"Egalitarians create the most dangerous inequality of all -- inequality of power. Allowing politicians to determine what all other human beings will be allowed to earn is one of the most reckless gambles imaginable. Like the income tax, it may start off being applied only to the rich but it will inevitably reach us all." --Thomas Sowell
Unfortunately, the 50's and 60's are not the norm...they are an anomaly created by WW2. When you're the only industrialized country left with with any manufacturing capacity....you have a monopoly and can charge whatever you want...which is what created all that wealth. You see what's happened as manufacturing capacity has increased overseas; manufacturing jobs have gone there and the only way for Americans to maintain their standard of living has been to borrow.
@LazaBrkonja WWII would explain US wealth, but not other aspects. Cold War saw the fall of the Soviet Union & yet wealth disparity was rising during that time. Also none of that explains why a country like Germany that was decimated during WWII has so much wealth & so little wealth disparity. They have a strong manufacturing industry without the factors that caused the creation of a manufacturing industry in the US. An obvious commonality is the US used to & Germany does have strong labor unions
@LazaBrkonja The 50's and 60's are not the norm for many reasons besides WWII. Along with strong unions and high union membership, there was progressive taxation with high tax rates on the rich, people weren't allowed to make more than 2 million, strong regulations, large investments into education and infrastructure, high rates of social mobility, job security with good pay, etc.
What he's saying is a socialist idea but I think he's right. Currently 0.001% of the US population controls 50% of its wealth and the top 10% around 90%. A lot different than 30 years ago. It's getting to the point where the super rich and huge corporations are like the kings, earls and dukes of old (feudalism). The rest become peasants as the middle class disappears. Desperation breeds resentment and will lead to a place no one in America wants to go. The US needs a Robin Hood.
I agree with what you say...but it's not a socialist idea...he is just saying with out saying it is that we are run by banksters that have taken everything for themselves...he goes on to say if we don't fix this...we could very well have a communist revolution in America...or something to that effect....
A very good clip. This economy is turning more into a "winner take all" attitude.
Compare the working force to the 50's and 60's. Back in the 50's most elderly people will remember only having to work one job in order to support an entire family. 40 hours a week to one employer to support a moderate size family.
Today most families have both mom and dad working and the majority are not working multiple jobs to keep ends meat.
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"Egalitarians create the most dangerous inequality of all -- inequality of power. Allowing politicians to determine what all other human beings will be allowed to earn is one of the most reckless gambles imaginable. Like the income tax, it may start off being applied only to the rich but it will inevitably reach us all." --Thomas Sowell
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firecloud77 1 week ago
socialist. let's do income redistribution and our economy will take off. moron. lazy bureaucrats need job and will be very thankful to this fella
drusha1 3 months ago
Unfortunately, the 50's and 60's are not the norm...they are an anomaly created by WW2. When you're the only industrialized country left with with any manufacturing capacity....you have a monopoly and can charge whatever you want...which is what created all that wealth. You see what's happened as manufacturing capacity has increased overseas; manufacturing jobs have gone there and the only way for Americans to maintain their standard of living has been to borrow.
LazaBrkonja 1 year ago
@LazaBrkonja WWII would explain US wealth, but not other aspects. Cold War saw the fall of the Soviet Union & yet wealth disparity was rising during that time. Also none of that explains why a country like Germany that was decimated during WWII has so much wealth & so little wealth disparity. They have a strong manufacturing industry without the factors that caused the creation of a manufacturing industry in the US. An obvious commonality is the US used to & Germany does have strong labor unions
MarmaladeINFP 10 months ago
@LazaBrkonja The 50's and 60's are not the norm for many reasons besides WWII. Along with strong unions and high union membership, there was progressive taxation with high tax rates on the rich, people weren't allowed to make more than 2 million, strong regulations, large investments into education and infrastructure, high rates of social mobility, job security with good pay, etc.
watch?v=uskJWrOQ97I
benjamindavidsteele.wordpress. com/2010/08/27/capitalist-us-vs-socialist-germany/
MarmaladeINFP 10 months ago
I cannot believe what that stupid, halfwit, dark-haired reporter said to Robert Shiller.
The income inequality problem is real and dangerous. Is that reporter suggesting we should just do nothing about the problem???
candoyja 2 years ago
What he's saying is a socialist idea but I think he's right. Currently 0.001% of the US population controls 50% of its wealth and the top 10% around 90%. A lot different than 30 years ago. It's getting to the point where the super rich and huge corporations are like the kings, earls and dukes of old (feudalism). The rest become peasants as the middle class disappears. Desperation breeds resentment and will lead to a place no one in America wants to go. The US needs a Robin Hood.
cardinal1690 2 years ago
I agree with what you say...but it's not a socialist idea...he is just saying with out saying it is that we are run by banksters that have taken everything for themselves...he goes on to say if we don't fix this...we could very well have a communist revolution in America...or something to that effect....
rcusto1999 2 years ago
This is another aspect of Socialism. Plain and simple.
hucklebearer53 2 years ago
A very good clip. This economy is turning more into a "winner take all" attitude.
Compare the working force to the 50's and 60's. Back in the 50's most elderly people will remember only having to work one job in order to support an entire family. 40 hours a week to one employer to support a moderate size family.
Today most families have both mom and dad working and the majority are not working multiple jobs to keep ends meat.
Luinreg 2 years ago