| Welcome to Perspectives. We hope you enjoy your visit. You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free. Join our community! If you're already a member please log in to your account to access all of our features: |
- Pages:
- 1
- 2
| Report: 74% of Billionaire Wealth from Rent-Seeking | |
|---|---|
| Tweet Topic Started: Apr 5 2016, 07:41 PM (1,317 Views) | |
| Gizmolove | Apr 6 2016, 01:21 AM Post #21 |
|
Gizmolove
|
Be careful that Wilmywood doesn't hear you say that. |
| When it comes to lying, cheating, or stealing, consult your DNC or GOP handbook. | |
![]() |
|
| Attaburnsinhell | Apr 6 2016, 05:37 AM Post #22 |
|
Libertarians are at their core money misers. They're tight fisted skin flints who consider any form of taxation to be ''stealing'' by government, so in they're minds if one eliminates government they get to keep all their money. They also like to babble on about the constitution, and how they're such ''originallists. Nevermind the fact that constitutionally it's the original obligation of government to raise taxes in order to promote the general welfare. It's a pathology with them |
![]() |
|
| Harambe4Trump | Apr 6 2016, 08:01 AM Post #23 |
![]()
|
How are oil, forestry, IT, or even finance rent-seeking? You drive in cars, fly in planes and sit on wooden chairs, don't you? |
|
Skipping leg day is the equivalent of a woman having an abortion. You're ashamed of it, and it was probably unnecessary. #MAGA #wallsnotwars | |
![]() |
|
| estonianman | Apr 6 2016, 08:55 AM Post #24 |
![]()
|
Nneo is grounded, which is why I am surprised he made this comment. Now I learn he is 50+ years old, sad. Giz is a moron - so I am not surprised there. You are a troll, but so am I. I understand your plight. Trickle down is a myth started by leftists hating Reagan - whom they should have loved due to his propensity to expand government and his love of high taxes, after 1983 of course. You know with all the erections Keynesians have for false heroes in the economy, one FED chairmen really pulled through - Volckner. But that is for another time. and let's be clear, the only trickling down that has been occurring for the last 5 decades has been the wealth of the citizens trickling down to the coffers of the State. That's attanomics for you - which is why the west is in such dire straights. tl;dr anyone that has their head on straight understands that "trickle-down" is bullshit. Truth is the rich have moved their money to more capital; friendly environments, to avoid the massive transfer payments to DC. |
| MEEK AND MILD | |
![]() |
|
| estonianman | Apr 6 2016, 08:57 AM Post #25 |
![]()
|
I'll explain your entire existence in a nutshell. "Trickle-down economics" is a made-up pejorative term used to describe certain ideas and policies by people who don't care to actually understand them. Edited by estonianman, Apr 6 2016, 08:57 AM.
|
| MEEK AND MILD | |
![]() |
|
| estonianman | Apr 6 2016, 09:00 AM Post #26 |
![]()
|
The real voodoo is "trickle down". Pro-tip: Reagan passed some of the largest tax increases in US history. People are catching on to Attanomics, so the goal for politicians is to pretend it doesn't exist to they can to continue to expand it. |
| MEEK AND MILD | |
![]() |
|
| jake58 | Apr 6 2016, 09:08 AM Post #27 |
|
... and yet no one points out the biggest rent seeker going... 40+% of GDP and counting |
| That which can be asserted without evidence; can be dismissed without evidence- Christopher Hitchens | |
![]() |
|
| Deleted User | Apr 6 2016, 09:09 AM Post #28 |
|
Deleted User
|
Using a member's real first or last name will be disallowed in the new rules, whether they have let the cat out of the bag in the past or not. Just a kind advisement. |
|
|
| Attaburnsinhell | Apr 6 2016, 09:10 AM Post #29 |
|
Trickle down economics is an accurate descriptive term for the con job conservatives pulled with their small government scam. The idea was that if you gave large tax cuts to the wealthy, they would turn around and invest that extra cash in American jobs. Never happened, they took that cash and kept it for themselves, pouring most of it in the stock market, or moved their companies overseas. The final shakeout was trickle up economis-all the wealth of the middle class went to the wealthy |
![]() |
|
| estonianman | Apr 6 2016, 09:13 AM Post #30 |
![]()
|
"Trickle down" has never existed outside of populist rhetoric, bailouts and subsidies. |
| MEEK AND MILD | |
![]() |
|
| Attaburnsinhell | Apr 6 2016, 09:23 AM Post #31 |
|
How would you know, you live inside your libertarian bubble |
![]() |
|
| nNeo | Apr 6 2016, 10:47 AM Post #32 |
|
How in the world did you get from what I wrote to that? Not even close. |
| “Strong people don’t need strong leaders.” | |
![]() |
|
| George Aligator | Apr 6 2016, 11:49 AM Post #33 |
|
There may be a member or two who doesn't understand the economic term of art "rent." The dictionary definition is clear: Economic rent is the positive difference between the actual payment made for a factor of production (such as land, labor or capital) to its owner and the payment level expected by the owner, due to its exclusivity or scarcity. One must bear in mind that the biggest source of such exclusivity or scarcity is the government. Laws making marijuana illegal, for example, create a risk to producers and sellers that raises the street price above what 420 would cost on a "free" market. I mention this because the role of the government as a creator of rents as well as the largest purchaser of goods and services in the US economy points inescapably to the reality that income distribution (or, if you prefer, class structure) is a government function. |
| Conservatism is a social disease | |
![]() |
|
| estonianman | Apr 6 2016, 09:43 PM Post #34 |
![]()
|
I am sorry you feel that way |
| MEEK AND MILD | |
![]() |
|
| nNeo | Apr 6 2016, 10:47 PM Post #35 |
|
Actually it's a very well known pejorative term that's been widely used longer than you've been alive, often by people who understand economics quite well ![]() |
| “Strong people don’t need strong leaders.” | |
![]() |
|
| estonianman | Apr 6 2016, 11:01 PM Post #36 |
![]()
|
name one Edited by estonianman, Apr 6 2016, 11:01 PM.
