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True, but it's the concentration of wealth that's the problem. If the CEO and investors gave a fair portion of the wealth they created to their workers (see Wal
by SolarNet 11y ago
True, but it's the concentration of wealth that's the problem. If the CEO and investors gave a fair portion of the wealth they created to their workers (see Walmart) or reinvested it into the company or other companies, then there wouldn't be a problem. The problem is ALL of that created wealth has gone to the people who control the capital. The workers (whose productivity has gone up nearly 300% since the last time real wages went up) deserve some portion of that return in, for example, fair wages. The labor market is not be a free market (for a number of reasons it likely never will be), and so we must regulate at least part of this equation.
And one way to do that is to put taxes on taking exorbitant capital returns as personal income; build something you want in the world with it instead (and in the process put it back into the economy). Another way, and one I'm partial to, is to institute a basic income, that way people will never work for exploitative wages, will always have a base of capital to pull from, and will bring the labor market to something much closer to a free market (where price discovery will actually work).
- mac01021 11y agoWhose productivity has increased threefold? How?