Quote:
Originally Posted by Pete F.
Income inequality is a big problem in this country and will lead to big civil issues if it continues in it's current trend. Trump has only exacerbated the problem.
The income-inequality trajectory observed in the United States is largely due to massive educational inequalities, combined with a tax system that grew less progressive despite a surge in top labor compensation since the 1980s, and in top capital incomes in the 2000s. Continental Europe meanwhile saw a lesser decline in its tax progressivity, while wage inequality was also moderated by educational and wage-setting policies that were relatively more favorable to low and middle-income groups. In both regions, income inequality between men and women has declined but remains particularly strong at the top of the distribution.
https://www.vox.com/2018/7/29/176271...equality-chart |
"Income inequality is a big problem in this country"
Why is it a problem. If Bill Gates or Oprah Winfrey earn another million dollars today, why is that bad? How would anyone be better off, if all wealthy people stopped accumulating wealth once they were middle class?
WEALTH IS NOT FINITE, IT' SNOT LIKE A PIZZA. If Oprah earns another million today, that does not mean there's a million less for the rest of us. Her wealth, does not cause, anyone else's poverty.
"Trump has only exacerbated the problem"
So did Obama. When the economy grows, the wealthy will always benefit more than regular folks, because they have more to invest. You cannot prevent that, and I can't imagine why you'd want to.
If Oprah earns another million today, she'll pay taxes on some, she'll spend some, she'll invest some, she'll save some in the bank, she'll give some to charity. ALL of those things, reduce the burden on the rest of us. So it's GOOD for you and I, if she gets richer.
I agree income inequality isn't fair, I completely agree. But one person's wealth, isn't the cause of anyone else's poverty (unless you're talking about Bernie Madoff). Liberals would do well to stop obsessing over the rich.
"The income-inequality trajectory observed in the United States is largely due to massive educational inequalities, combined with a tax system"
I disagree. It's largely due to luck (being born into money or marrying into money, two things I managed to completely avoid).
You think higher taxes reduce income inequality? Well I live in CT, which has insanely high taxes, it's purely liberal for 40 years, has and some of the worst income inequality on the planet. You'd be hard-pressed to find a state with more severe income inequality than CT, liberalism ha shad 40 years to cure income inequality, and of course it's made it worse.
We can debate the merits of slightly more progressive taxation, that's fine.
Continental Europe does not share a massive, open border with Mexico. If we kick out all of the Mexicans from the US, I promise you that income inequality will decrease. Should we do that? Is that what you propose?
We are a country that allows a large number of penniless, unskilled immigrants to enter. That creates income inequality, but that's OK, because we also provide, by far, the greatest upward economic mobility.