View Poll Results: What should be done to battle income inequality in the USA?

Voters
92. You may not vote on this poll
  • Do not intervene

    47 51.09%
  • Yes, do intervene

    45 48.91%
Page 2 of 101 FirstFirst 12341252 ... LastLast
Results 11 to 20 of 1006

Thread: Income Inequality

  1. #11
    Canadian Conservative
    CanadaJohn's Avatar
    Join Date
    Jan 2013
    Location
    Toronto, Ontario, Canada
    Last Seen
    Yesterday @ 06:01 PM
    Gender
    Lean
    Conservative
    Posts
    27,193

    Re: Income Inequality

    Quote Originally Posted by Peter Grimm View Post
    It's indisputable fact that income inequality in the United States has grown substantially in the past few decades.

    Median nominal incomes, adjusted for inflation, have not gone up in the USA since the 50's. (Median is the halfway point, so we are talking about the middle-earner). In contrast, the per capita GDP has risen quite dramatically, due to the increased purchasing power of the upper echelon.


    I pose three questions to you:

    1.) What has caused this phenomenon
    2.) What are the long term implications if the trend is allowed to continue
    3.) What, if anything, should be done to adjust our course


    Thanks
    We live and work in a global economy. People without unique, limited or desired skills are going to be paid whatever their particular market will afford them. Without full employment, there will always be someone willing to work for less in jobs that require little skill and minimal intelligence. Simple fact of life. If you want to be paid well either start your own business and be damn good at it or get a good education in a field that needs more employees than candidates qualified and available.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

  2. #12
    Pragmatist
    AlabamaPaul's Avatar
    Join Date
    Jan 2013
    Location
    Alabama
    Last Seen
    12-08-17 @ 11:17 AM
    Gender
    Lean
    Liberal
    Posts
    8,834

    Re: Income Inequality

    Quote Originally Posted by Bigfoot 88 View Post
    Globalization and international trade is not a contributing factor, IMO. What is lost in manufacturing wages is made up by the low prices, so it evens out in terms of cost of living. Comparative advantage allows for a diversification of what is produced, thus more wealth overall is produced.
    International trade is a factor when factors such as taxes, business regulations, environmental regulations, taxes, government subsistence, etc... are taken into account...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  3. #13
    Professor
    Bigfoot 88's Avatar
    Join Date
    Jan 2011
    Location
    Georgia
    Last Seen
    12-01-15 @ 06:31 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    2,027
    Blog Entries
    1

    Re: Income Inequality

    Quote Originally Posted by AlabamaPaul View Post
    International trade is a factor when factors such as taxes, business regulations, environmental regulations, taxes, government subsistence, etc... are taken into account...
    Not sure what you are getting at. I'm saying international trade is not causing income inequality. In fact, it is dramatically raising the living standards of less wealthy nations as we speak. It is bridging the gap.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

  4. #14
    Banned
    Join Date
    Dec 2011
    Location
    The anals of history
    Last Seen
    07-25-15 @ 02:05 PM
    Gender
    Lean
    Progressive
    Posts
    10,348

    Re: Income Inequality

    Quote Originally Posted by Bigfoot 88 View Post
    I think the most important thing policy makers need to do is identify government policies that have created inequality, and then change or abolish them so that they no longer cause it. Others would say we need to go down the Marxist path of mass redistribution of wealth, but that would not only be incredibly destructive (economically and ethically), it would also ignore real things we should do to eliminate special advantages which have been establishment by government force.

    I also think it is important to recognize that income inequality as a concept is not a problem. It's the stagnation of a group of people economically that is the problem. If everyone's standard of living increases amid inequality, then there is no problem unless you give the concept of absolute equality moral credence (I don't).
    Another thing to consider is the bubbles such a system creates. On the one hand, you have the corporate/investor class who are constantly pressing for higher and higher returns.

    In practice, this means they are actively trying to get the American Consumer to buy more and more stuff.

    On the other hand, the American Consumer is stagnant in his earnings.

    The answer to this enigma has been, wrongly, to extend more and more credit to the stagnant middle class.... such that they're living in massive amounts of debts.

    We saw this crash in 2008 with the housing bubble - the lower and middle earners bought more house than they could afford, and when it became apparent they couldn't pay their mortgages, the housing bubble popped.

    Today, we're seeing a consumer credit bubble growing - an increase in home equity loans, an increase in credit card spending. The debt to earnings ratio in the US is not healthy.... hence we're creating another bubble.

    On the one hand, the American Public needs to learn to live within their means. On the other hand, banks need to put more realistic limits on people's credit. Finally, we need to do more to grow the actual income of the consumer class, and not have it continue to stagnate.

