, what do you consider to be a problem?



Obviously, taxes are too low, and government spending is too high in specific areas.
Raise taxes in the upper brackets to the levels they were in the Clinton years and cut Defense spending by a third (or more).

That'll get things started.
 
2013-09-17 09:21:05 AM  

doublesecretprobation: Neighborhood Watch: I've never understood why liberals are so obsessed with other peoples' money (and/or private property, in general).

because we're not willfully ignorant of history?


Really? How well has forced wealth redistribution worked since the Great October Socialist Revolution?
 
2013-09-17 09:22:47 AM  

dready zim: Joe Blowme: dready zim: Lady J: Carn: Lady J: regardless of libs vs cons; whatever (all boring)

what's to be done? you can't march into people's houses and take wealth

No, but reasonable actions can be taken to attempt to lower the gap in future earnings while at the same time adding funds to our still unbalanced budget.

Add a couple more higher tax brackets and raise income taxes on the wealthy.
Count capital gains as income over 100K and tax at same rate.
Get rid of the ceiling on earnings for paying social security.
Make sure estate taxes stay around or are reinstated.
Add a very small trading tax on the major US stock markets (.03%) to dampen high frequency trading and gambling for short term profit.  If you want to gamble trade commodities.
Reinstate Glass Steagal or a new version.  Don't let banks be in the mortgage business and trading business.
Raise the minimum wage and peg it to CPI, inflation, or some other sensible metric.
Create a new Federal works program with the goal to rebuild every single defunct federal road, bridge, dam, or other in America.  This will take decades.  If you grow the bottom and middle, the vast wealth at the top becomes less dangerous to the economy.

see, this is what I meant. you get a 'smart!' click

Also, DO put a hard limit on individual wealth gain. Peg it to the minimum wage to give them an incentive to increase that...

fark your american dream that lets a few people ruin the world for the rest of us.

Yes, by all means lets punnish success and see how that works

Success built on the hard work of others deserves punishment. It would work better if we rewarded hard work, not your ability to screw over others.

How you get your success matters. A lot.


But it is ok to just take it from those whom you feel didnt "earn it" properly?  If they break the law aquiring it, im with you. If they did not, i can not.
 
2013-09-17 09:22:50 AM  

Carousel Beast: doublesecretprobation: Neighborhood Watch: I've never understood why liberals are so obsessed with other peoples' money (and/or private property, in general).

because we're not willfully ignorant of history?

Really? How well has forced wealth redistribution worked since the Great October Socialist Revolution?


99.6% of "poor" people own a refrigerator, so it's working pretty good.
 
2013-09-17 09:22:55 AM  

HotWingConspiracy: DrPainMD: Is this the thread where everybody biatches about other people's money when they should be out earning money for themselves?

Yeah massive wealth inequality exists because people are lazy!


Wealth inequality isn't the issue. A poor person isn't poorer because someone else is rich. And the poor, despite the saying, aren't getting poorer; they're getting richer.
 
2013-09-17 09:25:05 AM  

DeathByGeekSquad: Jorn the Younger: DrPainMD: Is this the thread where everybody biatches about other people's money when they should be out earning money for themselves?

Is this the thread where conservatrolls show up to berate the poor for not having the good sense to be born wealthy, or attempt to maintain the fallacy that harder work turns into increased rewards?

Is this the thread where people have no job creativity and expect to make millions as a cubicle drone?


This is the thread where certain people who are doing just fine themselves TYVM, remind the droolers and the knuckle draggers that historically, both in our country and in others, this type of wealth inequality has led to massive financial upheaval at best (Great Depression, many other financial Panics), and at worst to violent revolution (French, Russian, Mexican et al).  There are reasonable, pragmatic steps we can take, which we had in place at various times in the last 100 years when our country was doing better than it is now, which would help to set things on a more equal footing in the future.  But go ahead and pretend like the only thing going on here is jealousy.
 
2013-09-17 09:25:47 AM  

DrPainMD: HotWingConspiracy: DrPainMD: Is this the thread where everybody biatches about other people's money when they should be out earning money for themselves?

Yeah massive wealth inequality exists because people are lazy!

Wealth inequality isn't the issue.


