Capitalism, The Best Solution to Poverty

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L'Emmerdeur
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Re: Capitalism, The Best Solution to Poverty

Post by L'Emmerdeur » Wed Dec 16, 2020 6:29 pm

Well, nobody had any idea about this, and anyway it must be a pack of socialist lies. There have to be at least forty-two reasons it's not true.

'Study of 50 Years of Tax Cuts For Rich Confirms "Trickle Down" Theory Is an Absolute Sham'
Neoliberal gospel says that cutting taxes on the wealthy will eventually benefit everyone by boosting economic growth and reducing unemployment, but a new analysis of fiscal policies in 18 countries over the last 50 years reveals that progressive critics of "trickle down" theory have been right all along: supply-side economics fuels inequality, and the real beneficiaries of the right-wing approach to taxation are the super-rich.

The Economic Consequences of Major Tax Cuts for the Rich (pdf), a working paper published this month by the International Inequalities Institute at the London School of Economics and written by LSE's David Hope and Julian Limberg of King's College London, examines data from nearly 20 OECD countries, including the U.K. and the U.S., and finds that the past five decades have been characterized by "falling taxes on the rich in the advanced economies," with "major tax cuts... particularly clustered in the late 1980s."

But, according to Hope and Limberg, the vast majority of the populations in those countries have little to show for it, as the benefits of slashing taxes on the wealthy are concentrated among a handful of super-rich individuals—not widely shared across society in the form of improved job creation or prosperity, as "trickle down" theorists alleged would happen.

"Our research shows that the economic case for keeping taxes on the rich low is weak," Hope said Wednesday. "Major tax cuts for the rich since the 1980s have increased income inequality, with all the problems that brings, without any offsetting gains in economic performance."

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Re: Capitalism, The Best Solution to Poverty

Post by Seabass » Wed Dec 16, 2020 6:37 pm

The three richest men in America—Bezos, Gates, Musk—will pay $0 in taxes this year. If we just give them a few more tax cuts, I'm sure it will finally start to trickle down...
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Re: Capitalism, The Best Solution to Poverty

Post by Scot Dutchy » Sat Feb 13, 2021 10:09 am

Capitalism at work. When you are down in Hong Kong life cant get much worse.

Boxed in: life inside the 'coffin cubicles' of Hong Kong – in pictures
Photographer Benny Lam has documented the suffocating living conditions in Hong Kong’s subdivided flats, recording the lives of these hidden communities
Image

A photo report.
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Re: Capitalism, The Best Solution to Poverty

Post by Brian Peacock » Fri Mar 26, 2021 11:25 am

"Marxists have predicted 10 out of the last four recessions." -- Prof Richard Wolfe.
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Clinton Huxley » 21 Jun 2012 » 14:10:36 GMT
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Re: Capitalism, The Best Solution to Poverty

Post by L'Emmerdeur » Wed Mar 31, 2021 6:50 pm

Moar socialist lies!!!

'If the Minimum Wage Kept Pace With Wall Street Bonuses Since 1985, It Would Be Worth $44 Today'
While low-wage workers are still waiting for a raise in the minimum wage, Wall Street employees enjoyed a 10 percent bump in their bonuses in the first year of the pandemic, according to new data from the New York State Comptroller.

Since 1985, the average Wall Street bonus has increased 1,217 percent, from $13,970 to $184,000 in 2020. If the minimum wage had increased at that rate, it would be worth $44.12 today, instead of $7.25.

...

Because the very rich can squirrel away much of their income, huge Wall Street bonuses don’t have nearly the stimulus effect as raising pay for low-wage workers who have to spend nearly every dollar they make.

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Re: Capitalism, The Best Solution to Poverty

Post by Brian Peacock » Tue Apr 06, 2021 10:13 am

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Clinton Huxley » 21 Jun 2012 » 14:10:36 GMT
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Re: Capitalism, The Best Solution to Poverty

Post by pErvinalia » Tue Apr 06, 2021 12:28 pm

Gee he's looking older.
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Re: Capitalism, The Best Solution to Poverty

Post by Brian Peacock » Tue Apr 06, 2021 5:31 pm

So are you!
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"This is how humanity ends; bickering over the irrelevant."
Clinton Huxley » 21 Jun 2012 » 14:10:36 GMT
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Re: Capitalism, The Best Solution to Poverty

Post by L'Emmerdeur » Tue Apr 06, 2021 9:27 pm

Thomas Pynchon wrote about the Phoebus Cartel back in the early 70s in Gravity's Rainbow. I didn't learn till decades later that it wasn't fictional. For a more recent version, see the Dubai bulb, which is currently not available anywhere but Dubai.

