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Forums - Politics - DO REAGAN ECONOMICS WORK? ?


I'm going to bed, I'm drunk and shouldn't be debating. MY BAD>



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The real problem is with the people in the U.S that allowed this to continue for 30 years, you would figure that at some point we would have went ape shit by now but noooooo......
Really folks we have a very good political system here, it's just that it got over ran by the rich and super corporations over the decades and we made them get away with it.
Obama had the U.S by the balls after his election and what did we do in the 2010 elections, we negated any chance he had at resolving some of our economic issues by setting the Republican up for a total victory. As if the Republicans were actually going to support Obama's efforts to remove some these 30 year old Republican made policies that basically sold our government to the highest bidder and lined the Republican and conservative Democrats pockets with infinite campaign/personal  funds/income.
The people of this nation have become way too distracted and sedated to even make an attempt to save whats left of this precious country. Bottom line, blame your goddamn selves you bunch of pussies.

http://www.youtube.com/watch?v=AYXKkNx4cnY



loy310 said:
The real problem is with the people in the U.S that allowed this to continue for 30 years, you would figure that at some point we would have went ape shit by now but noooooo......
Really folks we have a very good political system here, it's just that it got over ran by the rich and super corporations over the decades and we made them get away with it.
Obama had the U.S by the balls after his election and what did we do in the 2010 elections, we negated any chance he had at resolving some of our economic issues by setting the Republican up for a total victory. As if the Republicans were actually going to support Obama's efforts to remove some these 30 year old Republican made policies that basically sold our government to the highest bidder and lined the Republican and conservative Democrats pockets with infinite campaign funds.
The people of this nation have become way too distracted and sedated to even make an attempt to save whats left of this precious country. Bottom line, blame your goddamn selves you bunch of pussies.

Or maybe some of us just disagree with what exactly the problem is. I mean, I can't help but notice that the kind of people who stay up all night drinking and playing video games and finally pass out just around the time I'm leaving to go to work always seem to insist there is someone else ("teh rich!") keeping them down. Why would they even bother?

And do you seriously think it's only Republicans and Blue Dogs who get money from big business? Turns out Wall Street gives more money to that guy you insist was gonna crack the whip on them and fix everything than to anyone else.



The problem, the REAL problem, besides trickle-down, is the tax system.

There are currently so many loopholes that trickle-down cannot work. In theory, ie; on paper, it does work, because the money changes hands and creates taxable opportunities. However, the way it is now (even the fed chairman said so) the top 1% (and many other super rich) can literally go without paying any taxes due to loopholes.

The only real solution I've seen is to have a flat tax, because the current tax code is filled with these loopholes, and a flat income tax would have to start from scratch, but the flat sales tax looks promising too.

Also, our current market is not really a free market. We need to free up competition.



No idea, I wasn't alive during Reagan's time. All I know is I hate people who just want to blindly tax the rich because "they don't need that much money and they won't notice if we take half their money away". The government needs to keep its nose out of economics and let things work themselves out. After all, the government is there to protect the people, not to make everyone equal.



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How the fuck do you embed videos, nowadays? Why must it always change?

 

http://www.youtube.com/watch?v=vDhcqua3_W8



theprof00 said:
The problem, the REAL problem, besides trickle-down, is the tax system.

There are currently so many loopholes that trickle-down cannot work. In theory, ie; on paper, it does work, because the money changes hands and creates taxable opportunities. However, the way it is now (even the fed chairman said so) the top 1% (and many other super rich) can literally go without paying any taxes due to loopholes.

The only real solution I've seen is to have a flat tax, because the current tax code is filled with these loopholes, and a flat income tax would have to start from scratch, but the flat sales tax looks promising too.

Also, our current market is not really a free market. We need to free up competition.

Do understand that the top 1% do get taxed pretty heavily - they pay about 50% of all income taxes. However, I agree - too many loopholes are killing our tax system for the rich and middle class alike.

In other news, Bannedagain must be one of the worst debaters in VGC's history.



Back from the dead, I'm afraid.

SamuelRSmith said:

How the fuck do you embed videos, nowadays? Why must it always change?

 

http://www.youtube.com/watch?v=vDhcqua3_W8


I was going to point out something similar for bannedagain, but I thought I would just be wasting my time ...

