- Feb 4, 2006
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What is the plan for removing excess money from the economy to prevent runaway inflation?
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Over the past few years real income for most professions (even skilled trades) has fallen. In my trade a person made 40% MORE than what the median is for my position now when adjusted for inflation. There have been similar decreases in other skilled fields, some more dramatic some less. At the same time wealth has been concentrating in a very small number of people in finance. This will eventually cause problems.
I don't know how much damage this has ALREADY caused. I spent five years and $60k+ in loans to get a degree. That is ON TOP OF my grants and scholarships and working full time all through school. I chose a major which can justify that. But what about others? I can't imagine if my brother hadn't had my parents' help, as he majored in education. My friend is in that boat, where her teacher salary BARELY covers her expenses and student loan payments.
Is this ethical? Does this lead to the best and most productive workforce? Does this allow for the most talented and productive to advance?
I'm lucky. My company has offered to pay for my masters. My job is secure and won't be outsourced or made obsolete. But could the child of a truck driver expect this? Or the child of a single parent in a poor neighborhood?
We need a system and culture that allows all people to succeed if they put in work. Not just a few.
Over the past few years real income for most professions (even skilled trades) has fallen. In my trade a person made 40% MORE than what the median is for my position now when adjusted for inflation. There have been similar decreases in other skilled fields, some more dramatic some less. At the same time wealth has been concentrating in a very small number of people in finance. This will eventually cause problems.
I don't understand why this growing wealth concentration doesn't bother more people than it does. These people who are hoarding all of it didn't work proportionately hard to earn it, and they aren't putting it back into the economy. Meanwhile, others are working harder and harder and still slipping into poverty while those hoarding the wealth continue to get richer due to the work that other people are doing. It's already causing problems now and will cause much more drastic ones in the future.
And spiritually, it reflects where our priorities really are as a culture.
I couldn't say that "These people who are hoarding all of it didn't work proportionately hard to earn it, and they aren't putting it back into the economy."
Not defending the wealthy, but at the same time I can't universally condemn them.
I know some wealthy people and some poor people. Maybe I'm lucky, but most of the wealthy I know work hard and take risks and are charitable. Inversely, I also know some poor people who are not so great.
Wealth or poverty doesn't determine someone's character, in my opinion.
Just a pet peeve of mine when folks generalize and paint with a broad brush.
I don't understand why this growing wealth concentration doesn't bother more people than it does. These people who are hoarding all of it didn't work proportionately hard to earn it, and they aren't putting it back into the economy. Meanwhile, others are working harder and harder and still slipping into poverty while those hoarding the wealth continue to get richer due to the work that other people are doing. It's already causing problems now and will cause much more drastic ones in the future.
And spiritually, it reflects where our priorities really are as a culture.
Could you break this down for us. How much is 'stuff' and how much is 'money'?
- The 1 percent has 35.6 percent of all private wealth, more than the bottom 95 percent combined.
- The 400 wealthiest individuals on the Forbes 400 list have more wealth than the bottom 150 million Americans.
Another reason is our tax system favors certain types of earnings and earners.
What is the plan for removing excess money from the economy to prevent runaway inflation?
So an educated workforce only benefits the poor? A healthy infrastructure only benefits the poor? Only poor people are on social security and Medicare? Only poor people benefit from those programs?
The bulk of mandatory spending goes to debt payment, social security, and Medicare/Medicaid. While Medicaid might mostly benefit poor children, 0pregnant women, and the disabled the same is not true of social security. And not just those people on those programs benefit from them, but spending on those cuts costs for EVERYONE. The vast majority of discretionary spending is spent on the military, which most people see very little benefit from directly.
I don't understand why this growing wealth concentration doesn't bother more people than it does. These people who are hoarding all of it didn't work proportionately hard to earn it, and they aren't putting it back into the economy. Meanwhile, others are working harder and harder and still slipping into poverty while those hoarding the wealth continue to get richer due to the work that other people are doing. It's already causing problems now and will cause much more drastic ones in the future.
And spiritually, it reflects where our priorities really are as a culture.
In 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%.
The top 0.1% of families pay the equivalent of 39.2% and the bottom 20% have negative tax rates (that is, they get more money back from the government in the form of refundable tax credits than they pay in taxes).
This is not a defense of the wealthy and I don't read anything immoral or sinister in the information about how so few have so much.
I certainly don't assume someone with wealth accumulated it by being evil, mean, stingy, etc. I'm sure some did, but not all and maybe not even most.
Hating people for their income is no different than hating for race, sexual preference, etc. At least have a legitimate reason to hate individually.