The Taboo Cause of Income Inequality

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Re: The Taboo Cause of Income Inequality

Postby beretta24 » Fri Apr 25, 2014 3:04 pm

Indaswamp wrote:@Spinnerman...

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....“We may not know much about “Keynesian economics” (and neither does anyone else: they just plug and pray, literally), but we know one thing: when real disposable personal income drops by 0.2% from a month earlier, and plummets by 2.7% from a year ago, the biggest collapse since the semi-depression in 1974, something is wrong with the US consumer.” And, with central banks’ Zero Interest Rate Policies (ZIRP), those who could actually save earn practically nothing in interest.


http://www.zerohedge.com/news/2014-04-24/guest-post-demography-debt-doom

I am convinced it has to get much worse in order to get better. No meaningful change in habits will occur until the last several spoiled generations learn what real hardship is. It's not in anyone's interest to change when life is good.
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Re: The Taboo Cause of Income Inequality

Postby Indaswamp » Fri Apr 25, 2014 9:06 pm

beretta24 wrote:
Indaswamp wrote:@Spinnerman...

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....“We may not know much about “Keynesian economics” (and neither does anyone else: they just plug and pray, literally), but we know one thing: when real disposable personal income drops by 0.2% from a month earlier, and plummets by 2.7% from a year ago, the biggest collapse since the semi-depression in 1974, something is wrong with the US consumer.” And, with central banks’ Zero Interest Rate Policies (ZIRP), those who could actually save earn practically nothing in interest.


http://www.zerohedge.com/news/2014-04-24/guest-post-demography-debt-doom

I am convinced it has to get much worse in order to get better. No meaningful change in habits will occur until the last several spoiled generations learn what real hardship is. It's not in anyone's interest to change when life is good.

Ditto.... people think the riots after a big city team looses a basketball game were bad, they have not seen nothin yet.
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Re: The Taboo Cause of Income Inequality

Postby SpinnerMan » Fri May 16, 2014 9:03 am

I just happened to stumble on an old article where Cuba is arguing FOR income inequality.

http://news.bbc.co.uk/2/hi/americas/7449776.stm
Vice-Minister for Labour Carlos Mateu said the current system - in place since the communist revolution in 1959 - was no longer "convenient".
He said wage differentiation should improve production and services.


This is so obvious. No wonder liberals don't get it. Yeah, yeah, I know they will argue that they are only talking about the excessive inequality. OK, so where is the turning point? Of course the answer to that is whatever feels good to them because emotions are the best way to make complex decisions, especially in areas where you are not an expert on the subject and all you have is emotion.

The minister pointed out that the current wage system sapped employees' incentives to excel since everyone earned the same regardless of performance.

This is EXACTLY what our current welfare system does for the poor. No matter how much harder you work, your disposable income hardly changes and may fall, giving no incentive to spend more time working harder. That's why we see the economic stagnation at the bottom just like Cuba has seen for generations by removing the only incentive to work which is more money (aka income inequality).

It's harmful to give a worker less than he deserves, it's also harmful to give him what he doesn't deserve," the newspaper article said.
Who knew the Cuban leaders were a bunch of radical right-wingers? That couldn't describe my position more accurately. And how do we decide what is deserved? The free market. If Cuba had used it since 1959, their rich poor people would be complaining about the 1% and not stuck with this.
The average wage in Cuba for everyone - from doctors to farm labourers - is about $20 (£10) a month.

Look at the massive income inequality between doctors in Cuba and the poorest Americans. Do we need to redistribute from those rich Americans making $10k/yr to those average Cubans making $0.2k/yr?

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