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No. ZIRP and QE have supported asset values. Some claim the benefits only went to banks, Wall Street, and the top. I've shown that Main Street America has BY FAR benefited the most.
Main st isn't what you think it is. Main St is long gone.
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Where you're making your mistake is that higher wages reduce corporate profits. Guess what happens when corporate profits decline. Yep... asset values decline. Capital gains decline. The Trillions invested in American workers' and retirees' retirement accounts and pension plans decline.
That's not true in all cases. Higher wages for better workers that increase productivity would lead to higher profits.
Higher wages for better workers that increase productivity would lead to higher profits.
Better workers? Based on what? Millennials are worse than prior generations:
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"This exam, given in 23 countries, assessed the thinking abilities and workplace skills of adults. It focused on literacy, math and technological problem-solving. The goal was to figure out how prepared people are to work in a complex, modern society.
And U.S. millennials performed horribly.
...But surely America’s brightest were on top?
Nope. U.S. millennials with master’s degrees and doctorates did better than their peers in only three countries, Ireland, Poland and Spain.
...The ETS study noted that a decade ago the skill level of American adults was judged mediocre. “Now it is below even that.†So Millennials are falling even further behind."
We need to raise interest rates, but if we do we will have an economic meltdown, so we need an inflation rate high enough to require raising interest rates to control it. Zero prime isn't getting that inflation rate so get it with wages.
The bubble needs to pop and stay popped. We would be better off today if we hadn't re-inflated it the last time.
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Im not disputing your assertion that everyone benefited from zero prime and QE. I'm saying that it isn't enough. Not long term.
A lot of people didn't benefit. The lower classes have fallen further behind and at best the middle class has stagnated.
The bubble needs to pop and stay popped. We would be better off today if we hadn't re-inflated it the last time.
A lot of people didn't benefit. The lower classes have fallen further behind and at best the middle class has stagnated.
Lower classes would never be able to benefit from anything except for hand-outs and welfare. Their contribution to the society is minimal to negative; hence the reward is and should be minimal to none. In reality, they get far more than their contribution to the society, which isn't fair to anybody.
Then again, inequality in income or wealth is not the problem while upward mobility is.
Lower classes would never be able to benefit from anything except for hand-outs and welfare.
Of course they would. They would have benefitted greatly if we hadn't re-inflated the oil markets creating $4 gas. (Just one example)
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Their contribution to the society is minimal to negative; hence the reward is and should be minimal to none. In reality, they get far more than their contribution to the society, which isn't fair to anybody.
There is difference in rewarding and harming. The government should be doing neither. That said, your life would be far harder if not for the contributions of those willing to take the lower level jobs.
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Then again, inequality in income or wealth is not the problem while upward mobility is.
At the core this is true but the same ones that want the government to keep their sources of income (the markets) high are the same ones running off the jobs so people can't move up.
The bubble needs to pop and stay popped. We would be better off today if we hadn't re-inflated it the last time.
A lot of people didn't benefit. The lower classes have fallen further behind and at best the middle class has stagnated.
The answer to both of those is higher minimum wages, if you don't want the bubble to pop then turn it into inflation. Up wages to cover the asset valuations.
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