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Author Topic: Wealth Distribution Is Good For The Economy Back to Topics
SemiSteve

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Message Posted: Feb 19, 2013 7:53:31 PM

When wealth is spread out among many people they have increased discretionary spending power. When they buy things it helps the economy.

Conversely, when wealth is concentrated in great amounts held by a relatively few number of people there is a lack of wealth distribution; and most people have little discretionary spending power. They don't buy as much; so the economy slows down. That is what had been happening for the last 35 years.

It is better for the economy for most people to be doing fairly well than it is for a few to be doing extremely well and most people just getting by. Therefore, in order to improve our economy we should be looking for ways to reduce wealth inequality.

Raising the minimum wage is one way to ensure that the lower paid workers have more buying power. Another way would be to limit the income of the executives of large corporations to a multiple of their average workers income. Breaking up the largest corporations and banks so that there is more competition in markets would also help. Increased unionization also reduces wealth inequality. It would be very beneficial to take away the special treatment the biggest banks get from the Federal Reserve and allow market forces to work naturally.

"The primary mechanism for uploading wealth is debt-based creation of new money under the system of fractional reserve lending under the central control of the private bank-owned Federal Reserve, which supplies money, at interest, to the U.S. Government. Commercial banks create electronic entry money when they make loans, typically up to ten times the amount in their reserves. This contributes to cyclical asset hyperinflation bubbles and busts, in which the Big Five money-center banks are key players and from which the super-wealthy emerge relatively wealthier. This has resulted in a virtually permanent super-elite."

"In 2007 the richest 1% of the American population owned 34.6% of the country's total wealth, and the next 19% owned 50.5%. Thus, the top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. Financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%.[9] However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.7%. The Great Recession also caused a drop of 36.1% in median household wealth but a drop of only 11.1% for the top 1%, further widening the gap between the 1% and the 99%.[8][9][10]"

"A 2011 study found that US citizens across the political spectrum dramatically underestimate the current US wealth inequality and would prefer a far more egalitarian distribution of wealth.[7]"

wiki: Wealth inequality in the United States

[7.] ^ Norton, M.I.; Ariely, D. (2011). "Building a Better America – One Wealth Quintile at a Time" (PDF). Perspectives on Psychological Science 6: 9–12.

[Edited by: SemiSteve at 2/19/2013 7:54:46 PM EST]
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SemiSteve
Champion Author Tampa

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Message Posted: Aug 28, 2014 1:31:41 PM

Here is a great graphic to describe the wealth inequality in the USA:

Wealth Inequality - watch it if you dare yourself to see the real truth

Note that this short video is now 2 years old. Things have gotten worse since then. Buffett was right. The class war has already been won by his class.

What is going to happen when Amazon lays off all it's warehouse workers and replaces them with machines? And then other businesses follow suit? And most laborers and redundant job workers are also replaced by machines? And many semi-skilled workers, and even college-educated workers are also replaced?

All of that is coming, you know.

Artificial intelligence is making huge strides. Many jobs are going to go poof. People are going to be surprised. Think about that as you watch this graphic which describes how wealth was distributed 2 years ago and consider how many people will have gainful employment in 10 or 15 years. And how many will be on the dole. Then consider how many will be paying taxes to support the dole.
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Weaslespit
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Message Posted: Aug 21, 2014 3:33:33 PM

"There is a lot of good paying work available for qualified applicants with the right training."

Exactly.
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SemiSteve
Champion Author Tampa

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Message Posted: Aug 21, 2014 11:54:19 AM

Weaslespit:

"You don't have to go to college to have post-high school education. It doesn't take a college degree for access to jobs that pay more than McDonald's.

Automotive is hiring like crazy... "

There is a lot of good paying work available for qualified applicants with the right training.

