05-25-2020, 12:16 PM
This discussion might also include the inherent threat of absurd but also increasing concentration of wealth and the corollary widespread poverty. Start with its human cost: hunger, homelessness, real misery. Then add in the economic and political cost of the riots and violence and such. We haves in this country have ignored the plight of the have-nots. The highest income brackets were 70% or more during the 60s and 70s, where now the highest is 37% and it kicks in at just a bit over half a million in annual income. That's crazy.
The underlying problem IMO is (at least in part) the vicious cycle of campaign financing = elected officials beholden = public policy skewed towards the upper echelons.
If we ever get the political conditions necessary to turn this on its end, we could have taxes of high incomes helping to control deficits and support increased public spending. Not that it would be a complete solution, but it could help. But of course, with the campaign funding situation as is, that's asking foxes in the henhouses to feed the hens.
The underlying problem IMO is (at least in part) the vicious cycle of campaign financing = elected officials beholden = public policy skewed towards the upper echelons.
If we ever get the political conditions necessary to turn this on its end, we could have taxes of high incomes helping to control deficits and support increased public spending. Not that it would be a complete solution, but it could help. But of course, with the campaign funding situation as is, that's asking foxes in the henhouses to feed the hens.