Fix income inequality, fix the economy

Discussion in 'Economy' started by hvactec, Nov 6, 2011.

  1. hvactec
    Offline

    hvactec VIP Member

    Joined:
    Jan 17, 2010
    Messages:
    1,315
    Thanks Received:
    106
    Trophy Points:
    83
    Location:
    New Jersey
    Ratings:
    +132
    11/04/11

    Until we reverse the trend toward inequality, the economy can’t be revived

    The biggest question in America these days is how to revive the economy.

    The biggest question among activists now occupying Wall Street and dozens of other cities is how to strike back against the nation’s almost unprecedented concentration of income, wealth, and political power in the top 1 percent.

    The two questions are related. With so much income and wealth concentrated at the top, the vast middle class no longer has the purchasing power to buy what the economy is capable of producing. (People could pretend otherwise as long as they could treat their homes as ATMs, but those days are now gone.) The result is prolonged stagnation and high unemployment as far as the eye can see.

    RELATED: Six reasons why America can't create jobs

    Until we reverse the trend toward inequality, the economy can’t be revived.

    But the biggest question in our nation’s capital right now has nothing to do with any of this. It’s whether Congress’s so-called “Supercommittee” – six Democrats and six Republicans charged with coming up with $1.2 trillion in budget savings — will reach agreement in time for the Congressional Budget Office to score its proposal, which must then be approved by Congress before Christmas recess in order to avoid an automatic $1.5 trillion in budget savings requiring major across-the-board cuts starting in 2013.

    Have your eyes already glazed over?

    Diffident Democrats on the Supercommittee have already signaled a willingness to cut Medicare, Social Security, and much else that Americans depend on. The deal is being held up by Regressive Republicans who won’t raise taxes on the rich – not even a tiny bit.

    President Obama, meanwhile, is out on the stump trying to sell his “jobs bill” – which would, by the White House’s own estimate, create fewer than 2 million jobs. Yet 14 million people are out of work, and another 10 million are working part-time who’d rather have full-time jobs.

    Republicans have already voted down his jobs bill anyway.

    The disconnect between Washington and the rest of the nation hasn’t been this wide since the late 1960s.

    read more Fix income inequality, fix the economy - CSMonitor.com
     
    • Thank You! Thank You! x 1
  2. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,778
    Thanks Received:
    1,789
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,859
    Obama gonna raise our taxes!...
    :eek:
    Obama Presses Supercommittee to Do The 'Responsible Thing' -- Raise Taxes
    November 14, 2011 WASHINGTON (AP) — Despite prodding from President Barack Obama, members of Congress' supercommittee concede no deal is in sight to meet their goal of $1.2 trillion or more in deficit savings over the next decade.
    See also:

    Balanced Budget Amendment Without Spending Cap Will Lose GOP Senate Votes, Says Sen. Lee
    November 14, 2011 - Sen. Mike Lee of Utah, who is the sponsor of a balanced budget amendment that caps spending at 18 percent of Gross Domestic Product and requires two-thirds majorities in both houses of Congress to increase taxes, says he believes that a balanced budget amendment that does not include those two provisions would lose Republican votes in the Senate.
     
  3. Katzndogz
    Offline

    Katzndogz Diamond Member

    Joined:
    Sep 27, 2011
    Messages:
    65,659
    Thanks Received:
    7,418
    Trophy Points:
    1,830
    Ratings:
    +8,337
    No one can fix that kind of envy.
     
  4. Wiseacre
    Offline

    Wiseacre Retired USAF Chief Supporting Member

    Joined:
    Apr 8, 2011
    Messages:
    6,025
    Thanks Received:
    1,192
    Trophy Points:
    48
    Location:
    San Antonio, TX
    Ratings:
    +1,194
    I don't think you can fix the economy by fixing income inequality first. If you're thinking of raising taxes that much, the economy is not going to improve and in fact is more likely to decline. You might not like it, but there it is. Fix the economy first.
     
  5. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,778
    Thanks Received:
    1,789
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,859
    Granny says Obama needs to dock their pay - den see how fast dey come to an agreement...
    :eusa_eh:
    Panel's inability to cut debt deal reflects divide
    21 Nov.`11 WASHINGTON – The failure of Congress' "supercommittee" to propose even one dollar in deficit reduction has left Capitol Hill without a strategy for tackling the nation's spiraling debt — and left several trillion-dollar spending and tax issues that must be resolved as soon as next month.
    See also:

    Dow Plunges 300 Points on U.S. Deficit Impasse, Euro Worries
    11/21/11 - The major U.S. stock indices were down more than 2% Monday afternoon on the political stalemate over U.S. deficit cuts and lingering worries about European debt.

     
  6. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    I can't see any single government edict or policy that can "fix" that problem.

    To do that we'd need tariffs and unions.

    That is clearly not the direction this nation is headed.
     
  7. Wiseacre
    Offline

    Wiseacre Retired USAF Chief Supporting Member

    Joined:
    Apr 8, 2011
    Messages:
    6,025
    Thanks Received:
    1,192
    Trophy Points:
    48
    Location:
    San Antonio, TX
    Ratings:
    +1,194

    Tariffs and unions? God save us all, you've just listed the perfect way to economic suicide.
     
  8. Brutus
    Offline

    Brutus Senior Member

    Joined:
    Feb 17, 2011
    Messages:
    1,432
    Thanks Received:
    64
    Trophy Points:
    48
    Ratings:
    +64
    just an Marxist idiotic class warfare liberal lie. How can it be concentrated at the top when Federal local and state government spends $10 trillion a year largely on the poor?

    The poor don't need or have wealth in the bank merely because the liberal government gives them 10 trillion a year in exchange for voting liberal!!

    A liberal will keep telling the lie!
     
  9. Flopper
    Offline

    Flopper Gold Member

    Joined:
    Mar 23, 2010
    Messages:
    15,185
    Thanks Received:
    2,695
    Trophy Points:
    260
    Location:
    Washington
    Ratings:
    +5,273
    There is a focus on inequity because 50 million+ are economically hurting. To rub salt into the wounds, the top 1% has had an economic recovery while the bottom 20% have sunk into an economic graveyard. As the economy improves as it will eventually, the income disparity will be less of an issue. That doesn't mean it's going away.

    There is probably nothing that would do more for the economy than breaking the political stalemate. Frankly, I don't think it makes much difference whether an agreement favors the right or left. The important issue is that there be agreement.
     
  10. expat_panama
    Offline

    expat_panama Silver Member

    Joined:
    Apr 12, 2011
    Messages:
    2,461
    Thanks Received:
    252
    Trophy Points:
    98
    Ratings:
    +253
    No, that's not the reason for this thread's focus. Income inequality it a Marxist gimmick to blame market achievers for harm caused by Marxists.

    In open markets prices are set by free people making trades, and the process leads to prosperity. Living people are diverse and that makes prices become unequal when situations are unequal. This applies to both prices for products as well as for labor. Marxists want to steal the wealth that market workers create and imagine that they can make a workers paradise where labor and other prices are equal.

    It's crazy. Not every product is equal and not every worker shows up on time and works hard. People are different so incomes have to be unequal.
     
    • Thank You! Thank You! x 1

Share This Page