Thursday, June 19, 2014

The startling wealth gap in America

Thomas Piketty's new book, Capital in the Twenty First Century, will blow your mind. 

Income inequality may be the biggest domestic threat to the future of our nation and its democratic culture.

For a preview click here

1 comment:

Anonymous said...

The book's main argument is based on errors and misrepresentations. Even liberals are shying away from its reasoning - though not its claims, since a goal for liberals is to blame capitalism for nearly every problem. Here is evidence Piketty has missed the mark:

Liberals and socialists don't let facts get in the way.

In the article:

"I discovered that his estimates of wealth inequality -- the centrepiece of Capital in the 21st Century -- are undercut by a series of problems and errors," [Chris] Giles wrote. "Some issues concern sourcing and definitional problems. Some numbers appear simply to be constructed out of thin air."

Also, in the article:

"Giles also said that the spreadsheets Piketty provided as source material for his book have "transcription errors from the original sources and incorrect formulas. It also appears that some of the data are cherry-picked or constructed without an original source."

Obama's policies have killed job creation placing many former workers in the non-searching category of unemployment. Over 100 million people are out of work, leaving only about 85 million to pay our bills. Meanwhile federal tax revenue is at record high level at this point in 2014.

Given you believe middle class and the rich should pay more taxes, and that they currently are paying more taxes, are you happy with the current trend in tax revenue? Even if it means fewer people are working? Even if it means there are fewer jobs for poor and lower middle class people to move into? Even if it means the middle class will shrink and produce growing numbers of under-employment (people who could produce more, but can't find the right kind of job), among those who can find a job?

Is the high-tax economic model working like you think it should? Are we getting closer to your ideal economy? If not, why not? Do you have evidence for your beliefs?