Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Third and most importantly, inequality impacts politics. Economic power tends to beget political power even in democratic and pluralistic societies. In the United States, this tends to work through campaign contributions and access to politicians that wealth and money tend to buy. This political channel implies another, potentially more powerful and distortionary link between inequality and a non-level playing field. It may also create pathways from inequality to instability, because both the economic and political implications of inequality can create various backlashes.
Economics: How does inequality matter?
Charles P. Kindleberger Professor of Applied Economics, Department of Economics at the Massachusetts Institute of Technology
Or this one:
Quote:
INEQUALITY has attained levels rivaling those of the Gilded Age, and if it continues to grow—and there's nothing to indicate that it won't—it could reach the point where it becomes morally intolerable. In addition, there is evidence that social ills grow as inequality widens. And high levels of inequality can also have negative effects on the economy. -----
We may be near or even past the level of inequality where growth begins falling. The evidence on this is highly uncertain, so it's difficult to say. But a few more decades like the last few could make the difference, so why take a chance?
same source
Mark Thoma
Professor of Economics at the University of Oregon
Whizbangs who rail against outsourcing need to consider the move of textiles from the New England states to states in the southeast. How was that any different from subsequent moves to Mexico, to China, and then on to Indonesia, Thailand, and Vietnam? Or is this all part of some general appeal to acquisition of high-cost inputs over low-cost versions of the same quality? Hard to tell what's up exactly from some of the posts found here.
As for what we may have learned about communism and socialism, we learned at about three minutes past the Dawn of Man that socialism is an absolute necessity. That's why we began forming societies to begin with. Good old risk-sharing, rule-making, and redistribution of labor and income. These and a few other things are absolute necessities in any functional society/economy, and they all involve sacrifices in freedom, liberty, and individual sovereignty and autonomy. Some people have an awful lot to learn on these scores.
It may also create pathways from inequality to instability, because both the economic and political implications of inequality can create various backlashes.
...if this going to happen in the future, these backlashes will come from the right. Recall that, in the middle of his big recession, the political movement that really took off was Tea Party, which was a right-wing movement. It was sucessfull enough in that it was the force behind GOP takeover of the House.
More likely, it will lead a generalized lawlessness and criminality, vs any political backlash.
"One reason companies are so profitable is that they're paying employees less than they ever have as a share of GDP. And that, in turn, is one reason the economy is so weak: Those "wages" are other companies' revenue.
In short, our current system and philosophy is creating a country of a few million overlords and 300+ million serfs." Blodget
"There has been class warfare going on," Buffett, 81, said in a Sept. 30 interview with Charlie Rose on PBS. It's just that my class is winning. And my class isn't just winning, I mean we're killing them."
"While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks," Buffett wrote in a Sunday New York Times Op-ed.
All opinions, etc. welcomed and encouraged!!!
that is what happens whe you turnover more and more to governamnt to do the welth sharing that started in the mid 60's. The problem is they create a monster that resulted in same as we see ahppneig in europe. They consume what they had then borrowed o the future. Its resulted in like 40+ per cenat of adults not 3even recognised as potential emplyees i the unemployemnt numbers.I the end wealth sharig does what its done and spreadig even now in europe is redcords on governamtn roles of welfare.It a path to those on dependc ence and those who pay the governamntto support them. It much as it is in every central controlled economy just what caused russia's economy to collapse i that GDP could not support the gauarnated income or even prodcue enough for the amrkets to sell.
Class warfare is a dubious undertaking. There are no winners in such wars. Once the super high and mighty win this war by destroying the middle class and the poor...they destroy themselves. It's like the poor dear parasites will have killed the very host that feeds them. Waging war against your own servants eventually leaves you with no one to serve you...and you will have to clean your own toilets because we will be gone...Good luck with your class warfare....there are no winners.
Class warfare is a dubious undertaking. There are no winners in such wars. Once the super high and mighty win this war by destroying the middle class and the poor...they destroy themselves. It's like the poor dear parasites will have killed the very host that feeds them. Waging war against your own servants eventually leaves you with no one to serve you...and you will have to clean your own toilets because we will be gone...Good luck with your class warfare....there are no winners.
You don't understand how cockroach like the human race is do you?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
From an old Hebrew Proverb
