LSE study of the last 50 years of tax policy: keeping taxes low on the rich doesn't boost the economy, it just increases inequality

[Winehole23]

[Winehole23]

fish where the hsh are

[Winehole23]

the trend accelerated in 2020-1

[Winehole23]

education, all by itself, isn't a solution

I have become so tired of hearing about education that I have hopefully made the graph to end all graphs on this. In this graph we have the percentage of the population with high school degrees, the percentage of the population with college degrees, GDP per capita, and the average market income of the bottom 90% of income earners. They are all indexed to 100 at 1973. I realize it is a bit strange to index percentages of the population alongside levels, but I think it works here.


So take a look. Since 1973, the share of the population with a college degree has gone up from 12.6% to 30.4%, and the share with high school degrees has gone up from 59.8% to 87.6%. And it sure does show in productivity gains: since 1973, GDP per capita has gone up 82%. Meanwhile market incomes for the bottom 90% have completely stagnated. That green line, according to the education parrots, should be rising along with the others. Instead, it is completely flat, and in fact dips below the 1973 level in all but three years.

https://mattbruenig.com/2012/11/24/i...bution-stupid/

[Winehole23]

Mark Zuckerberg is 40% of the Millenial 5% share.

Fwiw, Millenials are the most educated cohort of US workers ever, in the most productive workforce in the world.

Follows the previous, though it preceded it in the thread.

[SnakeBoy]

Mark Zuckerberg is 40% of the Millenial 5% share.

Fwiw, Millenials are the most educated cohort of US workers ever, in the most productive workforce in the world.

So what point are you trying to make here? That the Silent Generation is dying off? That Boomers are the largest generation? That GenX'ers have entered their wealth building years? That Millenials are screwed?

All are true.

[RandomGuy]

So what point are you trying to make here? That the Silent Generation is dying off? That Boomers are the largest generation? That GenX'ers have entered their wealth building years? That Millenials are screwed?

All are true.

Opportunity is not what it once was, especially for younger people. We should actively do something about it, such as student loan forgiveness, or simply extend public education another four years for those who want it. Like they do in Europe.

[Winehole23]

So what point are you trying to make here? That the Silent Generation is dying off? That Boomers are the largest generation? That GenX'ers have entered their wealth building years? That Millenials are screwed?

All are true.

The free market no longer delivers the goods. Gross ac ulation of capital hinders productive investment and spreads social misery.

And yes, milllenials and Gen Z are screwed.

[SnakeBoy]

The free market no longer delivers the goods. Gross ac ulation of capital hinders productive investment and spreads social misery.

lol free market. That's the Fed you're talking about.

[DMC]

Opportunity is not what it once was, especially for younger people. We should actively do something about it, such as student loan forgiveness, or simply extend public education another four years for those who want it. Like they do in Europe.

Back in the good old days we could post online all day and night and never have to work, AND get paid for doing it! These days our wives have to work!

[DMC]

So what point are you trying to make here? That the Silent Generation is dying off? That Boomers are the largest generation? That GenX'ers have entered their wealth building years? That Millenials are screwed?

All are true.

He doesn't know what point to make. He just likes big busy charts he can regurgitate.

[Winehole23]

lol free market. That's the Fed you're talking about.

I agree that the so-called free market isn't free. Never has been.

[SnakeBoy]

He doesn't know what point to make. He just likes big busy charts he can regurgitate.

It was rhetorical tbh. His point is always some version of muh capitalism bad.

[Winehole23]

It was rhetorical tbh. His point is always some version of muh capitalism bad.

How it's good and bad is important.

[SnakeBoy]

How it's good and bad is important.

If you never present your alternative it is just whining and you never do

[Winehole23]

If you never present your alternative it is just whining and you never do

nah, you've not been paying attention.

[Winehole23]

A mixed system would be a closer approximation to the optimal imho. Absent monopoly/monopsony abusiveness, capitalism is great at setting prices and distributing goods. It's not so good at childcare, healthcare, housing, education and infrastructure. The profit motive sorts ill in many ways with the public weal and common prosperity.

[Winehole23]

A mixed system would be a closer approximation to the optimal imho. Absent monopoly/monopsony abusiveness, capitalism is great at setting prices and distributing goods. It's not so good at childcare, healthcare, housing, education and infrastructure. The profit motive sorts ill in many ways with the public weal and common prosperity.

How to fund it?

A wealth tax, yes, but more taxes for the middle class too. Robust public investment in the foregoing would lower the cost of doing business for everyone, preferably starting with Medicare for all.

[Winehole23]

the trend accelerated in 2020-1

Social misery from an epochal pandemic is a goldmine for those with ready cash to invest.

[Winehole23]

I'm looking at y'all too, Nancy Pelosi, Richard Burr and Randesivir.

[Winehole23]

A mixed system would be a closer approximation to the optimal imho. Absent monopoly/monopsony abusiveness, capitalism is great at setting prices and distributing goods. It's not so good at childcare, healthcare, housing, education and infrastructure. Acquisitiveness sorts ill in many ways with the public weal and common prosperity.

Besides protecting property, enforcing contracts and defending the country, that's sort of why we have a government at all, tbh.

[Winehole23]

"promote the general welfare and secure the blessings of liberty"

[Winehole23]

A mixed system would be a closer approximation to the optimal imho. Absent monopoly/monopsony abusiveness, capitalism is great at setting prices and distributing goods. It's not so good at childcare, healthcare, housing, education and infrastructure. The profit motive sorts ill in many ways with the public weal and common prosperity.

many, not all.

criticism is separation of the good from the bad, it's not all or nothing.

Gr. "krinein," to separate or distinguish

[Winehole23]

even Marx was a cheerleader of capitalism's expansion of productive capacity. his theory couldn't work without it.

[Winehole23]

IRS estimates selfish cheats and wealthy free lunchers hide $1 trillion annually


https://www.bloomberg.com/news/artic...-irs-estimates