One of the problems with inequality metrics (including the graph I used earlier) is that they don't control for other factors. Age is one factor that is well demonstrated by your video, and few people expect an 18 year old straight out of highschool to have the same earning potential as a 50 year old. Secondly, there is household composition as was pointed out (partially) by bannedagain ... Since the 1960s the number of single parent households has increased while, at the same time, the number of dual income homes has also increased; and the trend has been for women to choose more ambitious careers, while (at the same time) choosing a partner with an achievement level similar or greater to her own.

When you combine these together, we end up comparing a dual income household with a Doctor and a Lawyer at the end of their career against a single income household at the beginning of their career and complain that there is inequality between them.



HappySqurriel said:

On the topic of Obama, things will get worse under Obama because the core problem is still not being addressed; that the bottom 60% of adults of working age don't have the skills to be effective in our economy. When you have a world where a company can set up shop in China and hire unskilled workers for $1 to $2 per hour, why would they set up shop in the United States and hire similarly unskilled workers at $20 to $75 per hour (including benefits)?

If you want to argue about this core problem, can you answer what percentage of new jobs created require advanced skills and more training?  There may be a shortage of workers on the higher end, but exactly what is being created to absord 60% of the population and get them work?  And the issue of why also goes back to ALL jobs, even skilled ones.  Why hire American IT workers, when you can get Indian IT workers for a much lower rate.  Is there ANY profession not impacted by globalization, unless the jobs can't be moved, because they are physically tied to a certain area?



HappySqurriel said:
IseeLight said:
HappySqurriel said:
richardhutnik said:


The economy we have today is one, where if you can own assets, these asset will appreciate in value, also earn additional income, compounding what has been there previously.  And with lower tax rates, this compounding effect grows larger and larger.  The owning of assets that generate income has little to do with anyone's own competency or skills. In addition to this though is a scale effect that happens in regards to the area of intellectual properties and being networked, and globalization.  Jobs shift to all over the globe, keeping wages down, unless you are a top player, who is at the core of some intellectual property in demand, that has superior branding behind it.  If you are there, then the end result is you see large scale returns.  In short, be in the top 20% and you make a killing.  If you are anywhere else (bottom 60%) and you end up falling further behind.

Even then, it isn't about the skills or going to college.  It is about being in a place where you don't get buried via globalization and can have your job outsourced.  A system where the "bottom 60%" ends up falling way behind means an end to the middle class, and is primed for there to be uprisings happening.

No, it is 100% based on skill differences ...

The person who enters into Engineering, Computer Science or some other in-demand field in University earns significantly more than th person who studies English Literature or Women's Studies; and all university graduates have a much lower unemployment rate and far greater earning potential than those who only have a high-school education or less. There are similar patterns in trade schools, which are far more accessable that University being that you can get into a co-op or internship program that helps pay your tuition, the tuition is far lower in price, and the education is much shorter.

We have known since the 1970s that a high-school education simply wasn't enough for the average person to have a decent career, and that being a high-school drop-out was almost ensuring you would be a "failure", and yet our education system has chugged along producing the same mediocre results (or worse) completely oblivious to the destruction they would cause.

The super rich are mostly just inheritants though, and didn't actually do anything.


http://blogs.wsj.com/wealth/2008/01/14/the-decline-of-inherited-money/

For the sake of brevity, I didn’t cite the research behind the statement. But since many of you have asked, and we aim to please here at the Wealth Report, here are my three main data points:

1. According to a study of Federal Reserve data conducted by NYU professor Edward Wolff, for the nation’s richest 1%, inherited wealth accounted for only 9% of their net worth in 2001, down from 23% in 1989. (The 2001 number was the latest available.)

2. According to a study by Prince & Associates, less than 10% of today’s multi-millionaires cited “inheritance” as their source of wealth.

3. A study by Spectrem Group found that among today’s millionaires, inherited wealth accounted for just 2% of their total sources of wealth.

Each of these stats measures slightly different things, yet they all come to the same basic conclusion: Inheritance is not the main driver of today’s wealth. The reason we’ve had a doubling in the number of millionaires and billionaires over the past decade (even adjusted for inflation) is that more of the non-wealthy have become wealthy.

They inherited the assets that gain value or the money to invest in those assets, they didn't work or go to school for the money.