The pope on income re-distribution

[feuser]

NW and Iso have articulated their ideological opposition to addressing income disparity.

You could argue with this on an ideological and moral basis, whether a CEO really puts in 354 times the effort or talent of the average worker, as their argument suggests.

On the other hand, literally every modern economist agrees that this accumulation of wealth is simply bad for the economy. People who sit on mountains of cash do not spend it, if they don't have to. The more the economy needs infusions of cash, the more capital is extracted from it by risk-averse investors.

Economically, the most effective way for getting capital back to flow into the economy is having an expiration date for capital: Use to or lose it. Of course, that's not going to happen, nor is it particularly desirable, since it would bring us back 200 years, to a barter economy, essentially.

There are only two legal ways to do achieve the same thing without doing too much damage: inflation and income taxation (not taxation of transactions, like the fair-taxers suggest - that would blow up in our faces). Both are at an all-time low, yet the mis-informed populist right keeps screaming how they're certain signs of impending doom.

[mrgybe]

In 1980 the top 10% paid 47.6% of all income taxes. Today the top 10% pays 71% of all income taxes. How is that an all time low?

[mac]

The Christian and Catholic righties, who are quick to be righteous about minding everyone else's sexual behavior, seem to have forgotten this line of scripture, from Matthew:

[swchandler]

No doubt boggsman, an interesting article. It agrees very much with what I see going on. In a desirable place like Santa Barbara, there's lots of action. High valued property, fancy cars and expensive luxuries. Prices are huge. Super strong rental market that's done nothing but benefit since the meltdown. Even the bottom of the home market here in SB is pricey, so you have to be doing pretty well to buy.

You have to ask yourself, what will be the nature of the jobs in the future as the global economy continues to devastate the manufacturing sector and other sources of middle class jobs. Also, although not mentioned in the article, there is the whole thing about illegal immigrants and their effect on everything. I can see why the folks with the power and the money don't want to change anything. Just look at the circus being conducted by the Republican party, and not a moment spent on anything productive for the nation.

[boggsman1]

[pueno]

[mrgybe]

[boggsman1]

Mr G , you're right, I've got to stop complaining, things couldnt better, I think I'll go buy another Audi with my Fed return......

[pueno]

[nw30]