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The logical extrapolation from what you are saying is command economy / forced mass redistribution to wealth. It's a great exercise to research the effects of

The logical extrapolation from what you are saying is command economy / forced mass redistribution to wealth. It's a great exercise to research the effects of this type thing historically.

jszymborski 4y ago
Has this happened often in free democracies? Would be interested in seeing what the outcomes there would be.
gpsx 4y ago
Wage inflation could accomplish this without forced redistribution. I’m hoping we get out if this with more wage inflation than price inflation, but monetary authorities don’t have the control to get a good outcome here (regarding inflation), and business is against it.
toomuchtodo 4y ago
Labor unions and taxes on the wealthy? Works out well. Cutting taxes to wealth inequality reduction is a fool's errand. https://www.cnbc.com/2017/08/09/the-happiest-countries-in-the-world-also-pay-a-lot-in-taxes.html https://www.cnbc.com/2017/08/09/the-happiest-countries-in-th...
mindslight 4y ago
No, it is not. In fact, this trope of pigeonholing any criticism as if it is advocating for a "command economy" is itself a large part of how we've gotten to the present condition. The federal reserve has kept interest rates artificially low for the past few decades, to sell broken unpopular policies to the public (eg Iraq war), to enrich the financial industry, and to simulate growth. The vibrance of capitalism relies on capital being distributed, so that it competes rather than acting uniformly. By flooding the market with newly created capital from a central source, the federal reserve has completely undermined capitalism and substituted it with the politics of who gets newly created money. One of the biggest recipients of new money has been the financial industry, which has even been whitewashed as some kind of neutral actor but is anything but. This is why more and more of people's every day lives have been financialized - made legible to the financial system and parceled out into monthly payments.

The logical extrapolation from what you are saying is command economy / forced mass redistribution to wealth. It's a great exercise to research the effects of this type thing historically.

jszymborski 4y ago

Has this happened often in free democracies? Would be interested in seeing what the outcomes there would be.

gpsx 4y ago

Wage inflation could accomplish this without forced redistribution. I’m hoping we get out if this with more wage inflation than price inflation, but monetary authorities don’t have the control to get a good outcome here (regarding inflation), and business is against it.

toomuchtodo 4y ago

Labor unions and taxes on the wealthy? Works out well. Cutting taxes to wealth inequality reduction is a fool's errand. https://www.cnbc.com/2017/08/09/the-happiest-countries-in-the-world-also-pay-a-lot-in-taxes.html https://www.cnbc.com/2017/08/09/the-happiest-countries-in-th...

mindslight 4y ago

No, it is not. In fact, this trope of pigeonholing any criticism as if it is advocating for a "command economy" is itself a large part of how we've gotten to the present condition. The federal reserve has kept interest rates artificially low for the past few decades, to sell broken unpopular policies to the public (eg Iraq war), to enrich the financial industry, and to simulate growth. The vibrance of capitalism relies on capital being distributed, so that it competes rather than acting uniformly. By flooding the market with newly created capital from a central source, the federal reserve has completely undermined capitalism and substituted it with the politics of who gets newly created money. One of the biggest recipients of new money has been the financial industry, which has even been whitewashed as some kind of neutral actor but is anything but. This is why more and more of people's every day lives have been financialized - made legible to the financial system and parceled out into monthly payments.