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Most people don't mind the elites having tons of money, which is one of the reasons why they do. There is not a ton of outrage about inequality. Orthodox capit
by dpweb 9y ago
Most people don't mind the elites having tons of money, which is one of the reasons why they do.
There is not a ton of outrage about inequality. Orthodox capitalism would say its just.
But, capitalism is to serve the well being of society, not the other way around, and it is possible to preserve the idea of a person compensated according to their contribution/work while maintaining a certain level of fairness for all.
That fairness can be measured by the inequality/wealth gap. Its been growing worldwide since 1980, except for Russia, nowhere faster than in the US. This is not a political argument its a fact.
Also, much of the political debate falls short. Its already accepted that govt should redistribute, to compensate for capital inherent advantage over labor, after all the us income tax is a progressive tax.
For instance, taxing incomes higher than cap gains results in increased inequality. Sure you can argue that's a hypothesis, but as far as hypotheses go, it doesn't boggle the mind.
Whats the plan? Lower corp rates, leave middle income rates essentially unchanged. Add in the new economy where people are less needed. Expect more inequality for the time being.
Btw, UBI is a lousy approach to solve this. You don't compensate people to not work. That brings inflation which is very bad. You correct for the imbalances of the rich feeding off the lower income groups in the tax code.