Insurance Agent $26K
Executive Assistant $29K
Surveyor $31K
HVAC Tech $26K
Stenographer / Court Reporter $26K
Paralegal Assistant $29K
Medical Secretary $21K
Web Developer $43K
Online Advertising Manager $40K
Dental Hygienist $45K

Top Ten Jobs Not Requiring A Degree

I did not see anything about mechanic or truck driver on there as I expected.
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rjhenn
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Message Posted: Aug 20, 2014 11:39:13 PM

Troller_Diesel - "Wealth is created by capitalism. It isn't perfect, but if works.

Socialism is a failure.

You can't have it both ways..."

A perfect example of black-and-white thinking.

"At least not in the real world."

The real world has, not only black and white, but multiple shades of gray, even a near-infinite range of colors.

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Troller_Diesel
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Message Posted: Aug 20, 2014 8:24:06 PM

SemiSteve: "Ideas, the result of abstract thinking enhanced by education, are essential for creating jobs. Fewer ideas = fewer jobs. More ideas = more jobs."

And yet the Occutards demonize those that ARE successful, come up with good ideas, and put people to work.

And yet Liberals scream for more regulation, more taxes, and other business-destroying government restrictions.

Wealth is created by capitalism. It isn't perfect, but if works.

Socialism is a failure.

You can't have it both ways...

At least not in the real world.

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rjhenn
Champion Author Des Moines

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Message Posted: Aug 20, 2014 2:23:03 PM

True, there's a big demand for technical skills, such as diesel and heavy equipment mechanics, around here.
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Weaslespit
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Message Posted: Aug 20, 2014 12:53:21 PM

"We currently have many college graduates in this country that cannot find a job that they were trained for.

That costly education isn't helping the economy right now, is it?"

You don't have to go to college to have post-high school education. It doesn't take a college degree for access to jobs that pay more than McDonald's.

Automotive is hiring like crazy...
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SemiSteve
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Message Posted: Aug 20, 2014 12:36:40 PM


SemiSteve, "More education is good for the economy."

nstrdnvstr: "We currently have many college graduates in this country that cannot find a job that they were trained for.

That costly education isn't helping the economy right now, is it? "

The situation which prompted Occupy Wallstreet was a temporary downturn which followed a bursting bubble caused by loans that were simply too cheap and too easy to get. Too many people took out loans they could not repay. Since the financial world is all interconnected large institutions went down like dominoes.

We have recovered from much of the damage (although much still remains).

The fact is there will always be people who get educations for which they are unable to find correlating work. That situation came to a peak following the 08 financial crisis, and has since eased.

Is that a reason that people should avoid getting an in-demand education? Of course not. Does that mean that education in general does not help our economy? Of course not.

Smart people are able to find their place in the economy and find something productive and lucrative they can do, whether or not it is what they were specifically trained for. I have a friend with an engineering degree who is teaching high school. Another has no degree but is President of a small company he founded. Many doctors are running a business, despite having their degree in a non-business field.

Dumb people sometimes think the way to get ahead is to rip off others They embark on a criminal career which is counter-productive to the economy. Imagine if they had gotten a better education. They may have realized that there are so many ways to make a good living legally it is stupid to try to do it illegally when that often entails as much effort as a legal endeavor.

I have to say this last part.

I find it incredulous that this even has to be argued. It should come as basic logic that the better educated the people are the better the economy will be.

This is so simple.

Ideas, the result of abstract thinking enhanced by education, are essential for creating jobs. Fewer ideas = fewer jobs. More ideas = more jobs.

Microsoft, Apple, Google and Facebook all began with ideas. And they have immensely added to our economy.
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rjhenn
Champion Author Des Moines

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Message Posted: Aug 19, 2014 7:21:02 PM

nstrdnvstr - "We currently have many college graduates in this country that cannot find a job that they were trained for."

We need more job for underwater basket weavers.

But only the ones with a degree in it.
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nstrdnvstr
Champion Author Twin Cities

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Message Posted: Aug 19, 2014 5:53:01 PM

SemiSteve, "More education is good for the economy."

We currently have many college graduates in this country that cannot find a job that they were trained for.

