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How wealth is really distributed

Most of you have already seen this video.  I’m reposting it here for those of you who lurk here from the right.

Wealth *is* being redistributed in this country.  It’s going to the people at the top.  “Oh, sure”, you say, “that’s just statistics and you can make statistics lie and stuff.”  Now, you’re beginning to sound like Stephen Colbert.

The point of this video is not to attack wealth.  The point is that it is concentrated in the hands of too few people to the detriment of everyone else.  A corporate CEO does not work 380X harder than his accountant and even garbagemen deserve a living wage. For too many people, a living wage is not a reality.

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20 Responses

  1. Should wages and benefits be based on the market value of labor or on the profits of an employer?

    • Shareholders are not the only people with claims on profit. There is a level of wealth beyond which money is meaningless. It doesn’t improve the economy if its not being used.
      As for market value of labor, I know that the market no longer values the labor of researchers but that will change in the next plague era. Sometimes, the market needs to look beyond immediate value now, now, now.

      • Exactly, just as the ‘TO BIG TO FAIL BANK simply kept the money (rather than making loans to small business/or ppl) they were given by the government and even passed on bonuses to executives for their FAILURES!

    • wages AND benefits? ‘Benefits’ befits the well-being of the entire populace. That’s why I think peeps like Ted Cruz should eat a dick straight up when they say Medicaid expansion hurts people. Just saying

    • There is no market value for labor any more than there is a market value for CEOs. Labor gets what it can bargain for. If the rules are changed to undermine labor’s right to negotiate a living wage, we’ll have a labor force replete with low wage workers. Likewise , if executives stack their compensation boards with cronies, they’ll pay themselves large amounts with no checks or limits.

  2. Congrats, RD, you have your own freeeper style stalkers.
    Ugh.

  3. Here’s an example of wealth redistribution upward that Republicans oppose…from my FBook page:

    In a move that places the administration to the right of the most extreme of the Republican party, Obama seeks to “privatize” the TVA.

    While many people I know up here would enjoy screwing over the south, if this goes through, look for Republicans to retaliate by destroying the economic wellspring of the Northwest. Say goodbye to profitable industry, agriculture and fisheries if Bonneville is turned over to private ownership. Oh yeah, all those server farms along the Columbia that help make the NW a tech mecca…bye..bye to those too.

    “Federally owned energy producers “have been a bedrock of local economies,” Chu said. “It would be shortsighted to sell off this kind of public asset in search of short-term revenues.”

    http://www.bloomberg.com/news/2013-04-12/parties-switch-roles-over-possible-u-s-sale-of-new-deal-era-tva.html

    • About retaliating againts the Northwest’s public works if “sell the TVA” goes through . . . nothing would please Obama more. That is probably Obama’s long game and long goal . . . to be America’s Yeltsin.
      Friends don’t let friends vote Republican? Even if it is the Republicans who stop Obama and his Yeltsin Democrats from giving the TVA away to leveraged private buyers? Democratic officeholders themselves who wish to be re-elected should think about whether they want to be Obama’s Catfood Yeltsinites or not.

  4. Off Topic but…

    The author states the US should start another e’ffing war.

    The author never wore a uniform.

    The author admits he has no idea how North Korea will react, but assures us, without a trace of proof…that war will be contained to the Korean peninsula.

    The author then goes on to admit he has no idea how China will react.

    This is what passes for “leftist intelligentsia” nowadays. Certifiably nuts.

    http://www.nytimes.com/2013/04/13/opinion/bomb-north-korea-before-its-too-late.html?pagewanted=all

    • This article is evidence of the author’s insanity…..we should start a war to prevent a war. He just assumes N Korea will absorb an attack on its missile launch sites without retaliation because China will stop an escalation. And we should do this because NK uses threatening language and makes threatening gestures without actually doing anything. This is something we’d expect from a neoconservative, I looked at the by-line and expected the author to be William Kristol or Michael Ledeen.

  5. Riverdaughter, it is a global problem.
    Global Wealth Inequality – What you never knew you never knew: http://youtu.be/uWSxzjyMNpU

    • It’s a lot worse in the US than in other “developed” countries. As of about 5 years ago (latest stats on wikipedia) we ranked 32nd of 35 OECD countries in income inequality after taxes ahead of only Turkey, Mexico and Chile (economy designed by Milton Friedman). No modern country is as bad as the US.

      Higher inequality is not only worse for “most of us” but worse for growth, productivity, everybody but the top 1%.

  6. The problem with concentrated wealth is that the wealth is used to manipulate the rules which in turns further increases the inequality gap. The money is used to buy protection from the political system which would otherwise require its redistribution. This is what Michael Hudson calls “rent seeking ” behavior, and to my knowledge, very few economists–even Paul krugman- acknowledge it. Stiglitz discusses it, and Dean Baker demonstrates how the elites rig the rules in their favor. ( see his e-book The Conservative Nanny State for a description on how rules are bent to favor the wealthy ).

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