Who's Getting Rich & Why Aren't You? Part 5

The eleventh CBS Report since 1993 provides an intimate look at the changing US economy and the middle class it is affecting, inte The eleventh CBS Report since 1993 provides an intimate look at the changing US economy and the middle class it is affecting, interviewing people whose stories represent the human aspects of profound economic change, from the entrepreneurs and specialists who became successful to the workers holding on to ideals that may no longer apply.


Top five credits
Production CompanyCBS News
Executive ProducerMASON, Linda
Senior producerBLAUBER, Stephen
Presenter/ reporterSMITH, Harry (more) (less)
Tags: Global Economics Outsourcing World Economy business

Views: 16
Comments: 0
Added: February 22, 2008, 12:02 PM
Broadcast: Public | Live!
Raw File: C:\Documents and Settings\Administrator\My Documents\My Videos\Who's Getting Rich and Why Aren't You

Category:

Education

Tags:

• Global
• Economics
• Outsourcing
• World
• Economy
• business

[maximemeis111]

@Sasha32659 (continue ) Is my motor going to hurt people? Well beside if it exploded, I would not care to consider. Some people are going to lose their jobs? People working in the oil feel would lose their jobs? Yes of course I don't prevent them from trying to keep it or find a new one. But think about all the people who would profit from my motor, a motor working on water. But this doesn't matter. If I sell a product and people are willing to pay for it, nothing should stop it.

[maximemeis111]

@Sasha32659 (continue from comment below) Here's an example. Let's say that tomorrow I invent a car motor working on water. Let's say I can sell this motor half the price of any car motor on the market and still make 60% profit. Should the gov regulate my motor given the fact that many people at GM, Chrysler, Ford are going to lose their jobs? Do I prevent them from pursuing their happiness? NO. Regulating by motor would be breaking my rights.

[maximemeis111]

@Sasha32659 Well how? You're given to pursue your own happiness, not the right of somebody bringing you happiness. If it was so, than the people who would have to provide it to you wouldn't have freedom nor right to pursue their own happiness. The right to pursue your own happiness means that you can do whatever as long as you don't step on the rights of others.

[maximemeis111]

@Sasha32659 Yeah it would drop wages down. The work of a worker would take the value it ought to be: the agreement between the employer and the worker. The only proper role of gov is to protect people's individual rights from force and fraud by means of army, police and courts (not education.) It would require way less little money than what is being paid to the gov. Regulations are a reduction of your freedom.

[Sasha32659]

@maximemeis111 Can you see how no regulation on businesses would affect your right to pursue happiness?

[Sasha32659]

@maximemeis111 The government could step out of the way completely & allow busineses to outsource as many jobs as they please and drop US worker's pay below minimum wage if necessary. It would give businesses more freedom, but it was also drive the wages of US workers down, reducing tax revenue. There would have to be more cuts to defense, education, local law enforcement and fire departments. Grandma would have to move in w/ you because of cuts in SS and Medicare. We need some regulation.

[maximemeis111]

@Sasha32659 The only thing gov can do to keep good companies in the U.S. is to get the hell out of their way. On what right can the gov impose regulations on people? On what right the gov can tell me: "you've got to pay your workers this much" when the value of a worker's work is less? When you have right to your life, liberty and proprety, you also have the right to make contracts by mutual agreement for mutual profit. It's what business can still do overseas, not in the US.

[Sasha32659]

@maximemeis111 I agree that too much regulation can stifle growth, but the least that the government can do is incentivize companies to keep good paying manufacturing/tech jobs in the US. We need this for a strong middle class, because service jobs aren't enough. The government can increase import taxes to balance trade or it can cut corporate tax rates to 0 for companies that keep jobs in the US. The bottom line is that the government can play a big part in our economic success as a nation.

[maximemeis111]

5:14 That's the way to go. That's the self-made American industrialist. That's the American dream. Work hard and get to your goals by your own effort.

[maximemeis111]

4:16 You can sleep well. Your goal as a CEO is to make long-term profit for the shareholders. I wouldn't put my money in a company whose good is the public welfare.