Posted on 06/21/2006 2:27:15 AM PDT by Oshkalaboomboom
Income disparities are an increasingly serious problem in this country. At present, the top fifth of the population receives more than 50 percent of the nation's annual income, while the bottom fifth receives around 3.5 percent. In addition, the percent of total national income has declined over the past quarter-century for the bottom 80 percent — while the share of the top 20 percent has steadily increased. As a result, we are approaching the income disparity levels of a Third World country.
Those who comment on America's income disparity often speak in terms of social stress. If these disparities continue, they suggest, we are likely to suffer from widespread demoralization or increasing class conflict. This seems to be an unpromising strategy, not only because there is no empirical evidence that it's occurring, but also because of its implicit, if strongly suppressed, suggestion that the poor and middle class ought to become more rebellious — something that would probably do no one very much good.
unfair. Most of the adults in those lower four-fifths, even the ones in the lowest, work for a living, and most work as hard as the people in the top fifth. Our system is tilted against them.
The reason for our income disparity is not that the people in the top fifth deserve so much more money, but that we have a regressive tax system, excessive tax loopholes for the wealthy, unmonitored corporate compensation and a defective public educational system that limits social mobility and the ability of people who can't afford private school to develop their talents. The image of the lazy, unmotivated poor is largely a myth, and certainly doesn't apply to four-fifths of our population.
(Excerpt) Read more at ajc.com ...
If me, or everyone else for that matter, were taught basic 'compounding interest' in school, we'd all have nice nesteggs put aside.
Example: If the government TRUELY cared about the children and their future, Washington would setup an individual account the day each child is born and deposit, say, $2,000 in a Fortune 500 Index Fund (many to choose from), given the average rate of return over 60+ years and not having the child contribute one more dollar during that time, that child would have over 1/4 $Million bucks at retirement age. What need is there for social security? This is their money along the way and will be part of the estate and can be willed to whomever in case of death.
If these same children would contribute steadily a small percentage of their earnings into this plan over their lifetime, most would be multi-millionairs.
Family structure is key. The substantial majority of households in these brackets have two (or more) incomes. A married schoolteacher couple with 20 years seniority or the accountant married to the police officer are very likely to be in the top 20%. Mr. Rubin professes not to understand why so many Americans identify with the uppper brackets. His confusion would be solved if he looked at some data.
What I suspect he is agitated about is not the top 10 or 20 percent (the upper middle class), but rather the top 1 or 2 percent, who are well into the six figures. These people do indeed make more than law professors; hence Rubin's resentment. But these people are very few in number, and they consist disproportionately of the people who build successful businesses. They are the wealth creators for the rest of society. It is foolishness to try to eliminate their incentives to succeed; all of us would be poorer for it.
One important point to note about liberals and leftists -- when even the "poor" in our nation live in heated homes with running water and working sanitation, and are not deficient in caloric intake, and own luxuries and conveniences in addition to nice cars ... then the leftists start talking about income disparity. Everyone might be healthy and well-provisioned but the leftists still need a cause so they create this one.
Sheesh. At least we Freepers don't fall for it.
That's because the bottom 4/5 of the population can't do the jobs the upper 1/5 can. If you want to help, use your gardener the next time you need brain surgery.
OK, let's start by docking this d-ckhead 50% of his pay because this editorial is so sophomoric ... any poly sci major at a lowly state U could have penned this POS which poses as an opinion column.
I hate socalism and the socialists that try to cram it down my throat.
"Sounds to me like a great argument for vouchers! :)"
Nice thought, but for this d-ckhead he is using the comment as a basis for higher property taxes on the "rich" (e.g., you and me) to provide more school money for inner cities and minorities.
His below law review article reveals his true colors in even greater detail:
http://www.law.upenn.edu/cf/faculty/erubin/workingpapers/52BuffLRev793_2004.pdf
Tell him what you think:
Edward L. Rubin
Dean
John Wade-Kent Syverud Professor of Law
Phone: (615) 322-9800
Fax: (615) 322-5151
Email: ed.rubin@vanderbilt.edu
You know, you read something like this and the temptation is there to just call it for the self-referential, ignorant, pile of horse-hooey that it is and not give it another thought.
But I'd like to say something more. This article is proof that the unread know how to uese pens and typewriters. moreso, it is proof that the major newspapers have NO standard of intellectual honesty or truth, only an ideological bias they must uphold.
The author and the publisher of this idiotic screed are equally shameless and without the slightest pretense of honor or honesty.
Oh, no doubt there. I can just seem him frothing at the mouth over even the suggestion of doing such a thing.
Well said!
There was an article in my local paper re: the high cost of housing and why a lot of younger people can't afford to live in this area. It gave as an example a 28 yo woman who couldn't afford housing even though she was making $19 per hour. Of course, she had no husband and 4 kids . . . .
I grew up poor as a churchmouse - my Dad suffered (still does) from mental illness and never kept a job. I worked my way through 3 years of college, had to quit to take care of my family. I've been working ever since, 30 years at the same job with lots of other part-time jobs along the way, not to mention my little eBay business I've started the last few years. I own my house and a little land, and I'm looking at early retirement in a few years. To quote Sly and the Family Stone, "You can make it if you try"! But you have to get off your butt and make it happen, and not wait for Uncle Sugar to have pity on you.
You see, being able to feed your family, having a roof over your head, owning a car, having a job, a TV or 2, air conditioning, some luxuries, good clothes, cheap food, free public schools and parks, just about the cheapest gasoline and the freest government in the world are not blessings, if the libs can make you feel envy and greed toward someone who has anything more than you do.
There is a reason that liberals dwell on wealth redistribution. They are full of the twin evils of envy and greed in their own hearts.
Baby I'll be there to shake your hand,
Baby I'll be there to share the land,
.
.
When we all live together
When employees come to me and ask for a raise, they often justify it with that phrase, "I've worked really hard" and I tell them, "It's not about working HARD; it's about working SMART."
Show me how you increased the company profits, and I'll give you all the raise you want. Tell me you work soo hard; and I know you've never given the actual reason that the company (and your job) exists.
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