Speaking with Bloomberg’s Tom Keene, Paul Krugman claimed on Thursday that economic inequality in the U.S. is not only at Gilded Age-levels but is approaching a scale previously unseen in human history.
“We’re really starting to set new records here,” Krugman told Keene. “Is that a good thing for anybody?”
Krugman argued the answer is no, and that massive inequality is not merely offensive to the American sense of fairness but is actually bad for economic growth, too. “There is zero evidence,” Krugman said, “that the kind of extreme inequality that we have is good for economic growth.”
He made these comments as news leaked that he will, next year, be paid $25,000 per month by the, get this, Income Inequality Institute. (SEE: This Is Not a Joke: Krugman to get $25K/mo from Income Inequality Institute).
Here is the 25k per month man, with a straight face, speaking out against income inequality. (Note well: According to the Census Bureau, the median HOUSEHOLD income was $51,017 in 2012)
crime is pretty bad, too............and we're sitting between a rock and a hard place, therefore, the non- cronies will be CRUSHED.
ReplyDeleteCrime in Our PEU World
Our world has politicians Red and Blue. Both love PEU.
Economic elites and organised groups representing business interests have substantial independent impacts on US government policy, while mass-based interest groups and average citizens have little or no independent influence.
Research confirms what many of us already knew in our gut.
http://peureport.blogspot.com/2014/04/crime-in-our-peu-world.html
Krugman, America was not built on "fairness" but on free market entrepreneurship. Andrew Carnegie may have been stinking rich but he REDUCED the price of steel rails by 90 PERCENT! You know what that means? It means that everything that required steel for production was MUCH cheaper. People could now buy things that were before too expensive to buy or even to create for mass production.
ReplyDeleteWas it "fair" that Carnegie was super rich while I'm not? No. But so what? Because of men like him the average American eventually lived better than the Great Khans, the Caesars, and the old kings of Europe!
Hell, if someone from the medieval period saw all of the technological gadgets we have they'd have considered it magic or witchcraft! I can talk to Robert Wenzel or any of you people in SECONDS on chat or post here and wait for RW to see it. When he does he decided whether or not to post it and where ANYONE with an internet connection all across the globe can see it.
I'll take that over "fairness" any day!
really....show me where the free market is....?
DeleteIs it in debt?
real estate?
currency?
milk?
sugar?
stocks?
gold?
silver?
level 3 assets on the books of banks?
where is it...........explain.
I said it was BUILT on free markets (and no I don't mean FULLY free. You can't really do that unless you get rid of government altogether) not that there is any right now. IOW, I'm referring to the past.
DeleteNot sure how long it is going to take before the general populace attributes the blossoming of quality of life to technological growth and scientific advancements. The collective, aggregate work of entrepreneurs, engineers, scientists, technologists and so forth are the reason that we do not live as barbarians, despite the destructive nature of government over the course of human history.
DeleteWe can view the passage of history as a race between technology, which inevitably elevates quality of life and government (collectives of individuals in and benefiting from power centers) who drag the human race down, and who cyclically and reliably cause mass and uncontrolled bouts of widespread pain and destruction. If technology lets up, the world will likely crash and burn.
I feel significant inner pain when I realize that most people hold no real understanding or appreciation for technology and science, and by proxy entrepreneurs, whom they more often than not vilify. I'm young, and I remember clearly how Andrew Carnegie was posed as an evil businessman in the throws of my indoctrinating history class.
If you really dig into the minds of those around you, you are likely to find that the majority?attribute their quality of life (relatively perceived) as something nurtured by government through would-be saints like FDR.
Why no discussion about income inequality between the private and government sectors? Why no discussion about income inequality between the productive sector and the financial sector? Why no discussion about income inequality between the working class and the global financial "bail-out" class?
ReplyDeleteAnswer: Because it is a sham to rob you. Crud-man is a very well paid whore for the crony financial monopoly system.
"Why no discussion about income inequality between the private and government sectors?"
DeleteShhhh! You're not supposed to talk about that remember?
Huh. So this jerkoff will stick his thumb up his ass and get in one month about what's left of what I work to make in a year after his beloved U.S. government is done raping me. Makes sense.
ReplyDeleteKrugman once argued that Americans should not have guns bc we have police. Now that is the best example of all of inequality! Who do the police to and help first? Those with govt connections or power. Luckily, the great equalizer in most of the nation are gun rights for the average citizens
ReplyDelete