Wednesday, July 13, 2016

Personally I don't hate the 1%. I just want a saner economy. Glad Sanders and Clinton are working together

Even though Clinton is a 1%er, herself, I (Robert) personally don't hate 1%ers. I just think we need better economic planning to not be afraid of raising their taxes. I would say (even though it isn't in this article) no more Grover Norquist (the guy having members of Congress sign that pledge not to raise taxes).

Article inspiring my comment, Sanders drags Clinton into his war on the 1 percent.

From article it says.

Sanders shook up the party with his rants on corporate greed and his calls for an expanded welfare state, but he still couldn’t displace the stolid establishmentarian who has served as Secretary of State, New York senator and First Lady.

Sanders does hope, however, that Clinton will join him in attacking America’s elites and pursuing ways to spread the wealth more broadly. “Hillary Clinton understands we must fix an economy that is rigged and sends most income gains to the top 1 percent,” Sanders thundered during his endorsement speech. “Hillary Clinton understands that if someone in America works 40 hours a week, that person should not be living in poverty.”

Also in article it says.

But the revolution against the 1% was misdirected in the first place. It’s not really the top 1% of earners who are capturing all the income gains in the US economy. Hard data shows it’s more like the top 40%. “The notion that only the 1% are doing well is ridiculous,” says economist Stephen Rose of the Urban Institute.” The real wealth gap, he says, is between the top 40% of earners, who tend to have the skills to succeed in the digital knowledge economy, and the bottom 60%, who have less relevant skills.

I see a lot of truth in economist Stephen Rose's talk about the 40%. It's the growing gaps between all income classes that's a big problem.

I'd add that rising house values can add significantly to the gaps. Gaps between renters and owners, more struggle for first time home buyers, gaps between regions.

Rather than just hating 1 class of people, we need better economic policies. Better distribution of wealth, better partnership between government and private sector, investment in domestic infrastructure and so forth.

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