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Don't you think the people who are more zero sum, are the ones who are very focused on inequality (rich getting richer means poor getting poorer), who are also

Don't you think the people who are more zero sum, are the ones who are very focused on inequality (rich getting richer means poor getting poorer), who are also the ones who are most likely to support stuff like this? Direct payments, minimum wage, guaranteed income, welfare, etc?

CrossVR 2y ago
> rich getting richer means poor getting poorer If the rich getting richer drives up inflation then that does indeed mean that the poor get poorer.
- JumpCrisscross 2y ago
  > If the rich getting richer drives up inflation Big if! (Inflation drives both price levels and wages.)
  - CrossVR 2y ago
    We're talking about the poor here, not the middle class. A lot of states haven't raised their minimum wage above the federal minimum wage, which hasn't been raised since 2009. Also even if wages go up inflation still reduces the wealth owned by the middle class. Especially given that interest rates on savings hasn't kept pace with inflation for decades. So unless you own a house or a stock portfolio even the middle class gets poorer due to inflation.
    - JumpCrisscross 2y ago
      We have zero evidence inequality drives inflation.
      - CrossVR 2y ago
        Sure that's an if, but the effects of inflation certainly exacerbates that inequality. Thus the rich get richer while the poor get poorer. It's just a question of cause and effect.
        JumpCrisscross 2y ago
        > It's just a question of cause and effect Yes. That’s a pretty critical question. High inflation drives inequality. (Moderate depends on the savings rate.) We have zero evidence inequality drives inflation.
tavavex 2y ago
To add on what the other person said, the rich getting rich can indeed directly lead to the poor getting poorer. Money is influence, and especially in the US, a sufficient amount of money can buy anything. As the ultra-rich category of people accumulate more wealth, together they become the most important bloc to serve. Hell, you guys just directly cut taxes from the rich and raised on the poorest - what's that but not 'poor getting poorer'?
relaxing 2y ago
> rich getting richer means poor getting poorer That is not how the saying goes. https://en.m.wikipedia.org/wiki/The_rich_get_richer_and_the_poor_get_poorer https://en.m.wikipedia.org/wiki/The_rich_get_richer_and_the_... It’s said as a statement on policies that benefit the rich and hurt the poor, not on fixed money supply.

CrossVR 2y ago

> rich getting richer means poor getting poorer If the rich getting richer drives up inflation then that does indeed mean that the poor get poorer.

JumpCrisscross 2y ago
> If the rich getting richer drives up inflation Big if! (Inflation drives both price levels and wages.)
- CrossVR 2y ago
  We're talking about the poor here, not the middle class. A lot of states haven't raised their minimum wage above the federal minimum wage, which hasn't been raised since 2009. Also even if wages go up inflation still reduces the wealth owned by the middle class. Especially given that interest rates on savings hasn't kept pace with inflation for decades. So unless you own a house or a stock portfolio even the middle class gets poorer due to inflation.
  - JumpCrisscross 2y ago
    We have zero evidence inequality drives inflation.
    - CrossVR 2y ago
      Sure that's an if, but the effects of inflation certainly exacerbates that inequality. Thus the rich get richer while the poor get poorer. It's just a question of cause and effect.
      - JumpCrisscross 2y ago
        > It's just a question of cause and effect Yes. That’s a pretty critical question. High inflation drives inequality. (Moderate depends on the savings rate.) We have zero evidence inequality drives inflation.

tavavex 2y ago

To add on what the other person said, the rich getting rich can indeed directly lead to the poor getting poorer. Money is influence, and especially in the US, a sufficient amount of money can buy anything. As the ultra-rich category of people accumulate more wealth, together they become the most important bloc to serve. Hell, you guys just directly cut taxes from the rich and raised on the poorest - what's that but not 'poor getting poorer'?

relaxing 2y ago

> rich getting richer means poor getting poorer That is not how the saying goes. https://en.m.wikipedia.org/wiki/The_rich_get_richer_and_the_poor_get_poorer https://en.m.wikipedia.org/wiki/The_rich_get_richer_and_the_... It’s said as a statement on policies that benefit the rich and hurt the poor, not on fixed money supply.