|
| MEEK AND MILD | |
![]() |
|
| nNeo | Apr 6 2016, 11:58 PM Post #37 |
|
"name one"? ROTFL Seriously? okay, more than one... Greg Mankiw, David Stockman, Nouriel Roubini (who also called it "voodoo"), John Galbraith, Mohsen Bahmani and his brilliant daughter (who also has a phd in econ), Andy Samwick, Janet Rogers, Fassil Fanta, Brad DeLong... want more? I can keep going. I think Will Rogers said it originally. The terminology isn't important. The point is that capital is a factor of production, but more only acts as a stimulus up to a point. Once you have the means of production fully capitalized, that's no longer the limiting constraint, so making the very rich even richer has no significant benefit to productivity or the broader economy. In simple terms, a factory owner having more money doesn't create more customers. The notion that concentrating wealth creates growth is pervasive, but unsupported. History shows otherwise. None of which translates into "government is the answer" or anything remotely like it. I suggest trying to see beyond black and white. Economics is about dynamic balances, not absolutes or ideologies. btw, Federal tax revenue was at a peak (about 18.5% of GDP) around the start of Reagan's term. It was mostly 16 to 17.5 after that. Spending increased relative to GDP, hence the growth of deficits during his terms, and a "stimulus" - on borrowed money. Edited by nNeo, Apr 7 2016, 12:03 AM.
|
| “Strong people don’t need strong leaders.” | |
![]() |
|
| estonianman | Apr 7 2016, 12:10 AM Post #38 |
![]()
|
I understand media pundits have talked about "trickle down" - but anyone that has studied economics, understands that it is not a thing in economics.
I agree with this - but would also like to add that the FED has added to this immensely, it has nothing to do with trickle down but more the result of adding to asset bubbles. Currently this is the stock market bubble - and to be honest I have to agree with atta here - people invest in buckets of company shares to make money. that's great eventually this money goes to market - but the FED doesn't want it to. Instead the current FED wealth effect scheme is the NYSE. This never existed during Reagan's era - so the trickle down mantra from that era is still considered a pejorative. What I consider trickle down: There are all kinds of stories you can tell that make the case for trickle down plausible, and evidence to back those stories up. What supply-side believers believe is not that wealth trickles down to the poor via lavish spending, but rather, that investment leads to growth in real output, and so investment incentives are good for output. There is an extremely large body of theory and evidence (much larger than any evidence on the negative effects of inequality) backing the proposition that investment is good for growth. So the supply-side story isn't that the rich guy gets a tax break and immediately hits up the faberge egg store and leaves the sales guy a trickle-down tip. The story is that the recipients of investment incentives -- many of whom are rich by default -- don't spend the extra cash, but rather, invest it. So the supply-sider will believe that we ought to keep taxes on investments low. Since rich people are often the ones who can make use of investment incentives, this often ends up being a tax cut to the rich, but there aren't economists who believe that the policies are good because they target the rich.
Fair enough. Edited by estonianman, Apr 7 2016, 12:11 AM.
|
| MEEK AND MILD | |
![]() |
|
| 1 user reading this topic (1 Guest and 0 Anonymous) | |
| « Previous Topic · Op EDITORIALS: personal & political governance · Next Topic » |
- Pages:
- 1
- 2











8:27 PM Jul 10