Ian Bremmer
4 h ·
growing income inequality in usa over past 3 decades
(helps explain what got us here, politically)
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James Jasaki
Capitalism wasn't meant to be perfect, but was created to give the maximum amount of people the maximum opportunity to garner the maximum wealth, through risk-taking, ideas, education hard work, etc.
4 h
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Nicholas Molfetas
James Jasaki capitalism is also what the US had from the New Deal until Reagan, when the income and wealth gaps were shrinking instead of growing.
64 h
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James Jasaki
Nicholas Molfetas I'm not here to defend Reagan. your argument is not relevant to my post; Reagan championed trickledown economics. did i mention that in my post?
4 h
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Nicholas Molfetas
James Jasaki no, my point was that the historical record doesn't support the view that this kind of wealth divergence is an inescapable consequence of capitalism.
24 h
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Edited
James Jasaki
Nicholas Molfetas do you know any man-made construct that is perfect? why do people like you come on this page and other pages and paint doom and gloom on everything? do you prefer the system that exists in North Korea or even in Cuba? To quote a wise …
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3 h
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Nicholas Molfetas
James Jasaki it looks like you misread my comment (or maybe you read it in the first few seconds before I removed an extraneous “not” that was left by mistake).
Of course no man-made construct is perfect, but where did I paint doom and gloom? Quite the opposite, what I’m saying is that capitalism can work for the benefit of everyone, like it did in the 50s and 60s, and like it still does in many European countries.
So what we see in the chart is not because of capitalism, it’s because of libertarianism.
3 h
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Todd Jonathan
This is a result of money-printing from global central banks. The financial types benefit and the masses don't have a clue. They want to raise taxes on "rich" people like orthodontists. Meanwhile the ultra-rich can defer or avoid taxes and host cocktail parties on the upper west side.
3 h
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Alex Lukic
American capitalism OUT
American feudalism IN
1 h
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Russell Jackson II
That's not income. That's wealth. Income inequality has not been increasing. Hasn't for decades.
2 h
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Edited
Drew Williams
Would be interesting to see the data going back 120 years. i.e. what was the wealth distribution like when we started taxing income? What did is look like before the Kennedy tax cuts? What did it look like before the Reagan tax cuts?
2 h
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Aaron Rud
Todd Jonathan how is this supported in data? Fed didn't start unconventional financing until 2008- inequality was already increasing. 2008-2012 wealth of the top 1% was stagnant.
The data does seem to be very correlated with the NASDAQ/tech stocks even down to the runup in the late 90s, the drop in 1% wealth around the year 2000 and the runup from 2012 on.
1 h
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Todd Jonathan
Aaron Rud the Japanese were QE-ing long before the Fed. Also, the modern Easy Money Era in the US started with Greenspan.
1 h
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Robert Freeman
3 h
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Greg Goth
Adam Smith's invisible hand has been modified with the modern GOP's invisible thumb on the scale. The only things that trickle down are urine and yacht bilge.
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