That costly education isn't helping the economy right now, is it?
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teacher_tim
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Message Posted: Aug 19, 2014 3:31:36 PM

Again, choices about education, and life, have consequences.
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Weaslespit
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Message Posted: Aug 19, 2014 3:24:40 PM

"And thus it is easy to see why education is good for the economy."

It isn't bad for the economy, for sure... ;)
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SemiSteve
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Message Posted: Aug 19, 2014 2:52:16 PM

I agree there has to be some replacement.

But there is also innovation and new things, which create new markets and jobs.

If no new products and services were created then the number of them would remain static. But that is not the case. Therefore, new products and services which never existed are being contrived.

By educated people.

And thus it is easy to see why education is good for the economy.
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Weaslespit
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Message Posted: Aug 19, 2014 2:43:01 PM

"More education is good for the economy."

The problem I see with focusing on this is that new ideas/services usually replace old ideas and services, thus a wash when it comes to generating new jobs, etc.

Education is good for other reasons discussed though.
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SemiSteve
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Message Posted: Aug 19, 2014 2:26:49 PM

Dumb people do not think of new products and services.

Educated people do.

This creates jobs.

Thus:

More education is good for the economy.
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Weaslespit
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Message Posted: Aug 19, 2014 1:52:06 PM

"Weasle, why do you dispute that better education would help the economy?"

Education (or lack thereof) is not the cause of income inequality, thus additional education doesn't help close that gap which has been a huge drain on the economy and a major cause for our boom and bust cycles.

"Perhaps not much difference overall but if you ask somebody working his tail off just to get by I think he'd say it would make a very big difference..."

And this is one area where more education can in fact make a difference... Minimum wage jobs are not meant to be long-term or to support a family.

"And what of the easing of the national debt because not as much will be paid out in the dole? That should help things."

Which again goes back to education, IMO.
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rjhenn
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Message Posted: Aug 19, 2014 12:23:15 PM

nstrdnvstr - "That is very temporary. The rising prices that come after raising the minimum wage washed that raise away within a year(as it works its way thru the system)."

So what you're saying is that raising the minimum wage would have an immediate effect on consumer spending, but a delayed effect on prices. In the meantime, the increased consumer spending would spur demand, create jobs and grow the economy.
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SemiSteve
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Message Posted: Aug 19, 2014 8:10:35 AM

SemiSteve, "Perhaps not much difference overall but if you ask somebody working his tail off just to get by I think he'd say it would make a very big difference..."

nstr: "That is very temporary. The rising prices that come after raising the minimum wage washed that raise away within a year(as it works its way thru the system)."

Is this opinion of yours just as accurate as the one about how raising the minimum wage was going to increase the unemployment rate? We have to wonder when that will occur since min wage has gone up in many cities with no associated spikes in unemployment.
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nstrdnvstr
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Message Posted: Aug 19, 2014 6:13:40 AM

SemiSteve, "--And just where would all these better jobs be? One would have to assume that if these oppressed workers could FIND a better job they would take it."

Oh, that's right, not many are around due to the Democrat economic policies that have been in effect for 5+ years.

If we had a president and Congress that actually "focused on the economy like a laser beam", we would be doing much better!

The "laser beam" Obama is using is apparently NOT growing jobs, but growing the jobless.
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nstrdnvstr
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Message Posted: Aug 19, 2014 6:10:08 AM

rjhenn, "Your guy is in charge of the economy, so clearly, the larger gap is due to left wing policies."

The President is "in charge of the economy"? So Congress has nothing to do with it, and he can do whatever he wants, without their approval?"

Which party is in control of the Senate?
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nstrdnvstr
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Message Posted: Aug 19, 2014 6:08:45 AM

SemiSteve, "Perhaps not much difference overall but if you ask somebody working his tail off just to get by I think he'd say it would make a very big difference..."

