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Thread: Rich-Poor gap widening

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    Rich-Poor gap widening

    Ever since Reagan drastically cut taxes for the wealthiest of Americans, the rich have been getting richer at an astronomical pace. Check out this interesting article that documents the growing disparity between the top1% of the population and the remaining 99%....

    Separate but unequal: Charts show growing rich-poor gap - Yahoo! News
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    Re: Rich-Poor gap widening

    This shouldn't be news to anyone.

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    Re: Rich-Poor gap widening

    Even Reagen knew his initial tax cuts went too far. Trickle-down economics has been proven false time and time again. Not to mention, it's just common sense. When people make money, they don't give it away, they invest it so that they can make more money with it.

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    Re: Rich-Poor gap widening

    Quote Originally Posted by whysoserious View Post
    Even Reagen knew his initial tax cuts went too far. Trickle-down economics has been proven false time and time again. Not to mention, it's just common sense. When people make money, they don't give it away, they invest it so that they can make more money with it.
    So when they invest it, it goes to some magic never-neverland, right?
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    Re: Rich-Poor gap widening

    Quote Originally Posted by American View Post
    So when they invest it, it goes to some magic never-neverland, right?
    Any number of places, but not down.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Rich-Poor gap widening

    Quote Originally Posted by StillBallin75 View Post
    This shouldn't be news to anyone.
    No, it shouldn't. Sadly.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Rich-Poor gap widening

    Quote Originally Posted by Boo Radley View Post
    Any number of places, but not down.
    A very small part of it does go down. It's true that a rising tide lifts all boats, it's just that some boats are being lifted at a much faster rate than others.

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    Re: Rich-Poor gap widening

    This topic and the OP which leads it is a perfect illustration of the growing problem in America - and I do not mean just the details of economics. You would think that it makes rather plain common sense to have a nation which is not trying to emulate some third world system where a few wealthy live in gated communities atop the mountain and the rest of us fight for the garbage that accumulates at the bottom of the hill. Such a formula is a recipe for disaster in a democratic republic such as ours.

    Once upon a time, the governmental officials in charge of our government were more or less ruled by common sense and pragmatism. Sadly, we have seen at least one party become nearly totally ideologically pure - at least in their own opinion - and rejecting compromise and pragmatics and heresy. Dwight Eisnehower - a Republican was both a conservative and practical man. He governed at a time of record high tax rates and what many look back upon as a pretty good time of economic expansion for middleclass Americans.

    Today, ideology rules and pragmatics are a dirty word to the True Believers.

    And the result is economic trends just like this where one side simply gives us idoelogical platitudes and theory to justify our fast becomign tow very different societies, and two very unequal ones.

    But remember - the masses have the right to vote in this nation. They will not long be fooled and put up with such things. Eventually we will see the straw that breaks the camels back if this trend is not reversed soon.
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    Re: Rich-Poor gap widening

    Quote Originally Posted by StillBallin75 View Post
    A very small part of it does go down. It's true that a rising tide lifts all boats, it's just that some boats are being lifted at a much faster rate than others.
    The debate, I think, is if trickle down, meaning helping business (especially with tax cuts), actually ever does enough to rise the tide.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Rich-Poor gap widening

    As long as we have a government that constinues to kill middle class jobs, the gap will keep getting wider.
    Quote Originally Posted by Top Cat View Post
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