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View Diary: Bill O’Reilly Gets Smacked By Economics Professor - Nanny States Actually Do Better (VIDEO) (82 comments)

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  •  To illustrate why skewing distribution (0+ / 0-)

    toward the ultra-rich damages the economy:  the guy who just won the lottery takes home over $150 million.  What does he want to buy?  A car.  One car.  He might buy a house.  One.  And the bank or investment firm when they get their hands on the money to invest it for him?  Very likely much of that money--every penny taken from US citizens--will go abroad into the hands of international corporations and end up hiring even more foreign workers to put American workers out of jobs, or drive American wages even further down.  Thus making them even more desperate and more willing to plunk down money for the long shot lottery ticket.  Sure the winner paid a bunch of taxes, far more than Exxon you can bet, but he won't do much to stimulate demand in the US.  And I bet next year when he files he'll have a hotshot lawyer to reduce his taxes to ridiculously low levels like everyone else with a 150 million in their pocket.  The nature of concentrated wealth is to concentrate spending into fewer and fewer hands, and THAT is what spirals the economy downward for everyone no matter how much "richer" the rich get by taking more and more.  Pass the minimum wage increase and tie it to inflation.  That will do more to improve the US economy and everyone's lives than any number of gigantic lottery winners.

    America needs a UNION NEWS channel. We (unions) have the money, we have the talent. Don't buy 30 second time slots on corporate media, union leaders; fund your own cable news channel and tell the real story 24/7/365

    by monkeybrainpolitics on Tue Mar 26, 2013 at 02:11:07 PM PDT

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