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Income Inequality

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Income inequality - this should make for an interesting discussion I think.

 

Given the political climate here in the US, with people like Bernie Sander's having strong opinions on top 1% of the wealth in the nation - what's your opinion concerning income inequality? 

 

Here's a few specific questions on the topic:

 

- Why does income inequality matter to you or people you personally know?

- Is income inequality good, bad, or amoral?

- Do those who find themselves in high income brackets have a responsibility towards those who are not?

- Should corporations be limited by laws on salaries that can be paid out to C-level executives? 

- If income inequality is a problem, how should that problem be resolved? What steps should be taken in government, in free-will corporate responsibility, or otherwise to reduce it?

- Should there be a direct (formula driven) relationship between the wages of an executive and the wages of entry level employees?

- What impact would changing the minimum wage have on income inequality?

 

Some related articles I've recently read on the topic:

10 Solutions to Fight Economic Inequality

- Income Inequality

What's So Bad About Income Inequality?

 

I'll post some of my thoughts later as I formulate more concrete ideas on the topic. 

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If all the world were wealthy, happy, and wise, it wouldn't matter much if some were wealthier, happier, and wiser than others, imo.

 

However, that isn't the world in which we live. In our world, low-income families suffer from systematic disadvantages that make them less likely to succeed educationally, professionally, and personally. Redistributive programs that seek to raise the condition of the least-well off at the expense of the most well-off achieve a moral good and contribute to the economy as a whole. As Paul Krugman writes:

 

Doesn’t taxing the rich and helping the poor reduce the incentive to make money? Well, yes, but incentives aren’t the only thing that matters for economic growth. Opportunity is also crucial. And extreme inequality deprives many people of the opportunity to fulfill their potential.
 
Think about it. Do talented children in low-income American families have the same chance to make use of their talent — to get the right education, to pursue the right career path — as those born higher up the ladder? Of course not. Moreover, this isn’t just unfair, it’s expensive. Extreme inequality means a waste of human resources.
 
And government programs that reduce inequality can make the nation as a whole richer, by reducing that waste.
 
Edited by Chris-M

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I don't have time for a long post rn, but just wanted to jump in with a book rec. on this topic for anyone who's interested: The Cost of Inequality: Why Economic Equality is Essential for Recovery by Stewart Lansley. Really good! 

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