Right, it's that 99% of the nation is lazy.

 
2013-09-17 09:27:03 AM  

DrPainMD: A poor person isn't poorer because someone else is rich.


Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.
 
2013-09-17 09:28:15 AM  

give me doughnuts: Lady J: regardless of libs vs cons; whatever (all boring)

what's to be done? you can't march into people's houses and take wealth


Not any more. Today's wealth is mostly virtual: Tokens in a mutually agreed upon accounting system.
Aside from real estate, the visual trappings of wealth are mostly just the toys of the wealthy.


So basically what we need is fight club....
 
2013-09-17 09:30:07 AM  

Carn: DeathByGeekSquad: Jorn the Younger: DrPainMD: Is this the thread where everybody biatches about other people's money when they should be out earning money for themselves?

Is this the thread where conservatrolls show up to berate the poor for not having the good sense to be born wealthy, or attempt to maintain the fallacy that harder work turns into increased rewards?

Is this the thread where people have no job creativity and expect to make millions as a cubicle drone?

This is the thread where certain people who are doing just fine themselves TYVM, remind the droolers and the knuckle draggers that historically, both in our country and in others, this type of wealth inequality has led to massive financial upheaval at best (Great Depression, many other financial Panics), and at worst to violent revolution (French, Russian, Mexican et al).  There are reasonable, pragmatic steps we can take, which we had in place at various times in the last 100 years when our country was doing better than it is now, which would help to set things on a more equal footing in the future.  But go ahead and pretend like the only thing going on here is jealousy.


Go ahead and highlight specifically where I brought jealousy into the equation.

In the meantime, take a moment to consider the possibility that the reason some folks get mired in financial woe is because of their own decisions, not the cards that life handed them.  The psychologists who are better suited for corporate psychology but insist on attempting to get jobs in private care, resulting in constant rejection and failure with massing debt.  The aforementioned office drones who wouldn't recognize a glass ceiling if it smacked them repeatedly in the head.

Somewhere along the line, our nation became obsessed with the idea of working in a corporate environment, toiling away for the greater good.  This has created a bottleneck.  This is where job creativity pays dividends.  Explore professions outside of the regular grind.
 
2013-09-17 09:30:30 AM  

DrPainMD: A poor person isn't poorer because someone else is rich.


A middle class person is poorer because someone else is rich though, it hurts middle class people the most to subsidize walmart's profits with taxes paid on social services to bring their employees up to a living wage.
 
2013-09-17 09:31:02 AM  

Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.


Right, what has happened is that given two people, a rich person and a poor person, and given that at the beginning of the financial crisis the rich person had 10$ and the poor person had 1$, and given that the Fed created 10$ of new wealth, the rich person now has 19$ and the poor person has 2$.

So yeah, the poor are getting poorer as the rich get richer...
 
2013-09-17 09:31:17 AM  

Joe Blowme: Madbassist1: Joe Blowme: Yes, by all means lets punnish success and see how that works

Wanna know how I know you are not part of the successful crowd you're white knighting?


because i dont use spell checker?
[nikonites.com image 750x600]


because it shows you do not follow the seven key habits of the rich and famous.
 
2013-09-17 09:32:06 AM  

Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.


Rich people don't employ poor people!

beechwoodperiodsix.edublogs.org
 
2013-09-17 09:33:10 AM  
www.quotesparade.com
 
2013-09-17 09:34:12 AM  
im not sure i buy this whole violent revolution thing

i might be smart enough to work out who 'owes' me money in this unequal situation, and even how to get it, but im not going to do anything violent to get it, because it's not in me

conversely, someone who is prepared to get their hands dirty, is less likely to understand what they're doing. they'll probably just be violent, not achievemuch, and just make the inequality worse
 
2013-09-17 09:34:45 AM  

chitlenz: Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.

Right, what has happened is that given two people, a rich person and a poor person, and given that at the beginning of the financial crisis the rich person had 10$ and the poor person had 1$, and given that the Fed created 10$ of new wealth, the rich person now has 19$ and the poor person has 2$.

So yeah, the poor are getting poorer as the rich get richer...


In your example the poor guy doubled their money while the rich less than doubled theirs, in reality, with the new taxes, increased cost of living etc the poor guy still only has a dollar but the rich now have 19 instead of 9...
 
