Zone1 What is Wrong with Inequality?

[DukeU]

Equality is about opportunity. Opportunities should be equal---what you do with your opportunity is what determines your position in life. If you choose to squander opportunities, that's on you.

This ^.

Equality is impossible due to the fact that people have different interests.

Imagine being a millionaire or billionaire and losing it all.

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[alang1216]

You can do a mix: donate large sums to charity AND leave money to your children.

You can do anything you want with your money, EXCEPT give more than a maximum to your kids. Bill Gates' kids grew up with every advantage, if they can't make their own billions, that is on them.

 

[dblack]

Speaking of personal wealth as measured in economic Net Worth, there is absolutely no question that "inequality" is increasing beyond any precedent in a free country. The people at the bottom, so to speak, have less than nothing; their Net Worth is below zero, while the wealthiest of us - mainly entrepreneurs and investors - accumulate more and more wealth.

It is axiomatic on the Left that "inequality" is bad. They obviously feel that increasing "inequality" is self-evidently evil, and must be fought. They base whole political campaigns on promises to fight inequality.

What's wrong with inequality? Imagine an entrepreneur who invents a new gadget that millions of people quickly decide that they are willing to pay substantial amounts of money to have, and that entrepreneur is able to accumulate a King's Ransom on the profits from those gadgets.

So what? Why is that a bad thing? Is anyone else made poorer or more wretched by the entrepreneur's accumulation of wealth? Assume he pays millions and millions in all manner of taxes, complying with every relevant tax law.

Nothing at all is wrong with inequality. And someone else being rich doesn't make me poor.

Most people think of wealth purely in terms of creature comforts. But that doesn't apply to extreme wealth. Above a certain threshold, additional wealth doesn't change a person's lifestyle much. That additional wealth is experienced as economic power. People with lots of wealth have more power to direct labor and resources. And the simple truth is, most people don't want that kind of power and responsibility - not enough to spend their lives pursuing it.

I see nothing inherently wrong with economic power being concentrated by people with the skill and the ambition to use it effectively. That's the whole point of capitalism really, to reward those who use wealth successfully with more wealth, so they can do more good things with it. And, on the flipside, to remove wealth from those who squander it.

Most of the complaints about wealth inequality are coming from people who want the government to have more power than rich people. But our country was designed to do the opposite - to keep most power in private hands and not under the direction of government.

 

[martybegan]

Pushing equity, is the exact OPPOSITE, silly one!

No, it isn't. Equity hides behind the door machinations involving picking people to be favored based on things like race, sex, gender, hair color or any other balkanizing category.

 

[martybegan]

What would indicate to you that a group has already gamed the system and is getting more than their fair share? Anything?

It's gaming the system and intentionally screwing over people outside the game. Idle rich don't do that. Government busybodies and busybody rich do that.

They keep their AC's and their ICE vehicles, I sweat and have to take a bus.

 

[Captain Caveman]

I'm a millionaire/plus and I've never earned more than $60,000/yr. My income is about $120,000/yr. because of investments and SS, but my wages are just $60K.

I'm "nearly" a millionaire. I have all the zeros, I just now need the 1.

 

[MarathonMike]

Too much consolidated wealth is bad for the economy and bad for society.

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I agree, but there is no way to legislate wealth redistribution. It never works.

 

[MarcATL]

Except in the heads of people who have been told by rich people how to think

Yep, they've now found themselves arguing FOR inequality.

You can't make this stuff up....

 

[dblack]

No, it isn't. Equity hides behind the door machinations involving picking people to be favored based on things like race, sex, gender, hair color or any other balkanizing category.

Equity just means government decides who gets the goodies rather than the market.

 

[martybegan]

Equity just means government decides who gets the goodies rather than the market.

Or some NGO funded by government.

 

[Woodznutz]

The Golden Rule
He who has the Gold makes the rules

Corporations benefit from Government spending more than working Americans.

Our military protects their global interests and free trade.
Schools benefit corporations who are provided an educated workforce
Roads, ports, rail, power grids benefit corporations more than working Americans

Workers benefit from the jobs the above provide.

 

[rightwinger]

Workers benefit from the jobs the above provide.

An employer makes money on every employee

 

[Woodznutz]

Lots of good advice in the Bible, the prohibition of wearing clothing made of a mixture of linen and wool.

I think a cap on inheritances is reasonable. I think anyone could survive on a lump sum of $10,000,000 or $500,000/year.

Wealthy people actually spend that much, which flows to the workers that make the goods and provide the services. That's the real 'trickle down' economic effect.

 

[martybegan]

An employer makes money on every employee

and?

The one thing an employee has is limited risk. Their pay can't be taken back once paid out. Owners/employers can lose their capital investment and more.

 

[Woodznutz]

An employer makes money on every employee

True, and I want my boss to profit mightily by my work for him.

 

[Woodznutz]

You can do anything you want with your money, EXCEPT give more than a maximum to your kids. Bill Gates' kids grew up with every advantage, if they can't make their own billions, that is on them.

Their name alone will open doors.

 

[Woodznutz]

Except in the heads of people who have been told by rich people how to think

Rich people are more likely to give good advice than bad. Problem is that they are the 'enemy' of the poor and their words have no value to them.

 

[rightwinger]

Speaking of personal wealth as measured in economic Net Worth, there is absolutely no question that "inequality" is increasing beyond any precedent in a free country. The people at the bottom, so to speak, have less than nothing; their Net Worth is below zero, while the wealthiest of us - mainly entrepreneurs and investors - accumulate more and more wealth.

Again, nothing wrong with being rich

The problem is the increasing shift in wealth from the working class to the wealthy.

Middle class wealth has contracted. The American Dream of buying a home and retiring comfortably is harder to achieve.

Our government still supports supply side benefits while costs of homes, healthcare, education continue to escalate.

Productivity is increasing with less of that profit going to workers

 

[Woodznutz]

Lots of good advice in the Bible, the prohibition of wearing clothing made of a mixture of linen and wool.

.

That principle applies today as well. The poor are wearing us out. In fact, the new meme is 'fatigue' from this or that.

 

[Woodznutz]

Again, nothing wrong with being rich

The problem is the increasing shift in wealth from the working class to the wealthy.

Middle class wealth has contracted. The American Dream of buying a home and retiring comfortably is harder to achieve.

Our government still supports supply side benefits while costs of homes, healthcare, education continue to escalate.

Productivity is increasing with less of that profit going to workers

The working class and the poor might want to spend less of their pay on shiny things and entertainment. That's how the rich get rich. They do get rich at the 'expense' (spending) of the poor. Big corportions provide most of the consumer goods that we buy. Just don't buy as much and watch the rich squirm. Of course, you may lose your job but that's a small price to pay for getting revenge on the rich.