That is very temporary. The rising prices that come after raising the minimum wage washed that raise away within a year(as it works its way thru the system).
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SemiSteve
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Message Posted: Aug 18, 2014 4:29:04 PM

Weaslespit: " increasing minimum wage will have little, if any, discernible effect in closing this [wealth inequity] gap. "

Perhaps not much difference overall but if you ask somebody working his tail off just to get by I think he'd say it would make a very big difference...

And what of the easing of the national debt because not as much will be paid out in the dole? That should help things.

Any time the US debt can be reduced it helps the economy.
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SemiSteve
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Message Posted: Aug 18, 2014 12:56:38 PM

flyboyUT - "So it says if people would get a better education and we reduce taxes things would get better. OK I agree with that - whats the problem your trying to stir up?"

rjhenn: "Notice it didn't say anything about reducing taxes. We tried that before and it had no apparent effect. What it talked about was not raising taxes: "against using the tax code to try to narrow the gap." "

Excellent point!
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SemiSteve
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Message Posted: Aug 11, 2014 5:17:02 PM

Weasle, why do you dispute that better education would help the economy?

Although it did not explain why this is true I tend to think that it is. More smart people would result in more ideas for products and services; which would lead to more businesses and more expansion of existing businesses. And this would naturally require more workers.

Of course I suppose it could also be argued that when big corporations hire smarter PR, marketing people, managers and analysts they would figure out how to eliminate more jobs and rip off more consumers for more sizable amounts, offshore more jobs and import more products; which would lead to more wealth being sequestered by the 1%, fewer jobs with less pay, increased wealth inequity and a detriment to the economy.

I imagine both effects take place, but am hoping that the former outweighs the latter.
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Weaslespit
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Message Posted: Aug 11, 2014 4:57:13 PM

"So it says if people would get a better education and we reduce taxes things would get better. OK I agree with that - whats the problem your trying to stir up?"

Education doesn't help this;

"Adjusted for inflation, the top 0.01 percent's average earnings have jumped by a factor of seven since 1913. For the bottom 90 percent of Americans, average incomes after inflation have grown by a factor of just three since 1917 and have declined for the past 13 years."

Additionally, it doesn't say to reduce taxes - as rj indicated, it said not to raise them.

This problem is very difficult to solve, even the experts don't agree on which course to take however the problem is real and getting worse such that it might already be influencing economic recovery and making it more prone to boom-bust cycles.

This is the basic problem with regards to why wealth distribution is a good and necessary thing (contrary to wealth redistribution through minimum wage increases, higher taxes, etc).
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Weaslespit
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Message Posted: Aug 11, 2014 4:45:39 PM

"Your guy is in charge of the economy, so clearly, the larger gap is due to left wing policies."

The President is "in charge of the economy"? So Congress has nothing to do with it, and he can do whatever he wants, without their approval?"

Given that the widening gap in income inequality increased exponentially starting in the 80's, the comment is baseless.

Neither side has done anything to help the situation - and IMO increasing minimum wage will have little, if any, discernible effect in closing this gap.
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rjhenn
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Message Posted: Aug 11, 2014 4:41:11 PM

flyboyUT - "So it says if people would get a better education and we reduce taxes things would get better. OK I agree with that - whats the problem your trying to stir up?"

Notice it didn't say anything about reducing taxes. We tried that before and it had no apparent effect. What it talked about was not raising taxes: "against using the tax code to try to narrow the gap."
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rjhenn
Champion Author Des Moines

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Message Posted: Aug 11, 2014 4:36:54 PM

Troller_Diesel - "Why should "the Right" respond to something that is clearly the fault of a left wing President?

Your guy is in charge of the economy, so clearly, the larger gap is due to left wing policies."

The President is "in charge of the economy"? So Congress has nothing to do with it, and he can do whatever he wants, without their approval?
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flyboyUT
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Message Posted: Aug 11, 2014 3:42:13 PM

Weasle - so what kind of an answer were you looking for?

