Re: (Un) Affordable Care Act - the Uncomfortable Truth
You are conflating "wealth inequality" with "banksters getting rich".
Yes, some banksters get rich. That is bad. The government needs to be stripped back in its powers so that those who run it can't use it to hand taxpayer money to their cronies or give them unfair advantages. But banksters getting rich is not what I am talking about.
My point is that growing wealth inequality is the sign of a healthy modern economy and that there is nothing immoral about people who create great amounts of value having a great deal more wealth than those who don't. As technology advances, disciplined smart people can use it to create more and more value. They create great new inventions, new management techniques, etc. That creates value that they then sell to willing customers, and they get rich and the customers are better off. This is a good thing.
There is a logic error here that I am objecting to. It goes something like this:
The mistake I am objecting to is the demonization of "wealth inequalities" per se. That's what you hear all the time in the media: "we've got to do something about this growing wealth inequality!" as if it was self-evident that wealth inequalities were a bad thing or arise from some kind of injustice.
Then those who, for whatever reason, are hostile to the idea that some people are very rich come up with some examples where someone got rich dishonestly or immorally. Because SOME people got rich dishonestly or immorally, that is supposed to prove that wealth inequality is bad. Wrong.
Growing wealth inequality is a good thing when it is the result of honest people leveraging technological improvements to create more and more value.
We have a huge economy. The great majority of it is honest people creating and selling products to willing customers. Some portion of it is banksters and the like, and they should have gone bankrupt in 2008. There is no defending them and I don't. But the fact that SOME people get rich because they are dishonest or immoral does not mean that "wealth inequality" is a problem.
Originally posted by shiny!
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Yes, some banksters get rich. That is bad. The government needs to be stripped back in its powers so that those who run it can't use it to hand taxpayer money to their cronies or give them unfair advantages. But banksters getting rich is not what I am talking about.
My point is that growing wealth inequality is the sign of a healthy modern economy and that there is nothing immoral about people who create great amounts of value having a great deal more wealth than those who don't. As technology advances, disciplined smart people can use it to create more and more value. They create great new inventions, new management techniques, etc. That creates value that they then sell to willing customers, and they get rich and the customers are better off. This is a good thing.
There is a logic error here that I am objecting to. It goes something like this:
- Banksters and other like them acquire very large amounts of wealth in immoral but "legal" ways by using their government connections.
- That leads to a large and growing wealth inequality between them and the shrinking middle class.
- It is bad that the banksters got wealthy like that.
- Therefore wealth inequalities are bad.
The mistake I am objecting to is the demonization of "wealth inequalities" per se. That's what you hear all the time in the media: "we've got to do something about this growing wealth inequality!" as if it was self-evident that wealth inequalities were a bad thing or arise from some kind of injustice.
Then those who, for whatever reason, are hostile to the idea that some people are very rich come up with some examples where someone got rich dishonestly or immorally. Because SOME people got rich dishonestly or immorally, that is supposed to prove that wealth inequality is bad. Wrong.
Growing wealth inequality is a good thing when it is the result of honest people leveraging technological improvements to create more and more value.
We have a huge economy. The great majority of it is honest people creating and selling products to willing customers. Some portion of it is banksters and the like, and they should have gone bankrupt in 2008. There is no defending them and I don't. But the fact that SOME people get rich because they are dishonest or immoral does not mean that "wealth inequality" is a problem.
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