Trickle Down Economics

[durangodawood]

Trickle down is just a part of the general circulation of money. "A dollar goes from hand to hand...." What the hand, of the rich or of the poor, does with it makes the difference.

No, Its not just that.

Its the specific economic idea that capital should be directed to the wealthy rather than the non-wealthy, via tax policy.

 

[OldWiseGuy]

In the USA we haven't had a culture of slavery for nearly 200 years. We now have a culture of less poverty

We have a culture of paid slavery.

80% of Millionaires are first generation rich. This idea of getting rich by inheriting money from your rich parents is not very common in todays economy
10 Surprising Millionaire Facts That You Never Knew

Unrelated to topic.

 

[OldWiseGuy]

No, Its not just that.

Its the specific economic idea that capital should be directed to the wealthy rather than the non-wealthy, via tax policy.

An intellectual argument at best. The worker at McDonald's has capital directed at him or her via their paycheck.

Knowledge is capital if directed properly. Elementary and secondary education provides lots of it for free. And if you can parlay that capital (and savings from McD's) into a college education you're home free.

 

[durangodawood]

An intellectual argument at best. The worker at McDonald's has capital directed at him or her via their paycheck.

As a matter of freely made arrangements, ideally anyway. Not as a matter of govt policy.

Its like now youre arguing that govt policy is the same thing as the free market. This is weird.

 

[OldWiseGuy]

As a matter of freely made arrangements, ideally anyway. Not as a matter of govt policy.

Its like now youre arguing that govt policy is the same thing as the free market. This is weird.

Government policy is the economic framework we all have to live within. It's pretty easy to navigate for one's own benefit. All that is needed is the right attitude and the right perspective.

 

[OldWiseGuy]

As a matter of freely made arrangements, ideally anyway. Not as a matter of govt policy.

Its like now youre arguing that govt policy is the same thing as the free market. This is weird.

The government supports the free market. What's the problem?

 

[Ken-1122]

We have a culture of paid slavery.

Contradiction in terms. If they have to pay ya to work, by definition you are not a slave.

 

[JackRT]

Contradiction in terms. If they have to pay ya to work, by definition you are not a slave.

You have never heard of wage slavery?

 

[OldWiseGuy]

Contradiction in terms. If they have to pay ya to work, by definition you are not a slave.

It's a 'company store' thing.

 

[OldWiseGuy]

No, Its not just that.

Its the specific economic idea that capital should be directed to the wealthy rather than the non-wealthy, via tax policy.

That's how big projects get done...by contracting big companies. Much of the profitability comes from incentives and from corruption.

 

[OldWiseGuy]

You have never heard of wage slavery?

We have the best paid slaves in the world.

 

[Speedwell]

We have the best paid slaves in the world.

Are you kidding? The US ranks 14th in working class wages.

Which Countries Pay Blue Collar Workers the Most? - CityLab

 

[OldWiseGuy]

Are you kidding? The US ranks 14th in working class wages.

Which Countries Pay Blue Collar Workers the Most? - CityLab

I'm referring to the working poor.

 

[Speedwell]

I'm referring to the working poor.

And who are they if not blue-collar workers? White collar workers?

 

[OldWiseGuy]

Are you kidding? The US ranks 14th in working class wages.

Which Countries Pay Blue Collar Workers the Most? - CityLab

It's really not how much you earn, it's what you do with the money. In America you can start out at McD's out of high school and be a millionaire at 50, or even sooner. You can't do it through sex, drugs and rock 'n roll...or playing video games.

 

[OldWiseGuy]

And who are they if not blue-collar workers? White collar workers?

I wouldn't call unskilled workers 'blue collar'.

The working poor are the unskilled lower economic class that can't seem to rise above their poor state.

 

[Speedwell]

It's really not how much you earn, it's what you do with the money. In America you can start out at McD's out of high school and be a millionaire at 50, or even sooner.

The US ranks 12th in minimum wage. Of course, the higher ranking countries all throw in medical care as well. The almost imaginary chance of becoming a millionaire by age 50 just doesn't make up the difference, since it is at least as possible in the developed nation that treat their working classes decently.

Give it up. The US is very far from being "best" at this.

 

[OldWiseGuy]

The US ranks 12th in minimum wage. Of course, the higher ranking countries all throw in medical care as well. The almost imaginary chance of becoming a millionaire by age 50 just doesn't make up the difference, since it is at least as possible in the developed nation that treat their working classes decently.

Give it up. The US is very far from being "best" at this.

Comparing us to different countries doesn't help. No one is going to emigrate because we are 12th in minimum wage.

 

[JackRT]

Post deleted due to misleading statistics.

 

[Ken-1122]

Singapore has 226,000 millionaires. Of the top 10% of richest people in the world, half live in Singapore.

Let’s do some math here.
Of the top 10% richest people in the world, (8 billion people live in the world, (10% of that number would be 800 million) Half live in Singapore? So 400 million of the richest people on earth live in Singapore? What are they now the 3rd most populated country on Earth now? I thought the USA was 3rd.

It is a city of almost 6,000,000 people living in an area about 1/4 the size of Rhode Island.

Wait…..only 6 million people living there? Do you see a problem with the math here?
The below link shows the number of billionaires per country. As you can see the USA has the most followed by China, and Singapore is number 20 on the list

List of countries by the number of billionaires - Wikipedia