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

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  • Do not intervene

    47 51.09%
  • Yes, do intervene

    45 48.91%
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Thread: Income Inequality

  1. #901
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    Re: Income Inequality

    James Pethokoukis | October 3, 2014, 1:12 pm
    100314inequality


    From Mother Jones magazine, regarding the above chart (h/t to Timothy Lee):

    It’s never been a bad time to be rich in America. But some times have been a lot better. In fact, the best time may be now, especially when you consider the amount of total income controlled by the top 1 percent since colonial times (with ancient Rome thrown in for comparison.

    The point here, I guess, is that wealth inequality is a bad thing, and wealth inequality is as bad as its every been, and we the 99% should be outraged. From 1776 to today, a quarter millennium of exploitation of the masses! (We will, for now, set aside any debate over the data.)

    But Americans are a lot better off today than they were in 1776 of 1860 or 1929 or 1960, right? I mean, that is kind of an important point. In 1800, per capita GDP — adjusted for inflation — was about $2,000 a year and average life expectancy was 39 year. Today it’s over $42,000 and 79 years. Not only would I rather live in 2014 America than in any of those other time periods, I would rather live in 2014 America than 2013 America.

    The folks at Mother Jones seem so concerned with what others have, they seem to have missed all that they have — not to mention the wonders created by innovation-driven capitalism. It’s also worth noting that wealth inequality — as least measured by Thomas Piketty — was about the same in 1980 as it was in 1960 — and then it took off. But even as wealth inequality has risen, middle-class incomes have continued to rise, by some 40% in real terms.
    Credit: Economic Growth: Unleashing the Potential of Human Flourishing

    Credit: Economic Growth: Unleashing the Potential of Human Flourishing

    Supporting charts are located at: 100314inequality | AEIdeas
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    Re: Income Inequality

    Quote Originally Posted by tuhaybey View Post
    No, it is. At least in economic terms. It is a company charging customers more than is economically optimal, paying employees less than is economically optimal, or both.

    Remember those supply and demand line charts you saw in econ class? Price is supposed to be set by the market where those lines meet. At that price point, there is zero marginal profit. Competition has driven the price down until it hit cost and couldn't go any lower at that point.

    Now, in reality, it is more complex. Some markets have efficiencies of scale, others have finite supplies, so you end up with situations where a company can legitimately make profit around the edges. But, the goal of the system is to minimize profits, not to maximize them.
    Uh, no, it's to maximize profits. You're forgetting supply and demand, AKA, rule one.
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    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Income Inequality

    Quote Originally Posted by gdgyva View Post
    No....not in America

    Not in today's world

    Profit keeps a company healthy...employees employed.....and the market working
    If you reject capitalist economics, what sort of economic system do you recommend?

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    Re: Income Inequality

    Quote Originally Posted by KevinKohler View Post
    Uh, no, it's to maximize profits. You're forgetting supply and demand, AKA, rule one.
    No, you seem to be forgetting supply and demand... What that graph is about is that prices should tend towards the point where the supply and demand lines cross. That is the point where there is zero marginal profit. The price is set to exactly the same as the cost of producing the goods... I explained that in the post you replied to, so not sure what you mean when you say that I'm forgetting it.

    This isn't some liberal or controversial thing I'm saying. This is the basis of capitalist economics. Every economist in the world would say the same thing.

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    Re: Income Inequality

    Quote Originally Posted by tuhaybey View Post
    I'm not really interested in this stuff. Do you have any thoughts on the economic issues I'm raising?


    You're not interested in what's important. You're just like the whiners that want a wage for doing something one step above what a monkey could be trained to do. You're not interested because what I've done destroys your ability to whine and gripe about uneducated freeloaders getting something handed to them. Tell you what. When they do what I've done they can earn what I've earned. Until then, they can either rely on good intentioned do nothing bleeding hearts like you or do without.

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    Re: Income Inequality

    Quote Originally Posted by tuhaybey View Post
    Of course it is different lol. The profits an owner takes are waste. They are created by charging customers more than the things you sell them are worth and paying employees less than they are worth. It's a business failing to perform well.

    Now, to be clear, money a business owner makes up to their own productivity, that's the equivalent of their wages. That is not waste, that is them doing something useful and taking the amount of money for it that the market deems appropriate. I'm talking about profit taking- money taken above that line.
    I don't know what planet you live on but taking profit to buy that new million dollar yacht is not waste in the mind of the person taking the profit. In fact not only does taking profit reward the owners so they can buy that yacht, but it also creates jobs for yacht builders.

    Then you say by taking profit is a business failing to perform well. What a crock of BS. A business makes a profit and it expands and it continues to expand as a result of profit. And what does that do, it creates jobs. Of course a liberal could care less about jobs. Liberals have never been about creating jobs, they want to punish success and reward failure. And taking a profit to buy that yacht is evil, but the real evil is you liberals want all the yacht builders to go out of business. Damn those evil yacht builders making yachts for those evil profit takers.
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    Re: Income Inequality

    Quote Originally Posted by Born Free View Post
    Let me ask you, what immigration bill has the dems presented to the president to sign? I mean they did control all three branches of Government. As for a republican congress they will be creating job bills, like sign here to start Keystone and kill the EPA etc.

    From a money stand point it's the democrats that have the money and the most clout. They controlled all three branches of government and could pass anything they wanted anytime they wanted. But they did nothing, thus you have the money angle all wrong. It's the democrats that want an open border. They always have, they have never cared about jobs in this country, just votes. Obama is in charge of the worst pro-growth policies ever. The worst recover in US History. It is the liberals and their money that trump a few businesses. Now tell me how many illegals are working for big businesses, and of those how much money are they contributing to keep the border open.

    I mean compared to Obama with is arms spread out inviting any and all illegals in, but you don't see that as Obama is your pet.
    Neither party has presented a reform bill to the president. Congress, as I said, has done squat about illegal immigration in decades and that, of course, includes both parties. When I said that the person with the most money has the most clout, I was referring not to a political party, but to the deep pocket political donors that contribute to both Republicans and Democrats.

    The mantra that it's the Dems that want open borders and the Reps want to control immigration falls flat when you go back to the time, not so long ago, when the Republicans controlled both houses and the WhiteHouse.
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    Re: Income Inequality

    Quote Originally Posted by GBFAN View Post
    Absolutely correct ... providing you are willing to pay the increased price for the food in the market.
    which would be very little, as the cost of harvesting is only a small percentage of the retail cost of produce.

    edit: Looking back, I see Cephus beat me to it.
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    Re: Income Inequality

    Quote Originally Posted by VanceMack View Post
    Actually...we just need to de-incentize Americans to NOT work. People need to become a little more hungry for work. They need to fight for jobs, even those low income jobs. We need to stop making it so easy for US citizens to be miserable failures their entire life.
    Yes, that too. People who work should always be better off than people who don't.
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    Re: Income Inequality

    Quote Originally Posted by Dittohead not! View Post
    Yes, that too. People who work should always be better off than people who don't.
    We can and should do a better job of identifying those who truly are in need as opposed to those just too ****ing lazy to provide for themselves. The tragedy of our current situation is that there are SO many people at the trough, those that really need assistance have been squeezed out and cant be adequately taken care of.

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