How about this - "Part of the problem is that educational achievement has stalled in recent decades. More schooling usually translates into higher wages. S&P estimates that the U.S. economy would grow annually by an additional half a percentage point —or $105 billion — over the next five years, if the average the American worker had completed just one more year of school.

By contrast, S&P concludes, heavy taxes that would be meant to reduce inequality could remove incentives for people to work and cause businesses to hire fewer employees because of the costs involved."

So it says if people would get a better education and we reduce taxes things would get better. OK I agree with that - whats the problem your trying to stir up?
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Troller_Diesel
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Message Posted: Aug 11, 2014 2:53:08 PM

Weaslespit: "Still no responses from the Right to the link provided. How very telling..."

Why should "the Right" respond to something that is clearly the fault of a left wing President?

Your guy is in charge of the economy, so clearly, the larger gap is due to left wing policies.

And, from your link: "Yet not all economists agree on how much, or even whether, the wealth gap slows growth."

So, what's to respond to?

Please, Weaslespit, I know it's hard, but please, try to keep up...
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Weaslespit
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Message Posted: Aug 11, 2014 2:30:07 PM

Still no responses from the Right to the link provided. How very telling...
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SemiSteve
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Message Posted: Aug 11, 2014 2:23:42 PM

nstrdnvstr
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Message Posted: Aug 6, 2014 6:09:59 AM
Ignore nstrdnvstr Report Abuse

SemiSteve, "Anybody who is unpaid on-call and not getting enough hours to get by, but still tied up with either work or phone-hatching for 40 hours a week has already devoted a full work week to an employer.

If the pay ain't cutting it then they are going on the dole."

nstrdnvstr: "If the pa ain't cutting it, they can get a new job!"

If they are working, they should be getting paid, If they are "phone hatching", they can take their phone with them as they look for jobs, can they not?"

--And just where would all these better jobs be? One would have to assume that if these oppressed workers could FIND a better job they would take it.
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MarkJames
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Message Posted: Aug 6, 2014 8:32:32 AM

>>If they are working, they should be getting paid, If they are "phone hatching", they can take their phone with them as they look for jobs, can they not?>>

This is what most self-described on-call workers do.

Many work 2 or 3 jobs where they receive many of their hours via unscheduled short notice contact.

They bring their phones with them when working, playing, job hunting, or interviewing and may or may not respond.

It's not like the landline days when many would sit buy the phone, or call from landlines away from home to check if they're needed.
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MarkJames
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Message Posted: Aug 6, 2014 8:24:09 AM

If a worker is truly on-call (wiling/able and required to respond in X minutes/hours) then they should be compensated for their on-call status.

Many that receive many of their hours as unscheduled short-notice hours call themselves on-call workers, however they're not truly on-call workers.

These workers are not truly on-call workers as they're not willing/able to respond to many offers of hours/days/shifts and they're not required to answer phones, return messages, stay X minutes/hours/miles from work, show up when contacted.

Many of these self-described on-call workers are rewarded, however not in ways transparent to many.

The workers that list "potential wide availability", plus respond frequently to unscheduled short-notice calls receive many additional hours, they keep their jobs, they receive promotions, better shifts etc,
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nstrdnvstr
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Message Posted: Aug 6, 2014 6:09:59 AM

SemiSteve, "Anybody who is unpaid on-call and not getting enough hours to get by, but still tied up with either work or phone-hatching for 40 hours a week has already devoted a full work week to an employer.

If the pay ain't cutting it then they are going on the dole."

If the pa ain't cutting it, they can get a new job!

If they are working, they should be getting paid, If they are "phone hatching", they can take their phone with them as they look for jobs, can they not?

One can look for jobs at all times of the day and night now!
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Weaslespit
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Message Posted: Aug 5, 2014 10:52:09 PM

Note not a single response yet from the Right to the link that was posted...
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SemiSteve
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Message Posted: Aug 5, 2014 10:10:27 PM

Anybody who is unpaid on-call and not getting enough hours to get by, but still tied up with either work or phone-hatching for 40 hours a week has already devoted a full work week to an employer.

