Wealth Inequality in the U.S.

1/3 of China's economy remains state owned, which means they have been able to push through the worlds economic crisis with more state intervention than the US. Nearly the entirety of their heavy industry is in the hands of the planned economy. The free market inevitably goes through cycles, which every economist in the entire wold knows, no matter their ideological bent.

Let me reiterate. If you are going to unintelligently prance around with your free market slogans, at least accept the fact that they have, throughout the history of their existence, been extremely prone to massive ups and downs. They have also plagued society with poverty, crime, and corruption.
 
Very interesting, definitely worth watching. My input would be that even this "vast inequality" is much less skewed than past societies (kings compared to peasants) so at least humanity is making some progress (despite that statistic about the increase in the income of the 1% over the last 40 or so years). Also, I just think it's ridiculous how much professional athletes make, even compared to careers such as doctors. Doctors save peoples lives --> roughly $150,000. Pro athletes entertain people by playing games and make millions.

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The average min wage in china is alot less than what americans on welfare get. Way to use china as an example haha
 
economies are finite. remember that, kids. because somebody else has money means it's being directly taken from you.

also, a 34k annual family income is the absolute middle class globally. certainly not the 1 percent or anything.
 
My argument wasn't intended to address minimum wages. The person I quoted stated that the US economy is suffering because of government intervention into markets, while he used the Chinese economy as a free market example of success.. which would never have any ground because of the fact that the Chinese state still operates 1/3 of the economy. I don't believe I said China was in any way a socialist state, Im just saying that if you are trying to make an anti government intervention argument, than don't use China as your example.

In the mean time, if we want to discuss labor issues in China, why don't we focus on which sectors of the economy they are coming from. You can go ahead and take the next step of your argument if you please.
 
There's a housing bubble coming in China. Look up 'ghost cities'. State intervention is going to destroy their economy.
 
I don't really think I'd call it progress, but a means for keeping people happily suppressed. Also, I completely agree with you that pro athletes make far too much money playing games. The media culture, including nearly everything on TV is a modern day version of Roman bread and games. The free market system is not the solution and is certainty not sustainable (just wait 150 years).
 
Housing bubble? You mean because of the Chinese state investment in infrastructure? Why don't you take a step back and find out where the need for this would have began. Labor surplus is what created the demand for the states investment in massive excess building of housing. They had far too many people migrating into the cities after they began reforming and opening their economy to the free market after Mao died. This is because they de-collectivized agriculture, which resulted in massive labor and grain surplus. Agriculture was unsustainably making less for it's output and in the mean time employing fewer and fewer people. As people migrated to the cities and have still been, there has naturally not been enough room. Its fairly clear if you do more than read a few shitty news articles that the state's building apartment buildings to facilitate migrants comes not from shitty planning, but from the problems of the free market reforms.
 
you obvioulsy dont know much about economic/finance/ the structure of business. Off the bat raising the min wage wont do anything. it should have increased steadly with inflation inmy opinion but than again that hurts the business owner too. Theres no easy solution, but overnight raising the minimum wage to 9$ wont do much at all.
 
much, much sarcasm. i say those two initial statements because they're taken to heart all too often.
 
Also thought I would mention that it isn't state investment that will kill their economy, it's the fact that their new free-er market economy was able to grow because of exports. Because of this, their economy's well being is much more heavily influenced by the global market. The fact that the US and Europe are failing means that they are no longer able to import at the rate they originally desired, meaning China's economy will naturally have fewer countries purchasing it's exports.
 
Yes it might be, but that government planning was a nearly legitimate response to major problems the "free market" reforms plagued China with after our beloved Mao passed away.
 
I can study and become a doctor and make $150,000 minimum. Absolutely. My chances of becoming a well paid professional athlete are ridiculously small and inherently include extremely risky fiscal career decisions. However, if I became a superstar football player and personally accounted for millions in jersey and ticket sales, you bet your ass I'd expect a comparable paycheck.

It's not fairness and rainbows. It's using your brain.
 
I really don't want to get into this on NS... but the guy in the video failed to state that the whole top 5% of income earners are paying 60% of the total income tax dollars paid in the United States, and the entire bottom 50% pays a whopping 2% of total income tax dollars. Enough with the "they're not doing their fair share" bullshit.
 