2013-09-17 09:34:53 AM  

BraveNewCheneyWorld: Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.

Rich people don't employ poor people!

[beechwoodperiodsix.edublogs.org image 257x196]


They employ them at wages so low that their company has policies to assist their employees with getting welfare. It's almost like you're retarded.
 
2013-09-17 09:36:17 AM  
Typical liberals wanting to steal money from the people that earned it.
 
2013-09-17 09:37:43 AM  
Everything happens for a reason and sometimes that reason is that a person with more power, money and influence than you decides it will be that way so that the status quo is maintained and they keep getting richer relative to you.

The only way to have rich people is to make poor people. People mostly work hard so you will have to engineer the system to keep them down.
 
2013-09-17 09:38:32 AM  

Marcintosh: Erebus1954: It's trickle up poverty.

Hmmmmmm, *flipping pages in anatomy book*  .  .  .  pretty sure the Urethra is a one way thing.


Tell that to the candiru.
 
2013-09-17 09:39:05 AM  
There was a reason that socialism, anarchism, and even communism were popular and growing ideologies starting in the late 19th century until the New Deal. I wonder how many people here complaining of wealth redistribution to the bottom have even heard of Eugene V. Debs.

The thing about history is that the wealth will be redistributed one way or another once society reaches a breaking point. The rich get too greedy, they can either give some of their disproportionate wealth away (a la FDR) while keeping their position in society or lose everything (including their lives) in a violent revolution.
 
2013-09-17 09:39:19 AM  

Joe Blowme: Madbassist1: Joe Blowme: Yes, by all means lets punnish success and see how that works

Wanna know how I know you are not part of the successful crowd you're white knighting?


because i dont use spell checker?
[nikonites.com image 750x600]


I don't use spell checker either. I proofread on my own. Most successful people do.
 
2013-09-17 09:39:22 AM  

lordaction: Typical liberals wanting to steal money from the people that earned it.


You mean the workers? Not the business owners? The workers did all the work, it`s sort of how they are defined...

Do you think someone earned the money who wasn`t the person who did the work? How does that work?
 
2013-09-17 09:40:29 AM  

dready zim: chitlenz: Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.

Right, what has happened is that given two people, a rich person and a poor person, and given that at the beginning of the financial crisis the rich person had 10$ and the poor person had 1$, and given that the Fed created 10$ of new wealth, the rich person now has 19$ and the poor person has 2$.

So yeah, the poor are getting poorer as the rich get richer...

In your example the poor guy doubled their money while the rich less than doubled theirs, in reality, with the new taxes, increased cost of living etc the poor guy still only has a dollar but the rich now have 19 instead of 9...


You are right, the poor got effectively none of the TARP bailout or any of the resultant QE.  Essentially the entire bailout went to shareholders of large (mostly banking) companies while anyone not wealthy enough to hold investments got precisely nothing (or even worse, got laid off to maximize shareholder profits).  My question is, how much more will society put up with?   It comes down to a very small number of people in society holding all of us back.
 
2013-09-17 09:42:00 AM  

HotWingConspiracy: BraveNewCheneyWorld: Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.

Rich people don't employ poor people!

[beechwoodperiodsix.edublogs.org image 257x196]

They employ them at wages so low that their company has policies to assist their employees with getting welfare. It's almost like you're retarded.


Sorry champ, you're the retarded one here.  Look at my post a few more times.  Maybe ask someone to explain it to you.
 
2013-09-17 09:44:40 AM  

DeathByGeekSquad: Carn: DeathByGeekSquad: Jorn the Younger: DrPainMD: Is this the thread where everybody biatches about other people's money when they should be out earning money for themselves?

Is this the thread where conservatrolls show up to berate the poor for not having the good sense to be born wealthy, or attempt to maintain the fallacy that harder work turns into increased rewards?

Is this the thread where people have no job creativity and expect to make millions as a cubicle drone?