  5. #15
    Pragmatist
    AlabamaPaul's Avatar
    Join Date
    Jan 2013
    Location
    Alabama
    Last Seen
    12-08-17 @ 11:17 AM
    Gender
    Lean
    Liberal
    Posts
    8,834

    Re: Income Inequality

    Quote Originally Posted by Bigfoot 88 View Post
    Not sure what you are getting at. I'm saying international trade is not causing income inequality. In fact, it is dramatically raising the living standards of less wealthy nations as we speak. It is bridging the gap.
    When all players are competing under different rules, there will be a class of individuals who will be left out, thus enhancing inequalities, especially when the government tries to make up for this with direct payments...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  6. #16
    Banned
    Join Date
    Dec 2011
    Location
    The anals of history
    Last Seen
    07-25-15 @ 02:05 PM
    Gender
    Lean
    Progressive
    Posts
    10,348

    Re: Income Inequality

    Quote Originally Posted by CanadaJohn View Post
    We live and work in a global economy. People without unique, limited or desired skills are going to be paid whatever their particular market will afford them. Without full employment, there will always be someone willing to work for less in jobs that require little skill and minimal intelligence. Simple fact of life. If you want to be paid well either start your own business and be damn good at it or get a good education in a field that needs more employees than candidates qualified and available.
    That's fine and good, as long as we're working in a vacuum with a single currency, no trade agreements that favor one country over another, and a single set of labor rules and taxation.

    As that isn't the case, we have to deal with the reality at hand which is that geopolitics, tax law, labor law, and currency valuation do play a large role in defining the supply and demand for labor within a given country.

  7. #17
    Banned
    Join Date
    Dec 2011
    Location
    The anals of history
    Last Seen
    07-25-15 @ 02:05 PM
    Gender
    Lean
    Progressive
    Posts
    10,348

    Re: Income Inequality

    Quote Originally Posted by Bigfoot 88 View Post
    Globalization and international trade is not a contributing factor, IMO. What is lost in manufacturing wages is made up by the low prices, so it evens out in terms of cost of living. Comparative advantage allows for a diversification of what is produced, thus more wealth overall is produced.
    Except that lower/middle class Americans are buying their Chinese goods at Walmart with their Visa cards, not with their savings.

    Also, prices have not really dropped as much as you think.

  8. #18
    Professor
    Bigfoot 88's Avatar
    Join Date
    Jan 2011
    Location
    Georgia
    Last Seen
    12-01-15 @ 06:31 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    2,027
    Blog Entries
    1

    Re: Income Inequality

    Quote Originally Posted by Peter Grimm View Post
    Another thing to consider is the bubbles such a system creates. On the one hand, you have the corporate/investor class who are constantly pressing for higher and higher returns.

    In practice, this means they are actively trying to get the American Consumer to buy more and more stuff.

    On the other hand, the American Consumer is stagnant in his earnings.

    The answer to this enigma has been, wrongly, to extend more and more credit to the stagnant middle class.... such that they're living in massive amounts of debts.

    We saw this crash in 2008 with the housing bubble - the lower and middle earners bought more house than they could afford, and when it became apparent they couldn't pay their mortgages, the housing bubble popped.

    Today, we're seeing a consumer credit bubble growing - an increase in home equity loans, an increase in credit card spending. The debt to earnings ratio in the US is not healthy.... hence we're creating another bubble.

    On the one hand, the American Public needs to learn to live within their means. On the other hand, banks need to put more realistic limits on people's credit. Finally, we need to do more to grow the actual income of the consumer class, and not have it continue to stagnate.
    I believe a lot of this (if not most) ties into monetary policy. Our monetary policy exacerbates the boom and bust cycle. Everyone gets wiped out during recessions, but then the investor class gets bailed out. This creates a huge gap. Low interest rates cut into the savings of people and promote debt, so there is no way people will growing their wealth exponentially. The money not being pumped into consumer credit is propping up the financial industry, creating massively inflated asset prices not in conjunction with realistic evaluations. And finally, inflation erodes at the wages and wealth of most people over time, whereas the investor class has ways to avoid losing wealth to inflation.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

  9. #19
    Banned
    Join Date
    Dec 2011
    Location
    The anals of history
    Last Seen
    07-25-15 @ 02:05 PM
    Gender
    Lean
    Progressive
    Posts
    10,348

    Re: Income Inequality

    Quote Originally Posted by lizzie View Post
    It isn't Walmart. Go find me some AMerican made products to buy ANYWHERE. It's not easy to do. The finest clothing stores are selling Chinese crap.
    That's the sad truth.

  10. #20
    Professor
    Bigfoot 88's Avatar
    Join Date
    Jan 2011
    Location
    Georgia
    Last Seen
    12-01-15 @ 06:31 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    2,027
    Blog Entries
    1

    Re: Income Inequality

    Quote Originally Posted by Peter Grimm View Post
    Except that lower/middle class Americans are buying their Chinese goods at Walmart with their Visa cards, not with their savings.

    Also, prices have not really dropped as much as you think.
    I agree that living off credit is a problem. Prices are much lower due to international trade than they would be if we manufactured everything here.

    On another note, some people believe it is wrong to pay foreign workers low prices. I don't see it that way. Their standard of living is lower, so they are actually receiving an upgrade to what they had before. We had to go through industrialization before we became a tech society, and that applies to other countries too.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

Page 2 of 101 FirstFirst 12341252 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •