Why The Inequality Gap Is Growing Between Rich And Poor
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- čas přidán 5. 08. 2024
- For forty years, the U.S.-led global economy has produced an enormous improvement in human welfare. The percentage of the world’s population living on less than $1.90 per day fallings from 42% to 10%. At the same time, income inequality has surged in countries with advanced economics. Nowhere has it surged more than the United States, where reliance on free-market forces magnifies rewards for those at the top while leaving others behind.
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Why The Inequality Gap Is Growing Between Rich And Poor
Dont do it. Scroll back up. You dont wanna see the astronomical level of economic illiteracy in the comments. I warned you.
Yea thanks
Thanks for the warning but, IM GOING IN DEEPER LEO!!!!!
Bernie Sanders 2020
Thank you because I was about to go down.
@Eschaton Zenith nope but you can laugh at it.
your goverment is a slave to corporations due to lobbying and all the money they give to politicians
LOL. You obviously don't know what lobbying is.
teebone 21 yep true
We can take back our democracy, check out Andrew Yang, spread the word
#Yang2020
The Gov is a slave as you say to tax revenue too, because companies and employees earn income, which is taxable.
and the Bernie Sander solution is to make government even bigger and more powerful!
that's like trying to put out a fire with gasoline! it's just handing the ultra wealthy indirect access to more control.
People aren't getting raises while the cost of living continues to rise.
people who do not provided value aren't getting raises while the cost of living continues to rise.
*
I got a 7% raise at work. Inflation is 2%. What you're saying is not true except for people who aren't focus on career improvement.
@@malikjones2193 7% raise doesn't mean anything. Minimum Wage, and inflation have to move parallel to each other for it to start meaning something. It all depends of WHEN and HOW OFTEN you get the raise. For example, If someone hasn't gotten a raise in ten years, and they get a one time 5% raise, it's still not enough because they should have gotten a 2% raise per year to match inflation at 2%.
@@marineguy4eva haha. Raises increases your earnings. Most people don't make minimum wage. Only 4% of full time workers make min wage. Min wage is one of the dumbest laws in existence as it hurts people with limited skills and experience.
@@malikjones2193 I went to the store and bought food for me and my family of 3. African kids only have to feed themselves. The only people that are starving are like that because they aren't trying hard enough to go to the store.
If they ever cancel WWE, American Idol, Dancing With the Stars, and The Voice people are going to start looking around and seeing what is going on.
Well said
they don't want that.
I don't watch any of those things. I enjoy learning about the world and the ppl who are or who have lived on it.
If we didn't have these things how much better do you think our economy would be?
Don't forget about fb people waste hours on that
It’s not a free market economy if you are bailing out the banks.
Claxiux I’m actually writing a book on this over the last 20 years almost ever single government program designed to help the poor and middle class has been reengineered to support the wealthy
Actualy the bailout of AIG has made government 20 billion dollars in profit
The gall of banks to then cite "moral hazzard" as an excuse to not renegotiate mortgages.
And it was the government fault that caused the 2008 crash
and the banks paid the government back with interest on the loans
I'd be interested to see a study about how marriage in highly educated circles is growing the gap. Doctors marrying doctors, engineers marrying engineers, etc. If two engineers marry out of college they're instantly in the top 5% of households in their early 20s.
And after divorce Women Engineer become more rich 😂
Simple women date up and the more educated a women is the more she demand her men to earn more.
@@sammann3577 with how "woke" everyone is these days that should scream toxic.
Makes sense to me.
Engineering is oversaturated these days.
Title of this video should’ve been:
“ We’re screwed “
Yes we are screwed. Keep voting those idiots socialists in office that supper values the higher educated people over technical skills.
Because mega companies that were successful are becoming even more so. Remember mom and pop hating Wal-Mart for putting them out of business? Now even Wal-Mart is scared of Amazon.
The top are getting bigger and the consumers are staying the same.
good point! A VAT would even it up for the employees. Andrew Yang has a plan that would fix it.
#Yang2020
And !! "The Idiot" Jeff Bejos is pouring that money to get on Mars !! 😊😊 !!
Because of government intervention there's less competition.
A free market is the answer
@Jobokidd
Andrew Yang's UBI will cost 3 trillion dollars. Add in universal healthcare which experts estimate will cost around 4 trillion, and add in military spending, aid, infrastructure, welfare spending, police, FDA, and all those other government programs and it'd send the US bankrupt.
Not to mention the US is already 22 trillion dollars in debt
@@TJ-oo5mx Yang was a successful CEO and he already said to have UBI all these government programs you mentioned would have to be scrapped or reformulated.
well I'm heavily educated and i can say for damn sure it didn't help me out at all!!!
The education system is an utter scam!!!
I remember my first day at University. The professor said we are not a job factory. Fortunately, I chose engineering which is a job factory. I am so glad I didn't pursue a psychology degree.
true. college degree gets you nowhere. influence is what matters now
I see. I didn't have a degree when I first got my job but started out making more than the scale they showed here by double. I now make double *that* amount within 5 years later and getting a degree didn't get me there.
What did you get your degree in? And where? Education is a tool.
It’s a HUGE scam it’s made to keep you in debt and clawing your way out. Imagine just getting out of college and having rent, car payment, and multiple other bills along with a huge 50,000 loan with a 50,000 job...you’re not going any damn where
It is going to get worse, just wait until self driving trucks come in.
Don't worry, you still have time. Batteries are dumb expensive.
This hurts trump supporters.
@@tuazonwarrior if you only have 5 more years to live and have no children then don't worry.
According to the economist, this will not happen.
@@iangrant3442 I am an economist.
This is why Trump and Brexit happened. Gap between rich and poor - but whom we elect isn't going to solve this anytime soon!
I have a strong belief that it happens to both parties all the time. Democrats are overtaxing California so hard that people are getting fed up with it but they don’t vote them out because the media tells them who to vote for
CZcams: Andrew Yang 👍🏾
Unless Bernie Sanders comes in power
People voted trump because of the left is out of control with their stupidity and overspending.
If you still believe we the people are choosing our nation's leaders, of any capacity. Then you sir/ma'am are 100% completely distracted by TV, social media, and worrying about society's opinion of your financial status, and what's others think of you. The reality is, that the top 12 "ELITE" family's quite literally run every aspect of your daily life. They have a combined wealth of more money than you count on a lifetime, even if you were counting it on $1,000,000 dollar bills..!!!!
When I posted a message on yahoo on the same topic, saying that billionaires should be taxed more, arguing that they could still live quite comfortably with higher tax, I got a lot of down votes. I realized that people still believed that being poor was solely their own fault and they needed rich to provide them with jobs. This means that this inequality still has more room to run, maybe a lot more, until the Koolaid wears off.
Why does taxing them more change your situation?
@@ethanshy280 Taxing billionaires can fund public projects and infrastructure that will benefit all in society, which can help lift those who are struggling to get by with things like cheaper medical care, better roads and cheaper education, all things that are proven to be able to help people get out of their situation. The issue is that many believe that the current public works we have now are too much and want to remove any of those as well.
@@Lokaror why mooch of self made billionaires who took huge risks and worked hard ..
I understand taxing inherited wealth only
For the other users that don’t get it, taxing the rich AT ALL should be standard. As it stands companies like Amazon pay $0.00 in taxes.
Why is this a problem? Because Amazon purposefully under prices their products to outcompete other established businesses. They do this because they have the extra billions of dollars they saved from not paying taxes to take the hit.
The smaller businesses can’t compete with those prices. So they go out of business; then Amazon jacks up their prices since they no longer have competition.
The problem is that once a business/individual gets rich enough, they can buy out all their competition and set market prices to whatever they want.
When this type of capitalism is left uncheck, it’s like a virus that kills its own host.
People think the federal reserve printing money, which causes inflation, is the problem. It’s not-it’s a symptom of the problem. Why does the federal reserve print money to begin with? They have a reason-and that’s to keep our economies from completely collapsing because all of the cash flow has gone into the pockets of mega corporations.
If you make $1 million a year, you aren’t even a player at the table. We’re talking about multi-billionaire groups/individuals.
Capitalism thrives off of competition. Healthy competition is like a diverse ecosystem. The grass is grazed by the deer, the deer are eaten by the cougars, and the cougars only reproduce in small litters-so there are always deer to eat.
Most people are hired by a company for middle-class wages, the business makes a profit off their labor, the business then becomes a corporation/franchise from reinvesting their profits, the corporation then buys out their competitors, the corporation then controls 100% of their market, the corporation cannot make more profits because they’ve reached the cap on their market, the corporation stagnates wages/reduces PTO/cuts benefits/outsourced all labor to foreign countries for slave wages, all of the local employees lose their jobs, and they can’t start new business in the same field because the corporation will be able to underprice them.
What people are talking about is taxing corporations and individuals as they get higher and higher so that they don’t consume the entire ecosystem.
It's the well-founded fear of the "slippery slope". If politicians pass a tax on billionaires and keep their offices after do they then think they can then tax the middle class and still keep their political positions? Without sunset laws (ending the tax) or sunshine laws (did the tax have the desired result) the public's fear of the slippery slope prevails.And with good reason. A slippery slope about trade with China was made in the mid-1990's. Turned out that slope was even worse than imagined then.
I'm 58 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, we are finding it impossible to replace it. We can get by, but cant seem to get ahead. My condolences to anyone retiring in this crisis, 40years nonstop just for a crooked system to take all you worked for,
I feel your pain, as a fellow retiree I’d suggest you look into passive index fund investing and learn some more. For me,I had my share of ups and downs when I first started looking for a consistent passive income so I hired an investment advisor for aid, and following her advice, I poured $130k in value stocks and digital assets,Up 200k so far and pretty sure I'm ready for whatever comes.
@@PhilipMurray251 I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
@@Robertgriffinne
My advisor is Nicole Ann Sabin; found her on Bloomberg where she was featured and reached out to her afterwards. You can look her up online if you care for supervision, just search her name.
@@PhilipMurray251 sure advisors are outperforming the market and raising good returns but some are charging fees over fees....seeing that their services are in high demand more than ever....Seems more like extortion to me.
I don't know why they show tradesmen jobs like plumbing and electricians when they are talking about jobs that are being displaced by technology. Those careers are in high demand. They can't be automated yet. What you really mean are those factory production line workers.
even IF robots replace most line workers , as long as the plant is IN america, they still have to pay property taxes, utilities and maintanance workers HERE. that keeps the wealth earned from our domestic market INSIDE the country.
Burton L You’d need a damn terminator to reach that level of automation.
Because the advancement of automation is inherently obvious. Brother those jobs are in Jeopardy to be being replaced by robots.
We are not a capitalist country, we are semi-capitalist and semi-socialist, while moving closer to socialism. The government treats corporations and banks with socialist gloves and then tries to impose capitalist principals on the rest of the country. It's a system that is at war with itself, and is simply not sustainable. Something will have to give eventually.
Hmm sounds like capitalism isn't compatible with democracy
@Snappingturtle 267 How do you know that's the only reason?
Civil war?
Anarchosyndicalism is where it's at my g
Communism for the rich
If these people cared to be honest they'd mention how acts that prevent monopolies aren't being enforced and that is the problem.
It is one of many problems, but stopping monopolies won't bring those high paying manufacturing jobs back.
Well, democrat nominees are debating breaking up tech giants like Google and Amazon.
@@ellec2935 at least it will give small start-ups a chance. These global monopolies are crushing everyone. Small and medium businesses are essential for a moving economy and they dont have anywhere to breathe, except fields that have not yet been explored. And even that will be taken over once the whales set their eyes on it
Yep, definitely one of the issues Americans are facing.
It's worse than that. we've gotten to the point where the monopolies control the regulators and use them to regulate their industries specifically to limit the threat of new competitors.
Plutocracy and oligarchy reminds me of feudalism. The rich are the nobles and kings and everyone is an peasant who have to work hard. The only difference is everyone who’s smart, lucky (born into wealth) and knowledgeable about money can become the noble.
Crony capitalism.
Saosaq Ii capitalism is feudalism with extra steps
@Snappingturtle 267 How many of those millionaires came from dirt poor welfare level poverty? Not that many many of them still had a leg up.
Welcome to America 2020
A plutocracy based on oligarchy.
I am Canadian if i lived on my own id pay 20% in taxes and 50% in rent so worse than the 50% they paid in feudalism.
5 causes: greed, greed, greed, greed, and greed.
No people need to become more valuable
@@paulwilliams2024 no people need to vaccinated
@@GunslingerLv gas lighting troll
Once I realized that the American Military was being used to advance the interests of Corporations instead of the American people, that's when I knew that it wasn't for me.
That’s why these companies tell us to support the troops
Who do you think works at those corporations
@@lastvirtue567 we are really supporting contractors who are getting rich off tax payers. Canada is a country that hate war and a big budget. That is why they are respected around the world.
So the government needs to make sure that people can afford to become highly skilled. Right now the poorest could never afford to do so and are therefore trapped where they are.
Haebris financial aid makes college mostly free for the poorest students. It’s the middle class that can’t afford college.
@@Robert-td1xm I'm not sure what the US is like in this regard. Still not good, most people being middle class and everything :) People should also be given more than one chance to succeed, it's ridiculous how young people need to decide on their careers. If you don't then it takes twice as long and a mountain of debt to get to the same place.
Robert financial aid ain’t free money, so what are you talking about?
Unknowing Reaper it is for poor students. It’s called a grant. It’s literally free money to go to school.
Haebris the majority of Americans think they’re middle class. In reality, a lot of working people aren’t making enough to live a middle class life. In big cities like Los Angeles and NYC, it’s not uncommon to see people spending upward of 50% of their income on housing alone.
Had minimum wage went up with production, as FDR signed it into law, the minimum wage would be over $23.00 an hour
Ronnie Baker and a McChicken would be $7.
@@realamerican8079 why? You must be a republican. I could live off minimum wage in the 70's. You are obviously grossly underpaid. Are you okay with a 350 to 1000 to one inequality between the CEO and average payed worker? I never payed less than $20.00 an hour. My roofers make over $3000.00 a day between 5 guys. The CEO sets with the poor white guy and a guy of color with a plate with 10 cookies. The CEO gets 9 of the cookies and tells the white guy he better get his 1 cookie before the man of color gets it
@@bostinelosd oky doky
@@ronniebaker4549 We run into problems when people take facts, strip their qualifiers, and regurgitate them. Your statement about CEOs refers to Fortune 500 CEOs. The overwhelming majority of Americans do not work for Fortune 500 employers or large employers in general. The average CEO actually only makes around 3-5x the average worker. That's the real, unqualified, stat. Nowhere near 350-1000 is it?
If McDonalds decided to keep people around at $23/hour pricing would necessarily change. Real American is most likely wrong because there's no way McDonalds is going to keep people around at $23/hour. That's the real problem with minimum wage. It pushes people out or keeps people out of the workforce. Heck politicians and unions pushed that as one of the benefits of the minimum wage originally. One of their big selling points was the fact that no one would pay an immigrant, black, "other", etc worker minimum wage. It wasn't about helping the lowest worker. It was about protecting higher wage workers from competition. There is such a thing is being more expensive than your skills are worth. No one would be falling over themselves to pay a low/no skill worker $23/hour.
Oh and yeah, I'm ok with a company deciding what they want to pay an employee. The idea that there's such a thing as too much compensation or that ratios need to be balanced is foolish. Companies will just slash CEO pay and leave worker pay precisely where it is. That's the only likely result here. The fact that people believe anything different is probably an indicator of how bad most Americans are at handling money.
Ronnie Baker and you think thats good?
When you engage in money printing, you are making a conscious choice to pick winners and losers. Flooding money into the economy raises asset prices, which is great if you already own property, but is terrible when you're trying to start a business because rents and home prices rise and that adds to the cost of doing business. Try putting up a factory in New York and compare it to the cost of opening a factory in Mexico.
Exactly ...
Libertarians should go to colleg
Libertarians should go to college
GM sent a lot of our jobs down there, and tore down perfectly good factories here,and then we got to bail them out.Funny how that works.
@@jasona3519 but they pay the mexicans not even 1/10th of what they pay the american worker
The system is rigged, needs revision
society is a giant pyramid scheme
The only people that get involved in a rigged system are those that benifit from it
needs revolution*
Iwould say Bernie Sanders represents that revision, but we all know what's going to happen.
@Snappingturtle 267 lmfaooooo FOH It's your trash ideology of capitalism that should vacate the universe.
Successful people don't become that way overnight. What most people see at a glance- wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..
I truly agree with you on that,
I must say crypto is the future and with the way Bitcoin is climbing so high it's really advisable for people to invest now.,
Mrs Serenay mathieu has changed my financial status for the best. All thanks to my uncle who introduced me to her
I invested $10,000 and she made me profit of over $50,000 for me just in 5 days of trading
Jobs will pay your bills, business will make you rich but investment makes and keeps you wealthy, the future is inevitable.
The average person has no savings, no investments and makes terrible financial decisions on a daily basis whether it’s buying coffee from Starbucks, getting the new car they can’t afford, taking out ridiculous student loans, buying the newest phone, trying to keep up with the Jones, getting a useless degree, splurging on a huge wedding.... I did not go to college. I went into military and federal law enforcement. My wife graduated college and eventually got her masters. We stayed in our “starter” home, bought used cars and drove them for a decade or more, took modest vacations, invested, saved. I retired at 52, mortgage paid off, no debt, kids college funds healthy. It can be done. The problem is it takes planning, work, sacrifice, impulse denial, delayed gratification, discipline. We live in a YOLO world.
You can have equal opportunity BUT YOU WILL NEVER HAVE EQUAL OUTCOMES.
I dunno, is it because manufacturing and mid-level labor jobs died a painful death decades ago and wage stagnation finished off the remains?
*watches video*
Yup.
I wish machines would replace politicians and administrators
@@christiandauz3742 they will my friend
And people failed to adapt to that change.
because media like this channel keeps saying economy and stock market are the same.
Like I said : The Economy is good. But for who ?
I still see a lot of Americans without healthcare because they can't afford it
I see Farmers with their dignity to the floor because of a Trade War. That they didn't want it on the first place
I see Students with so much debt in their life that it will take their whole life to pay it back.
I see middle class in America getting smaller by the day
If this is what we voted for. Then we are on the right path.
Imagine that.
All Americans have access to healthcare. I think its insurance that you meant. I don't have it, and don't want it. I pay cash, and I pay for my problems, not gonna pay for some lardasses insulin.
@Anonymous Panacea I don't have it either. But if I buy it I'm forced to overpay in order to cover people that should not be covered. Insurance companies should not be forced to cover people that are already sick, that raises the price for everyone. Get the government out of the health insurance.
@@ChrisGilliamOffGrid it can't be help if people get sick it happen. if you have more people getting sick they are less likely be more productive. In some cases its not their fault.
darkjqguar0969 pretty sure none of those have anything to do with the president.
@Anonymous Panacea Same but paying $200.00 for health insurance or even $180.00. for health insurance on earned income of $30,000 plus $35.00 for everytime I see a doctor another $35.00 or $60.00 for medicine is completely ridicolous. I am already getting tax for medicare from my paycheck which supposedly will cover my healthcare when I retire. I rather lose 10 percent of my paycheck to cover all my healthcare needs.
Oh yeah, there are more jobs! But, all of them are low paying jobs!!
@@bostinelosd No it's not easy, but I think there is such a huge gap that its too difficult. Most rich people can't empathize because they have access to daycare, transportation, better job opportunities, etc. It's actually easy for them. Also the pay is so low in some areas it's insane. You shouldn't have to work 2, 3 or more jobs to survive, like our grandparents and those before them didn't.
to add- There are plenty of poor people who aren't "in debt". People who work 60+ hours and scrape by. From your perspective on debt- I'm guessing you are older 40's+?
@@bostinelosd Thanks for sharing part of your experience. Like you, my parents didn't give awesome financial guidance. I totally agree, that should be taught more widely. I'm nearly 30 myself with plenty of student debt to look forward to. Hopefully I can find a nice job like you so I don't have to work two! Have a nice day!
People accepted this sad "get by" life. They accepted a life of corporate slavery
The answer is because generational wealth and those who are able to enter lucrative industries vs. "everyone" else. It's highly unlikely that any single person in their lifetime will be able to compete vs. generations worth of wealth, and a vast majority of people will never be able to enter lucrative industries such as tech, showbiz, content creation, etc. That doesn't defer the fact that we still need blue collar jobs and what not, but fact is those blue collared jobs aren't just lucrative. Can't compare the salary of a teacher vs. a private equity manager. Disparity in differences, environments, and situations lead to inequality wealth gap.
Not everyone is given a chance to always succeed, but not everyone also deserves a chance to do so. It's like comparing 1st generation american born children vs 3rd generation american born children... it's incomparable, and highly unlikely that the current 1st generation american born will be able to create more wealth than the 3rd generation american born.
@PearlPerlita Venegas agreed. Someone always pays
Coulnt be more clear....... .as mud..
I overheard a story about a guy who had all the qualifications for a high paying job but they (the guy talking) didnt hire him because the job seeker had a huge mole at end of his nose with hair sprouting from it.
"Im sorry.... I just couldnt stare at that thing all day."
Lord Vader they should sue
@@alek488 Well, there's a silver lining. Who wants to work in a hostile work environment? Doesnt take much for someone to make your work day a living hell.
@@lordvader282 As a disabled person I'd rather have a job then to was hour after hour after hour working to apply to jobs to never get an interview, or never given a job, but these jerks will never tell you why they wont hire you, because they know they can't say it's because you have a limp or cant stand long, but what does it matter when you can never get a job anywhere but the absolute worst because no one will give you a chance? And then when you do get that job you'll never move up you'll never have a life but people just pat themselves on the back "oh isn't it so nice even the cripples can work for destitute poverty in our great country we are so great making sure to put them to work with their low wage menial positions, we may even have a banquit each year and tell our selves how great we are for hiring the disabled and undesirables. Though we only hire the ones who have obvious problems so we can look good to the public.
"Because people aren't trying hard enough!!!"
- Some old numpty on LinkedIn
there not though
here yes though
@@JakobFlyingJ People can only do so much, how do you expect people to keep doubling their value when the reward has stagnated. Not everyone, is meant to be a programer. A country to be healthy needs a manufacturing base. Without manufacturing you can't produce the service-driven economy we have today. Without money, you can't sell services to people. Its all interconnected and balanced. The balance got thrown off then our manufacturing got killed by Chinas underhanded policies. When those companies went away it left a void in communities and they just lost the needed revenue to perform maintenance. Now in the coming decade, we will have the issue of automation which will further attack the low skilled jobs in our country that couldn't be exported to China. Also during this time China is growing their own highly skilled workforce and has all the means of production.
The long and short of what I am trying to say is its not a matter of working hard when the very foundation you stand on is crumbling beneath your feet as your government sits idly by letting it happen. America is screwed, if things don't change because its impossible to compete with a country that has no work safety laws unless we as a nation decide to revoke them. Even then the whole supply chain is also being uprooted. Even then technology is going to be cheaper in the long term. Humans have increasingly become less needed and there are only so many jobs. Many of the ones created over the decade were minimum wage.
@DolphinsWIthIgloos north Korea will never be able to compete with China who is already established or the US. They're land is to small and they lack resources.
You are right though we don't need ever country to produce like the US did in the 1900's and China now but a country does need it's people to produce, especially a super power.
“waaa! Why am I not being offered a 6 figure jobs for coming into work at 10am and leaving at 3pm”
- some young millennial on Instagram
being poor in America is like a living Hell where no matter how hard you work it is never good enough, and those who do the hardest work are treated the worst. and then you have the winners (devils) blaming YOU for your failure to provide the basic means of survival. I don't remember deciding to double the rents across the country and making SHELTER unaffordable.
it used to be that the average man with no university could earn a basic living in a factory for himself and his modest family home having one car , fridge and one TV. so, David, WHAT caused that to change? who took it all away and why?
btw, if you really want to know what "poverty" really means in global historical terms. ancient folks used to work 14 hours per day to barely avoid starvation and they died of old age by ~40! for context , here we are enjoying the miracles we take for granted which the wealthiest merely a century ago couldn't dream of ,living twice as long ,freely complaining on it.
Well said David
This might be dumb to say, but I really do think the middle class plays a critical role in the economy due to the higher probability of having surplus income (with some exceptions). But it's difficult without any kind of way to efficiently build practical skills or credentials.
The problem is that a lot of groups and institutions focus too much on short-term, high yield benefit, rather than a realistically sustainable profit long term. That includes sabotaging someone else's success, and metaphorically sucking people dry like vampires.
Colleges and lenders being the most guilty of this.
Society relies on the Lower and Middle Classes
Rich People are expendable and should be sacrificed first
Politicians are expendable, smart and determined people are not
@@christiandauz3742 rich will flee and spend in an economy that accepts them. When China pushes America deep, it will not be hard to see why.
@@christiandauz3742 My take is that being rich is almost like having the lightening of Zeus or Excalibur in your hands.
The rich can be a benefit because of their vast wealth and social connections, but only with the right people and successors (think Theodore Roosevelt, compared to Rockefeller or Al Capone). And they have an absolute obligation to help society too because of this fact.
If the specific individual uses this as a malicious weapon against their own people (water contamination, bribing politicians, purging staff members who actually were beneficial, violence against indigenous tribes, and all other unethical business practices), all their assets should be liquidated and they're charging with treason. The same goes for the bureaucrats underneath them as well.
But, that's more my take.
This is a repeat of the late 19th century “Robber Barons” Getty, Mellon, EH Harriman, Carnegie, Rockefeller in contrast with Gates, Jobs, Bezos, Musk. This lead to half and half nots. It took Teddy to help fix it. During this time it was estimated that 1% of the population controlled 99% of the wealth.
Because now you can deduct your private jet. Because that's important to the GOP.
If you're buisness needs it, yeah. I deduct my car and home and lots else. My buisness uses those things it's simple.
@@MrJoshcc600 nope. It's for personal jets.
@@lancelessard2491 You shouldn't spread misinformation. Personal jet deduction? No what you mean is that you can deduct vehicle registration, and that would be true of whatever vehicle that is: car, boat or plane.
@@lambertlum1087 As long as the plane is used for at least 50% for "business" then it's 100% deductible. Fly to the Bahamas for a "business meeting" and you can count that. It's a pure GOP B.S. giveaway to the billionaire class disguised as thoughtful tax legislation. Screw them all.
@@lancelessard2491 Wait, that's not how it works. If you use any asset part for personal and part for business, you deduct percentage pertaining to the business part. That's why you can't deduct your entire house if you have a home office. Even the air conditioning has to be deducted according to the percentage square foot used by your home office. I am familiar with the rules because I had my own start-up at one point. I also spent many hours in training classes at the small business administration offices.
Also, this has nothing to do with Republican and Democrat. Amortization of an asset comes from accounting. Many tax rules are copied from accounting. Accounting itself has hundreds of years of existence.
I should also add that Republicans and Democrats are both influenced by big business. Hillary herself was notorious for being aligned with money interests. Hillary's corruption was the reason for Bernie Sander's popularity.
All I learned from this is I better be rich.
10 years ago I realized this. I'm a lazy guy with little ambition or desire for power. I just want to pay my bills and have a few beers, smoke a bowl, and maybe go on vacation once every couple years.
I went back to school to get a STEM degree and moved to a rich city. It wasn't easy but I knew which side of the ever widening divide I was going to end up on and where I needed to be for the sake of any children I might have one day.
Do what you can to be rich now or your grandchildren will be peasants, whores, and slaves.
@@MegaGrawp Yup, you're totally right. Now I'm not saying rich people should rule the world like kings but the bottom line is you can be the 99% or the 1%. There isn't anyone in between. I just wish more people understood this. If they did they'd work hard to become the 1%.
@@jaybrielakoi7747 Nah if more people understood the deal they would stop licking the boots on their face.
If everyone understood the game and did what it took to get rich I wouldn't have been able to do it.
On the other hand ignorance is bliss and I sometimes wonder if it's better to be cynical and on top or happy licking the boot.
@@MegaGrawp Congrats on getting to the 1% In the end it's a good thing for people who are clawing their way to the top. Their lack of understanding makes things much easier for me.
The rich stay rich and the poor stay poor... the world is a grand illusion... it seems like our modern world is so complex and difficult to navigate... yet the essence of the system is still the same ... that’s why they use the same FREE MASONIC architecture that was designed 3,000 years ago in EGYPT ! They are telling you ... “we are the same people who had control then and still have control now”
I feel like this news story completely misses the real reason for the growing income equality... and purposely so.
Of course it does. A large percentage of the population having a firm understanding of what's going on goes against their interests.
Well, it is true regrding technology stealing jobs from the middle class, and one reason why me yes me a conservative will be voting for andrew yang as he´s the main person talking about this issue. Also maybe middle class jobs in indutries have gone away, but welder, AC repairman, and electrician are still great career paths atm
@Xadion But in a good way, not the Chinese model.
@Snappingturtle 267 He knows more then anyone else running so what does that say about you and who you pick?
Great if you're not crippled and can put up with tons of abuse and ire for years with crap pay to MAYBE get into the good jobs. People only talk about the success and neglect to mention all the unsavory bits. But that's just another factor of crony capitalizim, they band together and make the goverment pass ligitimate qualification and then BS one and more BS and more BS red tape to keep their little job safe and hold their hole market wide open to exploit. Oh yeah and forgot to mention you have to pay for all that training to get through the BS on your own dime. So again the rich win because they get their pick if you can't afford to train for a better job then your just out of luck, if your disabled you're just out of luck and going to die in poverty. It's all sickening.
Even though those career paths are very bright and promising, most of them are pretty much service jobs. If we want to have a badass economic powerhouse, reviving our manufacturing and production base is a major imperative. A true productive nation creates tangible goods of high value; we don't. The time for boycotting China is long overdue.
@Snappingturtle 267 You know daves ramsy was born into a upper middle class family, and literally given a silver spoon, the first time he "became a millionare" was because his family pulled strings with a bank who gave him a loan HE SHOULD NEVER HAVE GOTTEN, literal unfair treatment just because his family was well off, then after things went belly up they called in his loan and he pouts it made him bankrupt. Then he only made money BY TELLING PEOPLE HOW TO MAKE MONEY, he didn't every do it himself, and he had way more of a cushion then others, he just gives the same canned advice, and pushes merch, pay off your debt.... YEAH NO DURHH!
Is growing. He'll.when 4_5 people have more money that the rest of the country combined. Nothing left to grow 😬
Nah they'll just print more and give it to those 5.
A declining empire will just find reason to blame and nothing being done.
Nothing being done? is that why patriots want to take out the Fed? is that why taxes have been cut? is that why there is a huge reform in every part of our government underway? stop talking out of your ass man lmfao
@@melo6099 what reform, PMI and CPI down. Nothing being done. All companies are reporting low yields here and there. As one said, lots of thunders but little rain. Just look at the stock, oil, bonds now. The only good is USD raise against all currency. Spend all you can!
@@kongwee1978 Half of our problems are caused by the privatized Fed and central banks. Its not even the "empire". The monetary system is failing, not the political nor economic system (Capitalism).
Chally wally Woo yea with more technology/robots taking more jobs, and they made it seem like the grunt work is the reason but it’s not, they went to China because they pay the people their really badly, the more industrialized countries went from factory workers, to now service based countries based on doctors and thing like that
Marcelo Batista “patriots”
Greed and the lack of positive role models and the erosion of vales ...like truth, honor, compassion
justice ..
Our economy isn't broken, it's working as intended.
What do you mean working as intended?
@jo mo mo Being rich is something no one wants to be. Somebody has to do it. What if this whole time we were keeping the rich as slaves and we were living good perfect lives all along?
@Xadion being rich is a hell hole. So technically we're the real rich people.
jo mo mo it rewards marketable skillsets and HELPING the masses. You can’t win in capitalism without serving someone.
@@eane1275 that's not the case! Do you have a portrait of Charles Darwin on your wall?
30 yr old here with no debt trying to escape the trap & live a peaceful cooperative ecosustainable life in Belize.
Regan Reviews Everything Right ? I just want to live as a free human being.
You are living my dream. I'm debt free, 34, but stuck in a city I hate and there isn't a damn thing I can do about it. I love Belize....one day.
Here is how I see it:
As technology gives each individual more powerful tools, there is less need for mass labour to carry out these tasks and people must act more independently to produce income.
To do this effectively, we need to invest heavily in education. The more educated someone is, the more independent they can be in the way they earn money.
The education system needs to improve to pair well with the information age & robotics age.
The problem is that not everyone is born to be an scientist. The are people that aren't born to study, society says, to hell with them and condemn them to poverty.
@@freddyromariovasquezcairo2250 That is part of the working-class culture which suggests that a heavy laborers son will remain a heavy laborer. Its not that some are not meant for higher end jobs but that they are not meant for SOME of the higher end jobs.
The belief that “I cant be a doctor thus why should I study” is absurd. The culture of hating school is mostly because of the system is set up as, some can cope whilst others cant and the ones that cant feel like they are not meant for it even though there are opportunities and unlimited source of knowledge that is available for individuals to search for careers that suits their best interest which are required and not yet replaced in the modern world.
You want to know the worst part? It doesn't matter which political party you vote for, both are bought and paid for by corporate America. The only thing you fight for during an election are social issues, not economic.
The reasons that inequality is growing are many. The top reason in my opinion would be:
Education - The poor and middle class do not educate themselves about wealth building, they know almost NOTHING about the financial system and how it works and how to make it work for them. To be honest all of the information is out there (and easier to access then ever before with the internet on top of easily accessible local resources such as libraries) but it is not spoon fed for them. So they just get stuck and don't learn.
Income was never meant to be equal. You provide a service to society and based on what that service is worth you get compensated. If it is low quality or very common, you get less. If you have something to offer that people appreciate, they give you more. If you want more, you have to provide something that is worth more. Period.
@@maeudaou7347 be good at what you do. If you make $8 an hour, but do a lousy job, are irresponsible, show up late, etc, why on earth would you deserve $15???
This video conveniently left out the most important cause of income inequality: The staggering amount of government intervention in free markets by way of money printing and subsequent massive liquidity created out of thin air by the government run central banks of the world over the last 30 years (lead by the US federal reserve). These easy money monetary policies have exacerbated income inequality because (obviously) when the world is flooded with cheap dollars (at zero to near zero interest) its value and BUYING power for regular ol savers like me DECREASES! When you give investors no return on safe investments like US treasuries and savings account, all of that capital flows into speculative, high risk assets chasing returns (duh!!!) into things like risky stocks, hedge funds, real estate in Asia, fine art, etc.. all of this has created collosal asset bubbles artificially, for the types of assets only rich ppl can buy. It doesn’t flow into productive capital investments like opening factories, starting businesses, etc... but this fact was an inconvenient truth for NBC to talk about in this segment. Doesn’t fit the mainstream narrative of just blame capitalism and ask for MORE government intervention in our economies!
Eric Diaz Probably one of the fewest truly-intellectual comments in this stream. With only 7 likes and 0 comments, of course there’s a wage gap.
The Central Banks are actually privately owned. They aren't government run. Look up the Rothschilds and Rockefellers etc...
Uh, the Federal Reserve is actually a private institution that is merely sanctioned by the state. In other words, they are a corporation that controls our money value while the government allows it.
Which nation has wealth equality? I’ll wait. . . . Second- it’s not the job of government to ensure wealth equality, the problems stem from government intervention which promotes wealth among the few.
"That's not just a function of-That's NOT a function of trade deals."
Uh huh, sure buddy. Outsourcing isn't a function of bad trade deals.
Just like what's going on now is not a function of 40 years of economic warfare against the poor and middle class in the form of union busting, privatization, outsourcing, deregulating New Deal Era economic policies, cutting taxes on the rich and shifting that tax burden on to the poor with regressive taxation and cutting social programs the American people paid into, wage stagnation, and what essentially amounts to an official bipartisan government policy of socialism for the rich and rugged draconian individualism for the working class.
It's still very difficult to find a decent plumber.
Nick Barton my girlfriends sons are both plumbers
73 dollars an hour
Need I say more
*interesting
Plumbing is very easy, I do my own plumbing. Water and sewer flows downhill, it actually is cheap to fix anything including pvc. 1/2 8ft pvc pipe cost 4 dollars at home depot.
@@dondressel4802 Sure it's nice if you are in the know and can get into the field if they don't like you their is no way you get in to even apprentice and even when you do it's a risk and lots of time to make any sort of money with it. And then your just stuck with that job.
@@LegoSwordViedos Join a Union, they pay you to learn. Pay you dues and work hard. Pay your bills and stay within your means. Save for rainy days and have two more sources of income.
It can be done. Find the right mentor, then teach the next generation. I know awesome plumbers and electricians they have taught me many useful skills.
I don t care how you get rich as long as you got it fairly and with no help from government
Hey fucko I used lots of government to get rich. Hope it burns your ass.
@@MegaGrawp it sure did
I’m a college dropout that got into the skilled trades. I’m a gas man apprentice and will have a good stable job for the rest of my life with a major company in my state. A strong union which is important and I’ll do better than my father who was a tradesmen as well.
Winner takes all economy just like lottery. and people support it and the jackpot keeps going higher.
Thats because capitalism works. It crreates massive amounts of wealth.
You just need to read the Wealth of Nations. So, you can understand how our capitalistic society works.
BackToTech any others books you would recommend?
@@BrandonGomez-mi7tj Capital, by Karl Marx, to get the "other side of the story".
@@edwardmaxwell3951 is that the communist/socialistic view? Im just asking since i havent read any major economics book.could u explain a bit more how they both would help or make me understand econ better?
Brandon Gomez also the road to serfdom by Hayek to understand the political system behind it
Edward Maxwell lmao, your an idiot.
Excessive taxation without any actual representation.
Common Sense you don’t know what excessive taxation looks Ike
Sure thing Mr Internet know nothing. Try living in IL where I'm lucky to keep and use 50% of my earnings every week after paying all the BS taxes on everything.
Lmao people are so stupid. why do you think the wealthy corporatists are getting richer and your wages are either stagnant or just straight up declining? hmmm i wonder if it has anything to do with immigration. low skilled immigration to be specific. importing millions of third world illiterate workers to over-saturate the job market doesn't tend to have positive outcomes for anyone but the wealthy.
Anno - Right!!
The Irony
We can’t find enough workers. The problem is the government doesn’t scale down unemployment benefits as unemployment gets near zero.
If the government didn’t pay so many people not to work, more would enter the workforce where they’re needed and they could start developing skills to get them out of poverty
Automation makes work ethic meaningless. Humans can't compete with the new technologies that are being created and deployed now.
What work will anyone do when their is no work to be done?.
codycast I agree the government should stop paying people not to work taxing us with foodstamps and low income programs
Education! Thats created 1.5 trillion in debt in student loans, the irony
Right...
School doesn't determine success. It's mindset.
Charles Manson. He's had all the money in the world 3 times. Its a cheeky little game.
@Xadion who
@Xadion better watch what you say. Or get banned
It always astonishes me how people can say "oh if you're highly educated, you're fine". Do you know how hard it is to get a job nowadays? The debt-laden millenial filling in hundreds of applications is not a myth!
It's hard to get a job because you keep on rooting for increase in corporate taxes, sales tax, and income tax which leads to higher expenses for businesses/rich people & more of a shift toward automation/outsourced labour. Just wait for Amazon to replace all their labour in warehouses with robots & see how these fake politicians react.
It seems odd to me that when discussing China , no mention was made that the US Corporations closed their US factories and transferred everything to China in order to increase their/profits. They thus left behind communities decimated and destroyed by this action.
It's funny how security is always mentioned as a downgraded job. It's actually one of the handful of career fields where you can earn six figures or close to it with just a diploma and experience or an associates degree and a couple years experience. I know this is the case in big cities. Just check job listings for director of security or safety or emergency management type positions. My degrees are not "necessary" for me to move up but they sure as heck make it quicker, easier, and make my job more enjoyable. I tell my officers all the time, standing in one spot, conducting patrols, watching video cameras, and accessing people through a turnstile is NOT how you move up. As they said in the video, this is a new age. I requested more responsibility, learned the different computer systems, became the official trainer, created training materials, comminicated with vendors and contractors, contributed to and created presentations for the client, mentored others, have the ability to communicate with stakeholders and city departments, stay abreast of the different fields that effect the client (commercial real estate, global security, facilities management) and my company, etc. I also regularly ask for and receive raises. These are some of the differences between a $12-$14/hr security officer and myself. As they said in the video, this is a new age.
I'm currently using an education benefit to get a public administration degree which I'm cash-flowing. Since we're attending the same school, I told one of my officers about it so she could take advantage, and she said she may as well just add to the $20,000 in student loans she already has...even after I showed her how working only 2 days of overtime/per month would allow her to pay for it out-of-pocket.
Just because you start at a low-wage JOB doesn't mean you have to stay there. Just think of people who begin as cooks/cashiers at KFC and end up owning a restaurant.
I want to get out of poverty for good. I admit I'm ashamed to admit I'm disabled and living on disability throughout my life has been denied from a higher education and I can't afford that. I'm playing off and on with lottery to hope to get out of my slums and misery of poverty soon
Well we're on the same boat my friend.
@xr7fan all that requires tons of money and I was scammed out of a opportunity to go to school by the system
@@OYXOT I am tired of being on disability throughout my life and I am playing lottery off and on trying to get out of this mess
Martell Tha Cool I understand what you mean, but if you study hard and get a scholarship it helps a lot......
@xr7fan - There's nothing wrong with playing the lottery. And this is from someone that hardly plays. It's only stupid if you're dirt poor, and spending $100.00 a week on it.
The insurance premiums cost are rising!!
CEO's of the health insurance companies felt they deserved a raise,it's ok,thanks Obama.
CEO compensation increasing while holding down worker wages.
In most cases, no. I you get rid of a CEO that gets paid 10 million dollars annually at a company of 35 thousand employees and distribute the money to all of the workers evenly , everybody would get a little over $5 a week before taxes. That would make no difference in their lives until the company shut down...because you have no CEO. I would gladly pay $5 a week to retain a leader that keeps the doors open and the company relevant.
@@Todd.T
Isn't 10 million a bit excessive? Several million will be acceptable for a top rate CEO (there aren't any currently). I guess they have to make do with only a good part of a couple of million.
@Gareth De Bruyn Try your hand at comprehension. Poor people aim for the people at the top and want a cut without doing the work or having the responsibility...without doing the math. Responsibility and experience pays more.
@@unf3z4nt They don't usually get 10 million per se, but they get "compensation". i know of a CEO that got 12 million in "total compensation". Bottom line is low skilled workers and customers believe that if the CEO only got paid a million dollars and the rest was given to them, they would be rich too. Obviously if you have a millions of customers and thousands of employees who demand the CEO's pay be divided up and given to them, there would be zero impact to their lives. Customers looking for a cut in the costs of the service or products and employees only thinking about their own little office and not company wide. That is a lot of people and not a lot of money. Comcast''s CEO gets 35 million total compensation. Comcast has 184 00 employees and 22 million TV subscribers or 23 million internet subscribers.
It would make no difference to dole out the CEOs excessive pay to those who believe that they would benefit.
L.J Ross if only it was that simple. USA has a systematic economic crisis. Unfortunately all solutions are taxing the higher earners more. Clinton had plans to increase welfare programs to non citizens to help poor and disadvantaged families. These are not substantial solutions.
Probably because the government keeps making everything harder for the little guy to succeed.
Left out the part about automation. Before jobs were exported to other locals and countries, jobs with maned workers were being replaced by machines, which also pushed for a more technically skilled labor force, which also contributed to the cost of labor in the US to go up. Automation will soon be a issue in emerging markets too
It also created technicians for those machines. Don't be fooled. It also created more software engineers for those machines and associated jobs to support those workers.
@@1flash3571 but its 1 technician per how many machines? its def not equal.
then you better keep your eyes open for a new AI company to emerge and just put your life savings in that.
Automation will be good for the world long term. Yes people will be displaced and will have to retrain, but larger amounts of manpower will be available for singular problems, therefore solving those problems quicker. Energy sustainability, expanding into space, healthcare, financial democratization are more important than providing menial low paying repetitive hard labor jobs that nobody wants to do. People underestimate their ability to reeducate themselves, or more than likely are hesitant to do so.
@@Power_Cosmic27 that's what was said initially in part about automation, however the problem is not the willingness of people to learn or be retrained, rather the speed at which jobs leave your local area. You won't have much time to be retrained, also age plays a important role too. Retraining old workers can causes for the young to lose job opportunities themselves.
This story started out saying the U.S. is a free market economy. No it's not in important ways. During the financial crash in 2008, the federal reserve chose to bail out certain banks and insurance companies, but not all. They lowered interest rates to emergency levels which helped holders of stocks and bonds but not the average worker. Then they kept rates lower than normal for 9 years - throughout a bull market, pushing up assets that are held by the rich. not the average citizen. Even today the fed is considering lowering interest rates to prop up a bull market. This is not free market. Our government is intervening in the markets in a decisive way. Not really trying to help the average person. Wages have been stagnant for decades.
wages have been stagnant since the 90s while everything has gone up 5 times
To me the main factor is the reduction in organized labor starting from the 80s, and at the same time the focus on ‘maximizing shareholder wealth’. Any company that wasn’t focused exclusively on its bottom line became targets for hostile takeover. Defined benefit pensions ended, and there was immense pressure to keep expenses as low as possible. At the same time, new technology improved productivity, and as a result of the above, the benefits of that increased productivity accrued to the top, the C level and board of directors. Before the 80s, productivity and wage increases matched more or less in lockstep. After the early 80s, wages have stagnated while productivity has continued to increase.
That’s what has led to the increase in wealth disparity. Even if you are doing well, unless you’re in the very top, you would be doing better if the productivity gains from the Information Age were distributed.
@@Brian-dh9lp wages kept up with increases in productivity until the late 70s, then they separated. robert reich lays it out very well in saving capital.
Most problems in this world can be traced back to greed. We are being lied to. There is more than enough in this world for everyone. EVERYONE!
overpopulation and bad distribution
Let's not overlook the age gap that`s growing between those who are living longer and the dead. Someone is screwing us out of life.
People don’t ever think outside the box and try learning a trade or go into the military instead of “College or nothing”.
School does not teach you about money that's the big problem growing up and the system has been broken like this teaching for years.
During the covid. The poverty rate doubled around the world.
I think this omits the role that monetary inflation and land use and zoning restrictions play on income inequality.
People complaining we now need less and less human manual labor to produce wealth...they probably think that going back to subsistence farming, where everyone had a job, would be a good idea...
Need something that would create A LOT of jobs...
...like SPACE COLONIZATION!
Someone has to build all those houses
Also job security has been thrown out the window and the means to obtain those middle class and higher skills has become impossible for anyone middle class and below. America is gonna see another great depression before our politicians even come around to acknowledging the problem let alone fixing it...
