Paul Krugman - It's Not Fair That Some People Are Rich

Have you read the reviews on Krugman's new book yet? http://www.amazon.com/gp/product/B004J8HXGS/ref=as_li_ss_tl?ie=UTF8&tag=t...

The anecdotes in Paul Krugman's book Conscience of a Liberal destroy many of the myths about the Canadian system. It is mystifying that people talk about how long people must wait for hip replacements in Canada, but 2/3 of the hip replacements in the United States are already provided by Medicare. The United States healthcare system will be much better funded, so our system will be much better.

There is not a hiring market for CEOs. They are paid based on the recommendations of a committee that is appointed by the CEO. In the 40s and 50s, this lead to incomes that was 30 or 40 times higher than the average worker. Now it is more like 350 times higher. There was a lower threshold for outrage back then. They didn't like that people were getting laid off when the CEOs were paying themselves so much.

But now the political climate has changed. Now, if times are good, then they get a huge cut of the profits. If times are bad, then they are let go and they get a multi-million dollar severance package. This type of thing pervades the economy. Just look at people's expectations for equality in the workplace. It just isn't there, and that is because the climate has changed.

In most rich countries, income is fairly equal. In poor countries, there is a wide distribution in income. If you look at America, they are somewhere in between. They are moving away from the Scandinavian countries and looking more and more like Latin American countries like Brazil. In Brazil, traffic is terrible, but the rich don't care because they always travel by helicopter.

The problem isn't just that the rich have siphoned off all of the wealth of the past few decades, it is that there is a disintegration of society.

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[shannoncarissa82]

@ggadguy Can't give this enough thumbs up.

[TimeWarp66]

Paul Krugman and every single MSNBC host is in the 1%!

Blow it out your ass!

[TimeWarp66]

@gerwazjana

That's a marxist fallacy. Read Ayn Rand's : "Capitalism the Uknown Ideal"

[gerwazjana]

@ggadguy on the other hand though, corporations can afford lower prices because of the sheer volume and cheap production cost of their products as opposed to small business, therefore small businesses have no chances whatsoever in price competition with corporations

[Redeye1524]

Liberal stupidity at it's finest.

I really can't figure out if this channel is supposed to be a joke or not

[ggadguy]

There is no mention by Krugman about how corproations receive more government subsidies and industry regulations that favor the big corporations to squash small businesses. Corporations HATE free market competition because it forces them to lower their pay. As the corporations and government continue to grow, their salaries and campaign contributions grow, and they will only get bigger.