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Re: Capitalism, The Best Solution to Poverty

Post by Scot Dutchy » Wed Apr 07, 2021 6:54 am

Income Inequality keeps on rising. The pandemic has never been so good for the rich (the true rich).

Value judgment: Donald Trump tumbles down billionaires’ rankings
While the richest got spectacularly richer during the pandemic, the ex-president plummeted nearly 300 places in the Forbes list
Was he ever rich?
It’s been a glorious pandemic for the world’s richest people. Forbes annual billionaire poll includes a record-breaking 2,755 billionaires, with Amazon founder Jeff Bezos once again topping the list, the media company said on Tuesday.

The ranks of the super wealthy swelled as the coronavirus pandemic threatened the lives and livelihoods of millions across the planet but stock markets continued to hit new highs.

Bezos was one of the biggest winners, topping the poll for the fourth consecutive year with a fortune of $177bn, while the Tesla boss, Elon Musk, zoomed into second place with a $151bn fortune, up $126.4bn from a year ago, when he ranked No 31 and was worth “just” $24.6bn.

Together the plutocrats added $5tn to their wealth for a combined fortune of $13.1tn, up from $8tn on the 2020 list. A record 493 people joined the list this year – one new billionaire every 17 hours. The majority, 205, were in China. But the gains were widespread with gains across the world.

Not everyone was a winner. According to the latest list, Donald Trump’s standing among other billionaires has plummeted almost 300 places since 2020, down to No 1,299. The humiliating fall sits on Forbes’ list next to a quote from the former president reading: “I took a lot of finance courses at Wharton. First they taught you all the rules and regulations. Then they taught you that those rules and regulations are really meant to be broken.”
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Re: Capitalism, The Best Solution to Poverty

Post by pErvinalia » Wed Apr 07, 2021 7:27 am

Fairy data.

You believe anything.
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Re: Capitalism, The Best Solution to Poverty

Post by Hermit » Wed Apr 07, 2021 7:46 am

Scot Dutchy wrote:
Wed Apr 07, 2021 6:54 am
Income Inequality keeps on rising. The pandemic has never been so good for the rich (the true rich).

Value judgment: Donald Trump tumbles down billionaires’ rankings
While the richest got spectacularly richer during the pandemic, the ex-president plummeted nearly 300 places in the Forbes list
Was he ever rich?
Yes he was, and he still is. Forbes estimates his net worth at $2.4 billion this year, down from $3.1 in 2020. $2400 million qualifies as rich in my book. Also the facts that only 1,998 people out of the global population of 7.9 billion are richer than him and 1,456 billionaires have less money than he does.
So you talk about mobs and the working classes as if they were the question. You've got that eternal idiotic idea that if anarchy came it would come from the poor. Why should it? The poor have been rebels, but they have never been anarchists; they have more interest than anyone else in there being some decent government. The poor man really has a stake in the country. The rich man hasn't; he can go away to New Guinea in a yacht. The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all. Aristocrats were always anarchists. - G.K. Chesterton

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Re: Capitalism, The Best Solution to Poverty

Post by Brian Peacock » Wed Apr 07, 2021 9:14 am

Meh. What's the difference between the person who has $1000 million and the one who has $2000 million?
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There are two other possibilities: one is paperwork, and the other is nostalgia."

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"This is how humanity ends; bickering over the irrelevant."
Clinton Huxley » 21 Jun 2012 » 14:10:36 GMT
.

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Re: Capitalism, The Best Solution to Poverty

Post by Scot Dutchy » Wed Apr 07, 2021 9:19 am

Hermit wrote:
Wed Apr 07, 2021 7:46 am
Scot Dutchy wrote:
Wed Apr 07, 2021 6:54 am
Income Inequality keeps on rising. The pandemic has never been so good for the rich (the true rich).

Value judgment: Donald Trump tumbles down billionaires’ rankings
While the richest got spectacularly richer during the pandemic, the ex-president plummeted nearly 300 places in the Forbes list
Was he ever rich?
Yes he was, and he still is. Forbes estimates his net worth at $2.4 billion this year, down from $3.1 in 2020. $2400 million qualifies as rich in my book. Also the facts that only 1,998 people out of the global population of 7.9 billion are richer than him and 1,456 billionaires have less money than he does.
How do they estimate richness. Trump has been bankrupt eight times. He never pays anyone. Is that being rich?
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Re: Capitalism, The Best Solution to Poverty

Post by Scot Dutchy » Wed Apr 07, 2021 9:20 am

Brian Peacock wrote:
Wed Apr 07, 2021 9:14 am
Meh. What's the difference between the person who has $1000 million and the one who has $2000 million?
Yep disgusting considering how much Amazon pays their workers.
"Wat is het een gezellig boel hier".

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