If the pay ain't cutting it then they are going on the dole.

Unless we regulate this abuse of workers time.

It's either regulate it or pay for what the profitable corporations do not.

I am a little tired of paying for the profits of billionaires who own corporations I don't even utilize.

[Edited by: SemiSteve at 8/5/2014 10:11:34 PM EST]
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nstrdnvstr
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Message Posted: Aug 5, 2014 6:01:37 PM

SemiSteve, "nstr: "So employers have to keep employees on the clock when they are not needed?"

What employers need to do is either pay people for their on-call time or release them from any obligation to be ready for work so that they can be free to go find another job."

Well, let's see, there are 24 hours in a day, 168 hours in a week. These people have no other time to look for a job besides the time they are working or are on call???
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rjhenn
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Message Posted: Aug 5, 2014 3:15:06 PM

Troller_Diesel - "I like this line from your article Weaselspit:"

Of course you do. It's the only line in the article that supports your preconceived notions, therefore the only line you pay any attention to.

Thus totally ignoring "For the bottom 90 percent of Americans, average incomes after inflation have grown by a factor of just three since 1917 and have declined for the past 13 years."

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SemiSteve
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Message Posted: Aug 5, 2014 11:28:10 AM

nstr: "So employers have to keep employees on the clock when they are not needed?"

What employers need to do is either pay people for their on-call time or release them from any obligation to be ready for work so that they can be free to go find another job.
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SemiSteve
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Message Posted: Aug 5, 2014 11:23:57 AM

Ya beat me to it, Weaslespit.

I was just about to post a link to that article when I opened the topic and saw you had already done it.

The thing that caught my eye was that this growing wealth inequality is preventing the recovery from being as robust as it would otherwise be.

The S&P said:

"The rising concentration of income among the top 1 percent of earners has contributed to S&P's cutting its growth estimates for the economy. In part because of the disparity, it estimates that the economy will grow at a 2.5 percent annual pace in the next decade, down from a forecast five years ago of a 2.8 percent rate."

"The report builds on data from the Congressional Budget Office, the International Monetary Fund and academic economists to explain how income disparities can hurt growth. Many consumers tend to become more dependent on debt to continue spending, thereby worsening the boom-bust cycle. Or they curb their spending, and growth improves only modestly, as it has during the current recovery."

"An American in the top 1 percent of earners had an average income of $1.3 million in 2012, the most recent year for which data are available. Average income jumps to $30.8 million for the top 0.01 percent.

Adjusted for inflation, the top 0.01 percent's average earnings have jumped by a factor of seven since 1913. For the bottom 90 percent of Americans, average incomes after inflation have grown by a factor of just three since 1917 and have declined for the past 13 years."

They also said that raising taxes on the rich is not the way to go, and instead endorse better education:

" The S&P report advises against using the tax code to try to narrow the gap. Instead, it suggests that greater access to education would help ease wealth disparities.

Part of the problem is that educational achievement has stalled in recent decades. More schooling usually translates into higher wages. S&P estimates that the U.S. economy would grow annually by an additional half a percentage point —or $105 billion — over the next five years, if the average the American worker had completed just one more year of school.

By contrast, S&P concludes, heavy taxes that would be meant to reduce inequality could remove incentives for people to work and cause businesses to hire fewer employees because of the costs involved."

--Hmmmm. I guess that explains why no GB poster yet has been able to explain how extreme wealth concentration helps the economy - because it doesn't!

The converse is true.

Wider Wealth Distribution Is Good For The Economy.

And if anybody knows anything about the economy it would be the people at the S&P500.
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Troller_Diesel
Champion Author Denver

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Message Posted: Aug 5, 2014 10:48:12 AM

I like this line from your article Weaselspit:

"Harvard University economist Greg Mankiw wrote in a 2013 paper that "the evidence is that most of the very wealthy get that way by making substantial economic contributions, not by gaming the system."

