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America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality

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Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality

#31

Post by dagw »

quickthrowman wrote: post #29
boxed wrote: post #22

Earlier quoted context omitted.

It's a lie though. https://en.wikipedia.org/wiki/List_of_countries_by_income_eq...

Income and wealth are two different things.

In some ways the low income inequality is driving the high wealth inequality. The income 'equality' means that the top end wages are quite low by global standards, meaning it is basically impossible to build wealth by just working hard and getting a salary.

In the US it is absolutely possible to become a millionaire simply by working your way up the ladder at a large corporation. In Sweden that is basically impossible since there are hardly any jobs offering those sort of salaries.

Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality

#33

Post by dagw »

tryptophan wrote: post #28
pbadg3r wrote: post #10

Earlier quoted context omitted.

Wow this is fascinating, GINI for wealth inequality is definitely not talked about enough

Yeah I was pretty surprised as well. Made me re-consider how much of a bubble of ideology I am in. How could I NOT hear about such a statistic for so long?! Especially with all these other inequality statistics being thrown around.

Another 'fun' fact about Sweden is that has some of the highest levels of unsecured debt pr capita in Europe.

Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality

#34

Post by DrNosferatu »

seibelj wrote: post #19
geofft wrote: post #18

Earlier quoted context omitted.

I don't think "A penny saved is a penny earned" is advocating virtue , just strategy. The phrase predated Ben Franklin; the first written source seems to be George Herbert's 1640 Outlandish Proverbs , which has it in the form "A penny spared is twice got" - a bit clearer in that it's about effectiveness and not the moral value of either saving or earning. It's also got phrases like "Ever since we wear clothes, we kno…

The government has the ability to print and spend trillions easily and quickly. When one person, exclusively through the private sector system by generating value for customers, creates enough value to obtain billions of dollars, it’s a great thing. I like that private people have billions of dollars - with a fraction of the resources of the state, private people and entities accomplish magnitudes better outcomes, pr…

I would say the real problem here is that the 0.1% *of today* are hoarding capital just for their families to an extreme level. Instead of giving back their fair share to the very same Society that provided the ground conditions for them to profit.

Let's not forget that during the eight years of the Eisenhower *Republican* Administration, from 1953 to 1961, the top *marginal* tax rate was 91 percent. (...and it was 92 percent the year he came into office.) [1]

People won't tolerate eternally these levels of material Precarity and Inequality. And like in the 1930s, they will lead to Fascism.

PS: Seibelj, "Trickle-Down Economics" has been repeatedly proven to be a myth and not to work in reality. [2]

1 - [https://www.politifact.com/factchecks/2015/nov/15/bernie-san...]

2 - [[https://www.washingtonpost.com/business/2020/12/23/tax-cuts-...]]

Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality

#35

Post by seibelj »

DrNosferatu wrote: post #34
seibelj wrote: post #19

Earlier quoted context omitted.

The government has the ability to print and spend trillions easily and quickly. When one person, exclusively through the private sector system by generating value for customers, creates enough value to obtain billions of dollars, it’s a great thing. I like that private people have billions of dollars - with a fraction of the resources of the state, private people and entities accomplish magnitudes better outcomes, pr…

I would say the real problem here is that the 0.1% *of today* are hoarding capital just for their families to an extreme level. Instead of giving back their fair share to the very same Society that provided the ground conditions for them to profit. Let's not forget that during the eight years of the Eisenhower *Republican* Administration, from 1953 to 1961, the top *marginal* tax rate was 91 percent. (...and it was 9…

I don’t know any definition of “wealth hoarding” nor what a “fair share” is that makes logical sense. It’s always some dollar amount where beneath it someone is a good citizen, and they make one more dollar and suddenly they are evil robber barons. Do you have a wealth amount that signifies someone is evil?

I don’t care about trickle down, I don’t care about rich people. Most of the huge problems in society - cost of housing, education, and healthcare, problems with the criminal justice system, problems with corporate welfare - are caused by the government themselves. The best parts of society that work like well-oiled machines are built and operate in the private sector.

It’s a philosophical difference of opinion - I like rich people and I’m happy that private entities have lots of resources and power. I don’t feel the need to steal from them out of envy.

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