This is the thread where certain people who are doing just fine themselves TYVM, remind the droolers and the knuckle draggers that historically, both in our country and in others, this type of wealth inequality has led to massive financial upheaval at best (Great Depression, many other financial Panics), and at worst to violent revolution (French, Russian, Mexican et al).  There are reasonable, pragmatic steps we can take, which we had in place at various times in the last 100 years when our country was doing better than it is now, which would help to set things on a more equal footing in the future.  But go ahead and pretend like the only thing going on here is jealousy.

Go ahead and highlight specifically where I brought jealousy into the equation.

In the meantime, take a moment to consider the possibility that the reason some folks get mired in financial woe is because of their own decisions, not the cards that life handed them.  The psychologists who are better suited for corporate psychology but insist on attempting to get jobs in private care, resulting in constant rejection and failure with massing debt.  The aforementioned office drones who wouldn't recognize a glass ceiling if it smacked them repeatedly in the head.

Somewhere along the line, our nation became obsessed with the idea of working in a corporate environment, toiling away for the greater good.  This has created a bottleneck.  This is where job creativity pays dividends.  Explore professions outside of the regular grind.


There you go.  Who expects to make millions (per year) as a cubicle drone?  You're going with the tried and true Bootstraps argument.  All poor people, every single one of them, is poor, because they just aren't trying hard enough, right?  If you'd like to make a meaningful contribution to the discussion, perhaps you could explain why one or many of my suggestions for economic regulation should or shouldn't be implemented?

I'm approaching this from the pragmatic stance of "vast income inequality is an unstable economic situation and historically is bad for both those wealthy individuals and the country at large".  Feel free to argue against this point, but I will warn you that unless you're just playing devil's advocate, you risk looking very stupid.
 
2013-09-17 09:46:29 AM  

BraveNewCheneyWorld: HotWingConspiracy: BraveNewCheneyWorld: Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.

Rich people don't employ poor people!

[beechwoodperiodsix.edublogs.org image 257x196]

They employ them at wages so low that their company has policies to assist their employees with getting welfare. It's almost like you're retarded.

Sorry champ, you're the retarded one here.  Look at my post a few more times.  Maybe ask someone to explain it to you.


Why not you? Explain how setting wages too low does *not* make people poor and you relatively richer (but not as absolutely rich as you would be paying better wages)?
 
2013-09-17 09:48:09 AM  

chitlenz: dready zim: chitlenz: Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.

Right, what has happened is that given two people, a rich person and a poor person, and given that at the beginning of the financial crisis the rich person had 10$ and the poor person had 1$, and given that the Fed created 10$ of new wealth, the rich person now has 19$ and the poor person has 2$.

So yeah, the poor are getting poorer as the rich get richer...

In your example the poor guy doubled their money while the rich less than doubled theirs, in reality, with the new taxes, increased cost of living etc the poor guy still only has a dollar but the rich now have 19 instead of 9...

You are right, the poor got effectively none of the TARP bailout or any of the resultant QE.  Essentially the entire bailout went to shareholders of large (mostly banking) companies while anyone not wealthy enough to hold investments got precisely nothing (or even worse, got laid off to maximize shareholder profits).  My question is, how much more will society put up with?   It comes down to a very small number of people in society holding all of us back.


The largest shareholders of large companies are investment funds.  In other words most ordinary peoples pension funds.
 
2013-09-17 09:48:21 AM  

dready zim: lordaction: Typical liberals wanting to steal money from the people that earned it.

You mean the workers? Not the business owners? The workers did all the work, it`s sort of how they are defined...

Do you think someone earned the money who wasn`t the person who did the work? How does that work?


The workers get a paycheck, don't they?  They are paid what they are worth.  Your communist dogma is nothing more then a weak rationalization to steal - says a lot about your character.  I'm guessing you must be an atheist.
 
2013-09-17 09:49:12 AM  

BraveNewCheneyWorld: Maybe ask someone to explain it to you.


I'll explain, walmart + tax money employs people at walmart.
 
2013-09-17 09:49:40 AM  

dready zim: BraveNewCheneyWorld: HotWingConspiracy: BraveNewCheneyWorld: Dinki: DrPainMD: A poor person isn't poorer because someone else is rich.

Actually, yes they are. If the rich guy gets his money by paying the poor guy a minimal amount when he could just as easily pay the poor guy more.

Rich people don't employ poor people!

