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Old 11-19-2011, 03:56 PM
 
30,075 posts, read 18,682,634 times
Reputation: 20895

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Quote:
Originally Posted by Motion View Post
I keep hearing about income inequality but my question is what is the best solution to this? I thought this economist gave some interesting insights on this topic.

Tell the people with low incomes to do the following-

1. emphasize education, rather than athletics, to thier children
2. work harder
3. don't party all the time in high school
4. don't use drugs and alcohol
5. maintain two parent families
6. help your kids with their homework
7. spend less than you earn and live within your means
8. read


If you plan on being a beggar and relying upon the government, God help you. Take responisibility for yourself, bust your ass, and things will turn out well.

- Former trailer trash
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Old 11-19-2011, 06:18 PM
 
Location: Ohio
24,621 posts, read 19,180,106 times
Reputation: 21743
Quote:
Originally Posted by burdell View Post
Maybe it's not the income inequality creating problems, maybe it's the outgo inequality (tax loopholes/cuts for the wealthy, etc.) that creates problems?
No, it's stupid people willing to throw their money away.

If all incomes were equal, then people would be whining and crying that it wasn't enough.

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Old 11-20-2011, 03:49 AM
 
4,255 posts, read 3,481,994 times
Reputation: 992
Poverty is more of a mental problem then a financial one. I know people that make 3 k a week that are broke.
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Old 11-24-2011, 06:31 PM
 
29,939 posts, read 39,480,300 times
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Kaplan on the Inequality and the Top 1%
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Old 11-24-2011, 07:13 PM
 
2,643 posts, read 2,444,815 times
Reputation: 1928
Income inequality dosent matter as long as wages and salaries are rising for all classes of Americans. You will notice a strong correlation with taxes being raised on the rich and wage growth. It is impossible for wages to grow without wealth distribution. It is the sad truth that republicans don't want to face because it flies into the face of everything that they believe about the free market and all that claptrap. When Reagan cut taxes for the rich, wages stagnated and flatlined for the poor and middle class for a decade till Clinton raised taxes for the rich. After he raised taxes, there was a uptick for wages for the poor and middle class, and again after the Bush tax cuts. Wages went down.

So, the US has a choice, they can either raise taxes on the rich and redistribute. Or they can cut taxes for the rich or put in place a flat tax and watch everyone get poorer while the rich get richer.
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Old 11-24-2011, 07:16 PM
 
12,997 posts, read 13,652,155 times
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Tax income over $250,000 at a 100 percent rate. Period. Want to be an elistist ****** who lords your largesse over the rest of America? **** you! This is American buddy!
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Old 11-24-2011, 09:00 PM
 
386 posts, read 232,756 times
Reputation: 89
Quote:
Originally Posted by Motion View Post
I keep hearing about income inequality but my question is what is the best solution to this? I thought this economist gave some interesting insights on this topic.
There is nothing to do anything about.

Income Inequality is part, and a desirable part, of life - winners, super-winners, losers and the vast middle class.

It is the role of government to maintain an environment where people can, through their own industry, application and intellect, go from whatever group they find that they are in, to whatever group they want to be in.

It is NOT the role of government to get rid of the groups.

Last edited by Lahaina Lopaka; 11-24-2011 at 09:26 PM..
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Old 11-24-2011, 09:04 PM
 
386 posts, read 232,756 times
Reputation: 89
Quote:
Originally Posted by SyraBrian View Post
Eliminate the mortgage deduction. This will cause the rich to intermingle more with the poor and middle-class.

Can't get trickled-down upon if you're nowhere near the rain!
Lunacy. Trickle down is a make-believe economic idea fabricated by the media to embarrass Reagan.

You want wealth, go get it through endeavor and application. Unwilling to do that? Then stay poor - your choice. Nobody is going to trickle, much less gush down, any $$$ down to you unless it is politician using money stolen from a fellow citizen in an attempt to buy your support.
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Old 11-24-2011, 09:09 PM
 
33,016 posts, read 27,477,048 times
Reputation: 9074
Quote:
Originally Posted by hawkeye2009 View Post
Tell the people with low incomes to do the following-

1. emphasize education, rather than athletics, to thier children
2. work harder
3. don't party all the time in high school
4. don't use drugs and alcohol
5. maintain two parent families
6. help your kids with their homework
7. spend less than you earn and live within your means
8. read


If you plan on being a beggar and relying upon the government, God help you. Take responisibility for yourself, bust your ass, and things will turn out well.

- Former trailer trash
I stayed in school, got great grades, didn't party or do drugs, but it didn't pay off for me.

And it's really hard to spend less than you earn if you're paying 50 to 70 percent of your income to keep a roof over your head.
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Old 11-24-2011, 09:15 PM
 
Location: Holiday, FL
1,571 posts, read 2,001,792 times
Reputation: 1165
Quote:
Originally Posted by hawkeye2009 View Post
Tell the people with low incomes to do the following-

1. emphasize education, rather than athletics, to thier children
2. work harder
3. don't party all the time in high school
4. don't use drugs and alcohol
5. maintain two parent families
6. help your kids with their homework
7. spend less than you earn and live within your means
8. read


If you plan on being a beggar and relying upon the government, God help you. Take responisibility for yourself, bust your ass, and things will turn out well.

- Former trailer trash
From reading the posts, perhaps, the first thing to do, in order to come up with a solution, is identify exactly what "income inequity" is.

In 1960, the average income for semi-professional and non-professional jobs was $7060 a year. In 2010, the average income for those same jobs was $45,406. (source of information is athttp://msn.careerbuilder.com/Article...=JS_2146_home1) And, from another source,. the 2010 figure is about 25% too high. Unfortunately, I do not have the link to the other source.

According to another source, http://msn.careerbuilder.com/Article...=JS_2146_home1 executive income has gone up six times in just the last twenty years. Another words, an exec that is making $360,000 today, was only making $60,000 twenty years ago.

It says that executive pay went up an average of 30% each year for the last twenty years while middle-class America has only gotten an average of 12% each year for the last fifty years. And, we're not including bonuses or "Golden Parachutes".

One more area to look at, and this is from my own experience. In 1965 and 1966, I was making $8,000 a year. I was also paying 17 cents a gallon for gasoline. Just today, the current price of gasoline at the corner gas station at the corner is $3.599. To maintain the ratio between income and the cost of gasoline, today's average income should be about $170,000 a year.

In 1973, I was making $14,000 a year, and paying $51 every six months for car insurance. (And, supporting a wife and two kids, while buying a house for $10,000) The last premium I paid on car insurance came out to $147 a month. Back in 1973, the monthly cost was just $8.50. To maintain the ratio of income to car insurance premiums, today's average income should be about $240,000 a year. Want to check with IRS and see just how many "Average Americans" are actually making that much? And, the story is the same no matter what area of expense you look at, groceries, utilities, housing, etc.

That is what is "INCOME INEQUITY". What to do about it is the "$64,000 question". Solutions are sure to be as varied as the people that offer them, but now, you should be able to come up with a better informed opinion.

Now, with regard to the quote, by all means, give your kids every advantage you can. Stress education. Any kind of court record will hurt their chances for a successful career. But, keep in mind...

Let's say that 99% of the next generation gets a master's degree. (No, I don't think that's realistic) It's also not realistic to think that every one of them will get jobs where they will use that degree. There will be a number of them serving at Pizza Hut. A good education and a clean record does not give them a guarantee, but it does improve their chances at a comfortable life.
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