Earlier quoted context omitted.
The richest pay the vast majority of the tax in the US, regardless of whether they work. And the very richest in the US almost all got there by working, many of them by starting huge companies.
Marxist reverence for the proletariat has been an enduring concept. The problem is that nobody has actually defined who the prols are - are they the factory workers? Entrepreneurs? Teachers? Accountants? Lawyers? Engineers? Civil servants? The US economy is crazy diverse. There really is no such thing as a unified working class struggling against "the man".
Richest 1% on target to own two-thirds of all wealth by 2030
181–190 of 368 posts
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#182Earlier quoted context omitted.
It couldn't possibly not matter, because wealth is not only standard of living, but also power. At the highest level, the wealthy are not simply comfortable. They have the power to shape and organize aspects of the economy, supply chain, and the laws. That has to matter in some way beyond having one's material needs met or not.
That's a good argument, and to many it's an argument for wealth redistribution. I prefer to look at it instead as an argument for limiting the powers of government in order to limit its susceptibility to corruption.
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#183Steven Pinker's new book, Enlightenment Now, has a pretty compelling section on wealth/income inequality. The basic position - and I think the data supports this - is that it really doesn't matter what the top 1% are doing so long as the bottom half are seeing improved living conditions. Furthermore, wealth isn't a static I win/you lose proposition - much of that wealth has been created in recent history. People spen…
A critical phrase uttered without any evidence. I urge you to look at the slice of people for whom housing and healthcare are increasingly out of reach, not just the globalization fairy tale you would like to focus on in your post.
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#184Earlier quoted context omitted.
Imagine you and I cannot afford each others services because all of the money is owned by those greedy 1%. So like slaves, we sweat away for them. Day in. Day out. But if we agree on a new currency where you and I own 100000 coins each, we can happily start working for each other.
We can already vote in people who agree to redistribute the currency we already have. This doesn't appear any more revolutionary or likely. Why would any of the people who own real resources like deeds, stocks, stores, things agree to give them to you?
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#185Steven Pinker's new book, Enlightenment Now, has a pretty compelling section on wealth/income inequality. The basic position - and I think the data supports this - is that it really doesn't matter what the top 1% are doing so long as the bottom half are seeing improved living conditions. Furthermore, wealth isn't a static I win/you lose proposition - much of that wealth has been created in recent history. People spen…
There's a lot to agree with, for example the things Pinker talks about and the fact that wealth is not necessarily a zero sum game. However...income inequality by itself is a problem. Hmm...I thought it was one of Hans Rosling's (amazing) TED talks, but now I just see Richard Wilkinson's talk: https://www.ted.com/talks/richard_wilkinson Anyway, the fascinating thing is that everything gets worse in a country when the…
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#186So when do we get trickled down on exactly?
Trickle-down theory is accurate! It's just not necessarily money that's raining down on our heads. Less snarkily: Piketty observes that reinvested capital accumulates at a faster rate than labour. Also, we have no global taxation system, so capital flows through the cracks into regimes with the lowest tax rate -- meanwhile, labour is pinned down by strict laws restricting immigration, and mostly can't go where wages…
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#187Someone else on HN commented that the poor need to stop reproducing in order to improve equality. At first I found the comment kind of troubling, but the more I think about it the more it seems to make sense. Watching this video kind of backs up the point to a degree, even though the topic is immigration. https://www.youtube.com/watch?v=LPjzfGChGlE Can someone come back with a decent counterargument? I haven't been a…
For the poor to stop breeding would be ceding their one and only competitive advantage. Humans, and for that matter, life on Earth in general, aren't "judged" (in the sense that extinction/flourishing is a judgment) based on how many failed organisms they produce. Rather, that determination is based on how many successful organisms are produced.
As residents of richer countries, we're conditioned to breed at or around the replacement level and to view each failure as a catastrophe. So when we see those 80 gum balls being added each year to his misery containers, we're viewing it through the lens of seeing the failure. But in poorer countries, people adapt to the increased chance of failure by having more kids. They breed well above the replacement level knowing that, in all likelihood, not all of those kids will succeed. From that perspective, you need to focus on that 1 or 2 gum balls being allowed into the richer countries. That's the success. And having fewer kids runs contrary to that goal.
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#188Earlier quoted context omitted.
It couldn't possibly not matter, because wealth is not only standard of living, but also power. At the highest level, the wealthy are not simply comfortable. They have the power to shape and organize aspects of the economy, supply chain, and the laws. That has to matter in some way beyond having one's material needs met or not.
That's a good argument, and to many it's an argument for wealth redistribution. I prefer to look at it instead as an argument for limiting the powers of government in order to limit its susceptibility to corruption.
A market economy is more efficient than a command economy. A market with only one capitalist is a de facto command economy.
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#189Earlier quoted context omitted.
It’s not a static group. Those in the 1% are not the same group over the following years. This has been well established. For another simple example, look at the Fortune 500 of today vs 20 years ago. Very few companies remain, it’s still very much fluid.
I think it's more relevant that the vast majority will never be in the group, than that the group's roster changes.
Re: Richest 1% on target to own two-thirds of all wealth by 2030
#190Steven Pinker's new book, Enlightenment Now, has a pretty compelling section on wealth/income inequality. The basic position - and I think the data supports this - is that it really doesn't matter what the top 1% are doing so long as the bottom half are seeing improved living conditions. Furthermore, wealth isn't a static I win/you lose proposition - much of that wealth has been created in recent history. People spen…
> It just spurs on class resentment which is, if history is any guide, just about the worst way to go about things possible. Indeed, the worst thing slaves could do is to resent against their masters. I am sure there must have been a better way.
It is about as compelling as stomping your feet and yelling at the top of your lungs.