[beechwoodperiodsix.edublogs.org image 257x196]

They employ them at wages so low that their company has policies to assist their employees with getting welfare. It's almost like you're retarded.

Sorry champ, you're the retarded one here.  Look at my post a few more times.  Maybe ask someone to explain it to you.

Why not you? Explain how setting wages too low does *not* make people poor and you relatively richer (but not as absolutely rich as you would be paying better wages)?


Are you his alt?  Seriously, read my post.  Yeah, the post in which I included a farking picure of the walmart logo myself ffs.  My god, you people are beyond stupid.  You're just so blinded by hate for me at this point that you just see what you want to see.  And no, I won't explain it, at least not yet, because I do enjoy watching you make complete fools of yourselves.
 
2013-09-17 09:50:03 AM  

Carn: There you go. Who expects to make millions (per year) as a cubicle drone? You're going with the tried and true Bootstraps argument. All poor people, every single one of them, is poor, because they just aren't trying hard enough, right?


And then there is you on the other side of the argument, all rich people did not earn it but instead robbed poor people to get rich.

/both are stupid
 
2013-09-17 09:53:56 AM  

Joe Blowme: Carn: There you go. Who expects to make millions (per year) as a cubicle drone? You're going with the tried and true Bootstraps argument. All poor people, every single one of them, is poor, because they just aren't trying hard enough, right?

And then there is you on the other side of the argument, all rich people did not earn it but instead robbed poor people to get rich.

/both are stupid


You forgot the trust fund babies.  People love to have a go at them.
 
2013-09-17 09:55:55 AM  
Man I hate people who have achieved far more than me. Fark them, man.
 
2013-09-17 09:56:54 AM  
Putting aside who "deserves" what, an economy that's 70% reliant on consumer spending will not thrive and grow if all the gains from it go to a small percentage of people. There's no way to square that circle.
 
2013-09-17 10:01:33 AM  

Carn: Raise the minimum wage and peg it to CPI, inflation, or some other sensible metric.


That's a really bad idea. As wage indexation goes up, monetary policy is less and less capable of doing anything.

Let λ denote the proportion of wages indexed. If λ is positive,

Then πtt-1 =-(α/(1-λ))(ut-un)

As λ -> 1, and all contracts are indexed, ut=un at all times and monetary policy does nothing at all.

So the more contracts you index, the more inflation starts accelerating.
 
2013-09-17 10:02:52 AM  

Dusk-You-n-Me: Putting aside who "deserves" what, an economy that's 70% reliant on consumer spending will not thrive and grow if all the gains from it go to a small percentage of people. There's no way to square that circle.


Putting oil in my car's engine is not fair, my car's engine doesn't deserve oil it's just trying to redistribute oil from my furnace. All it does with the oil is lubricate some parts not like my furnace who heats a whole house.
 
2013-09-17 10:05:31 AM  

Joe Blowme: Carn: There you go. Who expects to make millions (per year) as a cubicle drone? You're going with the tried and true Bootstraps argument. All poor people, every single one of them, is poor, because they just aren't trying hard enough, right?

And then there is you on the other side of the argument, all rich people did not earn it but instead robbed poor people to get rich.

/both are stupid


Which is not even remotely my argument as stated just below my post that you quoted, but you decided to cut it out.  Keep on trollin Joe.
 
2013-09-17 10:07:49 AM  

Ricardo Klement: Carn: Raise the minimum wage and peg it to CPI, inflation, or some other sensible metric.

That's a really bad idea. As wage indexation goes up, monetary policy is less and less capable of doing anything.

Let λ denote the proportion of wages indexed. If λ is positive,

Then πt-πt-1 =-(α/(1-λ))(ut-un)

As λ -> 1, and all contracts are indexed, ut=un at all times and monetary policy does nothing at all.

So the more contracts you index, the more inflation starts accelerating.


Well it would be a really bad idea to do this AND to have a large lambda.  If a small percentage of people were earning the minimum wage, this wouldn't be a problem for monetary policy.
 
2013-09-17 10:07:53 AM  
doubled99: Man I hate people who have achieved far more than me  have rigged the system so that only a select few EVER had a chance. Fark them, man.

FTFM
 
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