Income Inequality in America

Why do you believe that, if Capitalism has no basis for metrics, external to its Institution of money based markets?

 

Let us put it another way Daniel. I believe socialism as an economic system creates more poverty than it solves. I have explained why, so if you want to try to understand it, go back and read my answers to you.

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The very basic metric of Capitalism is, IT CREATES MORE WEALTH THAN SOCIALISM THUS CAN BETTER AFFORD TO HELP THE NEEDY.

 

Technically, drug warlords in Mexico "create wealth" too. I don't think anybody believes that they "help the needy" though either.

 

In Post # 741, I stated this >> "...The market sets prices, as I explained back in in Post # Wages are set arbitrarily, by the employer"

After posting, I went back looking for the Post # I couldn't have been gone more than 10 minutes, and the Edit button had already disappeared (so now I have to supply it here) It was Post # 663.

Forum: We need MORE TIME for editing. Other forums give edits in terms of hours or even days, while here we can't even get 10 minutes ? Come on guys!

 

I agree to disagree. Socialism must create more wealth simply because it allows for fiat money and a printing press at an official Mint while truer capitalism does not.

 

It's not a matter of belief. A raise in the minimum wage brings MW workers' wages up. That makes them more equal (or closer to) to those wages above them.

FALSE! See Post # 663 about price increases.

So what if higher wage workers' wages also go up ? What does that have to do anyone's "buying power" ?

Facts ? You have some on this ? Link ? And lets remember that stockholders also are "employers", and there's an awful lot of them.

 

I agree with you but in a capitalist system more wealth is created which can be used to help the poor.

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Wrong!

 

I know. I just like to remind them every once in a while.

 

There is really a very easy way to prove to yourself that my assertion that inflation eats up minimum wage. Go to the Bureau of Labor site and use the inflation calculator. Go back in history and input the minimum wage at the time, then submit. Here is a chart showing the historical amounts of minimum wage. http://www.dol.gov/whd/state/stateMinWageHis.htm and here is the inflation calculator. www.dol.gov/whd/state/stateMinWageHis.htm

 

All depends on the particular country and the particular way they run it. Generally, socialism refers to a society where economic class is minimal, and equality is at a high level. Kind of the opposite of what we have here in America right now.

 

THere is no such socialist country. In every country that tries it the people in government with control over everything live life large, and everyone else is equally poor.

 

OF COURSE the workers MUST produce enough to make their presence economical. Nobody disputes that, and I already stated that in Post # 741. So let's hear what your version of "reasonable wages" is (in dollars and cents please) I already told you mine. I paid my sales workers the equivalent of $150/hour - in commissions (and that was in the 1980s.)

 

I'm not sure about that, and I don't think you're very sure about it either. There's about 250 countries in the world. You know about ALL of them ? I'll bet there's countries out there that if I told your it's name, you might not even know that was a country. Careful. Geography was one of my 2 majors in undergrad college (Economics was the other)

Want to tell us about the economic class structure of Vanuatu ? Guernsey ? Nagorno-Karabakh Republic ?

 

Actually no. Most socialist countries have been dictatorships or autocratic governments. Even Sweden, the closest to a socialist country in Europe is more capitalist than socialist. They have recently decided their social programs are so expensive they had to reduce corporate taxes to lure business to the country. Socialism tends to create equality only in the numbers of the poor who cannot get ahead.

 

Commissions, of course, that gives people with motivation and ambition to produce even more.

There is no set wage which would be good or right. It depends on the level of skill and the productiveness of the worker. Our totally unskilled minimum wage workers sometimes do not even produce enough to justify their own wages. And when I talk about wages I do so from the standpoint of a humanist. I support the increase of wages in countries like India to give their workers at least half of the buying power the US minimum wage workers have. I don't believe in borders when it comes to human rights and equality.

 

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