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Staggering Video on Wealth Inequality

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  • Center Left
    Independent
    Denton, TX
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    IMO, capitalism is the best economic system that we have to date, but there are still major flaws in the system. Check out this video outlining the biggest of these flaws

    Video

    This issue is huge and I don't have any solutions to this, but this is a problem that should be discussed, analyzed and approached, hopefully in a civil manner. How should we, as a people go about addressing this?
  • Strongly Liberal Democrat
    Democrat
    Dallas, TX
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    My friend and fellow D/FW MMT'er, Dr. John Harvey, professor of economics at Texas Christian University and Forbes columnist, had this to say:

    "Whether you think it's fair or not, the situation this video so clearly depicts is a terrible drain on the level of economic activity. In 2012, the top 20% of Americans spent 60% of their income, while the bottom 80% spent 90%. A healthy, capitalist economy needs a lot of wealth and income in the hands of those who will spend it and thereby create the demand that creates income, profits, and jobs. Contrary to popular belief, we do not need the wealthy to save in order to create the loanable funds in banks that are then borrowed by businesses. The financial system can make UNLIMITED loans without a single penny of savings in the vault at the outset (so long as the central bank is interest-rate targeting, which is what they do). Bottom line: market economies need a more even distribution of wealth and income than we have if they are to operate efficiently."
  • Strongly Liberal Democrat
    Democrat
    Dallas, TX
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    #MMT GRAND BARGAIN: RAISE SSI BENEFITS AND CUT THE REGRESSIVE FICA PAYROLL TAX. #The Deficit is Not High Enough! #Government deficit=non government surplus! #It's An Account Identity, Stupid. #Limits are on the real side of the economy, not on the financial side of the economy. #Monetary policy is about price, not quantity. #Quantitative easing is a tax, not "printing money." #The funds to pay our taxes and buy government securities come from government spending. #The Federal Government is a Scorekeeper. #Unlimited points, limited real resources. #Involuntary unemployment is a direct consequence of the issuer not spending enough for users to pay their taxes and save what they try to save. #Involuntary Unemployment is a Cost-Driver, not a Price-Stabilizer. #Unemployed resources=fiscal space. #Job Guarantee as Full Employment and Macro-Price Stablizer. #Let my people work! #The purpose of the people's purse is public purpose!