The problem is not inequality the problems is poverty
It is inequality. Poverty is relative. You could have billions, but if others had trillions, then your billions would't be worth a damn. Everything is getting expensive, because some people have become ridiculously wealthy, while others wages have stayed stagnant. And the markets, the greedy aholes who want to become rich, have oriented themselves towards those people who have more than others, increasing rent to levels where for instance, only Google employees can afford a single room in some places. They see their neighbours sell their stuff to a rich guy and then assume that everybody has become rich, so increase their prices to match it and get a cut of the cake. Totally ignoring that not everybody is a rich Chinese investor, Google employee or successful Hollywood actor.
May the Science be with You But what is your solution?
@@maythesciencebewithyou It's either this(bigger economic gap) or economic stagnation.
Greek people with their socialistic/populistic policies the last 30 years and their trade unions,all they did was bring the country to a devastating economic crisis,where hunderds of businesses were shut down because of huge goverment intervention.
It isn't the less educated. But those without resources that have to flip the bill.
Winner takes all ~ exactly what we have. We have to come up with some alternatives to our capitalistic system and there are many talented people who could help with these problems. Shaking up the malaise is hard, but there has to be a way.
This is everybody's problem. The idea that a small handful of people are solely responsible is irresponsible. We owe it to future generations to distribute wealth as much as we can.
there is bad distribution of wealth
Ambition and greed.. that's why we have this problem..
What a watered down statement. Who are the greedy ones? It's all Israel and China man. They control our economy.
You right
Agreed, Rothschilds,Warburgs are trillionaires and still can't help frauding us out of more.
Inequality begins when people buy cell phones that they can't afore to people who doesn't need any more money.
You know freedom.
I don't trust politicians, corporations, or education systems or msm. Confidence in the system has been lost along the way.
And now we have highly educated people working in labor jobs 👌👌👌
Doesn't matter whose to blame. When Americans realize they've been had they'll become even angrier. My friend who is from money was always reminded by his father to never flaunt the family wealth.
They'll become angrier, but will they channel that anger towards those responsible, or will they, as history proves over and over throughout the world, let that anger and frustration out on innocents. What makes you think they'll stop blaming minorities, liberals, socialists, environmentalists etc.?
Only once they manage to literally eliminate those and see that they are still the incompetent losers they always were might they get the right idea. If no one else is left to blame, then they might start blaming those responsible.
Everyone should take the time to look up who
*“rent-seekers”* are and what *“rent-seeking”* is.
That’s essentially what it boils down too.
And it’s a term no one wants you to know about.
Thank you for the term, just did a quick search and learned a lot, gonna do some more research, guys you all should too!
One of the most important economic aspects of the last 50 years, yet no one talks about it.
Well said.
MGM so it’s just strategies for wealth inequality
Rent seeking by itself is not bad. It could be argued that any investment is rent seeking.
How gains from rent seeking are treated is where problems creep in. Since the 1980s income from rent seeking has been steadily taxed less. As soon as rent seeking income was taxed less than labor income wealth inequality got stupid. And regulations massively favoured capital ownership and punished labor. Union busting, ie "right to work" laws.
I'd say do nothing to rent seeking but introduce a high marginal tax rate just as AOC and other progressives are proposing. 70-80-90% for income passed $2-3 million. This will greatly discourage massive accumulation leaving more of the field open for more lower income people.
Dispose income tax and put all taxes towards sales tax, make business pay their taxes instead of using loop holes to pay minimal amounts
“ United States of America 🇺🇸 is going to be a very different difficult country by 2030 🔥 “
ZCorp Alpha every where will be different change is inevitable !
Search for Andrew Yang and listen to his long form interviews.
His basic income for everyone would move the problem in time.
It is stupid because all it does is buy time, like transforming a f(x) = y function into f(x) = y + 1000.
Income inequality was at its lowest, top decile made a flat 33% of income, from 1945 to 1971, this was the "golden age" of the USA where the standard of living was best and every one hated commies and no one had troubles paying rent. And oh what a surprise from exactly 1945 to 1971 the US was under a gold standard. Things got worse when they went back to a fiat system, and americans became literal communists after the central bank started printing trillions to save investors portfolio of stocks and the government started bailing out banks.
Just get rid of clowns that literally give money to the rich, how much more obvious can it be...
Andrew Yang is great. I hope he runs in 2024, he has my vote right off the bat. His Freedom Dividend idea for 1000 a bucks per month is great. If I had an extra 1000 bucks per month I would be able to start a business.
longbeach225 as a chinese person in California, although I like him and I think he’s trying to do good things for America, his execution doesn’t seem well. I’d probably still vote trump, but if I chose democrat, yang would be my top
one of the last people you schould be listening to is andrew yang. Why is he pushing the idea of a UBI if the vast majority of people still have non automated jobs?
0:05 "The us led global economy has produced enormous improvement in human welfare."
Well, I ll take that one as a joke....
This is #1 our internal problem. Everybody contribute in economy. Wealth concentration in hands of 1% will lead us to another Civil War. We middle class must oppose it. Middle Class is disappearing. Pay of lawyer, Doctor, engineer, accountants, teachers are actually decreasing, while they make technology companies and all kinds of companies rich.
"It has reduced opportunities for workers without advanced skills". Imagine that!
The world we live in becomes more and more Advanced and Sophisticated everyday. It's everyone's responsibility to keep up with the times. We are or should be Continuous learners. Having big families and only one parent with a full time career is a thing of the past and has been for a long time. When I was a child Chevrolet used to invite people to "See the USA in Your Chevrolet and just go out and Drive, Drive, Drive" in their Car Commercials.
"Times they are a changin" and people need to concentrate on the world that we live in now and not try to perpetuate the past. Yesterday is gone. The career's and skillsets of today will be outdated tomorrow. Will you be ready? As Continuous Learners we have an obligation to focus on and prepare for tomorrow with more intensity than we have for living today.
The Big Question is "Tomorrow is Coming, Will You be Ready"?
The next question is how much responsibility we are required to have for the people who "Refuse to Prepare".
The technological progress point is true. In my first year computer science courses I had many biology, Physics and business majors in those classes that are required for majors. Which makes it a prerequeiste to landing any office/non-labor work.
biology is no pre requisite for any office work. there is nothing from college that will teach you what you learn on the job. nothing!
p.s. work experience trumps any degree level achieved. a 60 year old coder from the late 60's who's never went to college, but knows the ins and outs of everything a computer does, will wipe his ass with a phd graduate.
Stop giving money to the big firms and encourage small firms to be successful.
Scarcity brings out the worst in people and our current form of capitalism is creating the scarcity driving a lot of our social unrest.
Professor couldn't be happier talking about those groups that she is privileged to be NOT PART OF. Arrogance of her until the unequal rise up to take what she has away from her. 😢
It is absolutely not always true for those with highly educated degrees would be successful with high income. I have seen many high school dropouts making six figure incomes in IT fields. Some of those with higher degrees even with Ph. D.
are desperately surviving on Foodstamps. It appeared to me that there are so many factors involved in the real income inequality’s issues.
Wait I thought going to college is a meme