As the Rich Get Richer, the Poor Get Richer

[Chris]

"The rich are getting richer, and the poor are... also getting richer. What's driving this wealth creation process? In this video, Daniel Hannan explains why it is capitalism — and capitalism alone — that has led to the unprecedented enrichment that is the central fact of Western life."

[waltky]

Granny says, "Dat's right...

... she treatin' possum to a hot fudge sundae,,,

... `most ever' day now.

[Tahuyaman]

"The rich are getting richer, and the poor are... also getting richer. What's driving this wealth creation process? In this video, Daniel Hannan explains why it is capitalism — and capitalism alone — that has led to the unprecedented enrichment that is the central fact of Western life."

Can a liberal explain to me why this is a problem?

[Chris]

Can a liberal explain to me why this is a problem?

Liberals don't believe it. They still cling to the fantasy of socialism.

[Tahuyaman]

Liberals don't believe it. They still cling to the fantasy of socialism.

. They might believe it, but they think it's not fair if everyone benefits.


They believe that the economy is a zero sum game. If someone benefits, the did so by victimizing someone else. In their mind success in the US economy is always achieved dishonestly.

[Chris]

. They might believe it, but they think it's not fair if everyone benefits.


They believe that the economy is a zero sum game. If someone benefits, the did so by victimizing someone else. In their mind success in the US economy is always achieved dishonestly.

It's hard for liberals to get their collective head around the notion that in any voluntary exchange both parties gain, iow, win-win.

[Tahuyaman]

It's hard for liberals to get their collective head around the notion that in any voluntary exchange both parties gain, iow, win-win.

They believe that the creation of wealth is a finite pie. If one person gets a big slice, someone else gets a smaller slice. They are idiots when it comes to economic issues.

[Abby08]

Depends on who's President, as to what liberals believe/don't believe, like/don't like....when the president is a Democrat, they believe, agree with, cheer and, approve of everything.

[Chris]

...Although “inequality” is a misleading measure for society, even these contentions are unsupported by the evidence. Two transatlantic leaders have taken aim at these arguments this week.

Ryan Bourne of London’s Institute of Economic Affairs puts both reason and hard economic data together in a new article noting that “income inequality” has actually been static or declining for years:

A recent study from the Institute for Fiscal Studies confirmed that the main measure (the Gini coefficient) has been flat for the past quarter century.

The [UK’s Office of National Statistics] version of the same stat suggests it has actually fallen recently and is now around its lowest level since 1987. … Research by the economist Branko Milanovic shows that overall income inequality fell between 1988 and 2008 for the first time since the Industrial Revolution, as China and India saw soaring economic growth rates.

Some intellectuals, gradually bowing to this undeniable reality, have shifted their focus to “wealth inequality.” But this gap, too, is closing. “Looking at the wealth share of the top 10 per cent and top one per cent, it peaked around 1914, and then fell substantially through to the 1970s,” Bourne writes.

Daniel Hannan, Member of European Parliament for South East England and editor of The Conservative, addresses these issues with his usual mix of alacrity and acumen in a new PragerU video released on Monday.

...

Dispelling myths about economic inequality