The Gallup Poll: The Income Gap

[phatcrackerr]

Wealth needs to be limited as well as poverty in the U.S. - period. Without it, democracy is weekend. 

[timmyblaze]

There should be a cap on how much an individual can make per year......it just isn't RIGHT for someone to make 20 million per year, playing a sport, while there are people who are homeless and living in the streets.

Sure, "Conservatives" will say, they EARNED IT! That's fkn bologna....

I understand WE THE PEOPLE are the ones who basically pay them, but the cost of bringing your family to a game is getting a little out of hand. One day we will say NO. Free marketing is flawed.

[freesk8]

Unemployment in the US is about 4% now, and we have massive legal and illegal immigration to absorb. We have a 40 hour week. Big deal. Americans WANT to work more hours. I agree that that is crazy, but people have a right to work hard if they want. The more labor restriction laws, the less employment. If you make hiring or firing more expensive, then you will have less of it. Duh.

[freesk8]

Which other critical points are you referring to? List the ones you are interested in and I will respond.

[martindukz]

Our views are very far from each other, and even though I find the discussion interesting, I have better use of my time, than trying to compact everything to 500 letters, misunderstand and then being misunderstood. There are simply too many fundamental differences of opinion = very many msgs = much time. Have a nice day.

[freesk8]

Hmm. I am very dissappointed you have decided not to continue our discussion.

I could have learned much from you, I think.

[freesk8]

The gap is a red herring. It is not important, unless you are envious. The important thing is the absolute level of wealth of the poor. If you tax the rich more, you will reduce economic growth and employment. This hurts the poor more than the rich. In other countries where taxes are more heavy on the rich, unemployment is double and GDP growth is half. If you really care about the poor, you want lower taxes on the rich. Counterintuitive, but true.

[martindukz]

Do you really believe this? Why not just admit that you think it is fair that some people are poor and others rich?

I live in Denmark where we have VERY high taxes (upwards 70%) we have an unheard low unemployment (around 2-3%).

All empirical experience show that what you say is not true. Look at poland, russia, USA and others for examples.

[freesk8]

Denmark has very low corporate taxes and employment regulations. You also have less immigrants and less racial and ethnic diversity. My 7/14/07 issue of the Economist puts unemployment in relatively capitalist Denmark at 3.6%. Your unemployment would be even lower and your GDP growth even higher with a lower top marginal tax rate.

[freesk8]

No, I don't think that large gaps between the rich and poor are fair, but I do think that high marginal tax rates on the rich wind up hurting the poor more. The poor are more sensetive to low GDP growth and high inflation and unemployment than the rich are. In big-government countries, the rich are able to buy more unfair influence and shield their wealth.

[martindukz]

First of all, I think there are many things wrong with the danish society, but not things you would agree with;-)

The tax system and social security creates a dynamic society, where I believe more people get to live to their full potential.

I think the tax system has an additional benefit of not having the top 10-8-6-4-2-1% of the society keeping increasing their wages, simply by having af relative cap saying "enough-is-enough".

[freesk8]

I totally agree that creating a dynamic society is the goal. We want a meritocracy, where the poor can rise up and become rich, and the rich are unable to protect themselves from bad investment decisions. That's called the free market, with limited government. High marginal tax rates and regulations REDUCE income mobility, both up and down. When you reign in the top 1%, you hurt the poor more than you impair the rich.

[martindukz]

Do you know AP. Møller Mærsk? Danish guy and well up in the 1% richest in the world. (I think, check if you can?)

That tax breaks for the rich create new jobs... When did installing a gold toilet create more than 1 new job?

[freesk8]

It takes a factory to make a toilet. That's many jobs.

The question is, are more jobs created when Moller Maersk keeps or spends his money, or if the government takes it and spends it? If the government were more efficient (less wasteful) than private interests, then it could create more jobs, but few believe govt. is less wasteful.

[martindukz]

The question is, what creates more jobs and better living standards for the people. X mio dollars in the hands of one rich man or x mio dollars divided between y poor or middle class citizens?

It might be true that private companies are (slightly) more effective than governments. The same could be said about slavery, it is very cost-effecient. I think I will stop my discussion with you, there is to much to communicate and these 500 l msgs are too small.

[martindukz]

What is the unemployment in USA? -30%? (because of the double jobs etc.)

We have a 37 hour working week. Although this is individually adjustable in several different ways.

We have 5 weeks paid vacation/year. But despite these things, stress is one of the fastest growing diseases. Maybe we are just getting lazy:-)

You did not react against the other critical points.