Just playing Devil's Advocate, but tax rates like that have been put in place because they make so much, not in spite of that.

Not picking a side, I'm honestly pretty unsure on this topic.
 
and it's just going to keep getting more skewed until the people revolt and there's another civil war.

and it will happen sooner or later. it has to. no system can thrive on the exploitation of it's working class forever. especially not when the people start to realize they have no hope and are indeed being exploited.

lets not forget what happened to the roman empire..
 
I'm curious as to what you think 'the problem' is.

In all truthfulness, the system is working just as it should. Perhaps it's the system itself that is the problem, and if so, you can't change anything within the system as long as the system itself is still alive.

You want a solution? Start a civil war at a global scale to try and overthrow centralized government and abolish the monetary system.

But we both know that's not what you really want.

You want a solution to YOUR problems? The only one who can do that is you.
 
you bring up a good point, i guess "problem" wasnt the right word to use. i meant that their isn't a solution in the video that explains how to balance out the wealth more evenly, if it can even be done in the first place. not saying that it necessarily should
 
Yeah, but the system wasn't created with balance in mind. It, within itself is both the pro and con. It's a system where anyone can become rich, but not everyone. As soon as "we" start to try and 'balance' the money flow between people we are entering a very different system, one that I don't want any part of.

True communism is a beautiful thing that I've seen work in small groups. As soon as you try and have communism at a national level with a centralized government controlling everything, well... it's not going to be pretty.
 
I thought it was going to be more than that. the top 1% has billions with a B that more than most people in a whole town in upstate N.Y has combined.
 
sorry, you're going to have to speak up, I can't hear you over my not actually giving a fuck. Have fun playing whatever game you play in DC, I'll be playing in the mountains if you need me.
 
what moral duty does the person that (i hoped he earned his money fairly) has to give away his own belongings?
 
while i can understand where they are coming from, this video is complete shit. the upper class have that money because they work their asses off for years, not just scraping by, but by working hard in school, being competitive in the job market, and working their way up until they are at the top,and by making smart financial and investment choices. the lower class have the same opportunities, just they are harder to come by. there is nothing stopping some kid in the lowest class from working his ass off throughout high school, getting a full ride scholarship to college, and working up through a job, and making smart financial decisions along the way

 
Just the post I expect from a website full of skiers. No offense, but 95% of this site really has no idea what low income life is like.

Unfortunately theres very rarely a discussion of why the rich or rich or why the poor are poor (to be clear, there is no correct single answer to either of those, its a myriad of factors), but instead, its a video about the fact THAT income distribution is unequal, and then 5 pages of "rich people work hard, poor people dont take advantage" or the inverse. Neither is that simple, but its much easier to blame one side or the other.
 
Go for it. ... and companies will figure out ways to hire fewer people. Make it harder on businesses and business owners will either go out of business or figure out how to streamline.

I am starting a business this summer. Originally I was planning on having a staff of about 50 people. With the new mandates from Obamacare, I will be operating with less than 10 employees.

+ if you think that raising minimum wage is going to do anything to change wealth inequality, you're on crack. No one is going to become rich because they are getting paid $1 more for their minimum wage job.
 
It's painfully apparent how many people have not taken an entry level economics class. Trust me, economics will change the way you look at why things are the way they are, and why things that look so great are actually so wrong.
 
What is there to prove? People make more money than others, and its hard to make money. Congrats, the two simplistic points are proved with some diagrams and charts. What in the fuck are you saying here "The 1% may work hard, but no harder than the middle or lower class."...that assumption is BEYOND idiotic. Sure it is stupid to make generalizations about the lower class, but anyone can firmly state that the average member of the 1% works harder than the average lower class. Not saying that there aren't members of the lower class that don't work hard, but look at averages. Once again, you are being irrational. People get places by hard work and connections, so obviously success will not be attained through merit and merit alone. It's sickening that the successful and understandably exclusive group of America is portrayed as some scumbag trust fund babies that walked their way into their position. In reality, the majority worked their asses off, and now benefit the country more than you think, financially and philanthropically. /imout
 
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