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Weaslespit
Champion Author Cincinnati

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Message Posted: Aug 5, 2014 10:45:16 AM

The widening gap between the wealthiest Americans and everyone else has made the economy more prone to boom-bust cycles and slowed the 5-year-old recovery from the recession.
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nstrdnvstr
Champion Author Twin Cities

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Message Posted: Jul 31, 2014 6:42:56 PM

SemiSteve, "But here's another consideration. The hourly figure is one thing. The monthly income is another. If a worker is not given enough hours to make a living then they will seek government hand-outs."

So employers have to keep employees on the clock when they are not needed?

If a restaurant needs workers to work during the lunch rush, do they have to have them work 8 hours even though the rush could be about 3 hours?
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MiddletownMarty
Champion Author Connecticut

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Message Posted: Jul 31, 2014 6:04:06 PM

Walmart says its average hourly wage is $12.78. The figure includes managers and excludes less than full-time workers. Average hourly wage for a cashier is $9.
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rjhenn
Champion Author Des Moines

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Message Posted: Jul 31, 2014 5:44:28 PM

SemiSteve - "That is a socialized corporate rip-off of taxpayers."

Yep.

"They are taking from the middle to support the poor AND the rich."

More like they're taking from themselves (in the form of higher taxes) in order to take more for themselves (in the form of higher profits and reduced wages).

Then they can sit back and complain about both the results of their own behavior and the 'slackers' who do most of the work for them.
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SemiSteve
Champion Author Tampa

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Message Posted: Jul 31, 2014 12:52:06 PM

"What is the average pay rate at Walmart, do you know?"

I do not know the exact figure. If you know why don't you tell us?

But here's another consideration. The hourly figure is one thing. The monthly income is another. If a worker is not given enough hours to make a living then they will seek government hand-outs. Since we have a government which supports this the taxpayers are essentially picking up the slack where the richest profiteers are failing to provide a sufficient income for their workers to get by.

People don't pay rent and groceries, etc. by the hour.

They have to make ends meet every month.

What good is making a few dollars over minimum if the family is still impoverished by definition?

And besides the pay, if the employer purposely limits workers to part-time work, then the taxpayers are on the hook for that worker's health care as the employer walks away with increased profits over a situation where the workers earn enough to pay their own way in the world.

That's not capitalism.

And it is not really socialism either.

That is a socialized corporate rip-off of taxpayers.

The richest get the money extracted from the rest.

It is a reverse robin-hood scheme.

They are taking from the middle to support the poor AND the rich.

No wonder the middle class is vanishing.

Who would want to stay there?

It is either you join the rip-off upper class, or you eventually get wiped out and become poor.

And when that separation has filtered out, there will be no middle to support the rest.

Therefore, it is unsustainable; and must be changed.
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rjhenn
Champion Author Des Moines

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Message Posted: Jul 30, 2014 7:50:07 PM

Troller_Diesel - "BTW, rjhenn, this also answers your question."

Actually, it doesn't seem to have anything to do with the question.
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rjhenn
Champion Author Des Moines

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Message Posted: Jul 30, 2014 7:48:45 PM

Hemond - "Correct , there are. And those jobs often fall into your lap with even the littlest bit of effort. Its certainly happened to me."

That tends to vary with the economy.

"Liberal nitwits including Obama spouting off about redistribution of wealth will never get you a comfortable life. His way leads only to more misery."

IOW, you're not addressing the actual topic either.
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SemiSteve
Champion Author Tampa

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Message Posted: Jul 30, 2014 5:51:54 PM

I'm glad you find it useful, Gabilondo. I hope it spurs some good discussions.

***

Here's one thing I just noticed about this topic. Nobody has ever taken issue with this comment in the OP:

"Breaking up the largest corporations and banks so that there is more competition in markets would also help. "

Perhaps everyone agrees it is a good idea? After all, when they get to be too big to fail it becomes everybody's business.
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