Warren Buffet on Solving the US Income Disparity

TBoneJack

TBoneJack

Well-Known Member
http://www.msn.com/en-us/money/mark...rease-tax-credits/ar-BBk7Alo?ocid=mailsignout

I'm not sure about the complete validity of what all he says, but most people here probably won't like it. He's kinda "defending" the rich; not completely, but "kinda". I'd be interested in seeing what people here think about it.

A Quote:

"The world’s third-richest man weighed in on the national debate over rising levels of income disparity in the United States yesterday, saying that while the gaps between the country’s haves and have nots are definitely increasing, it is not the fault of those at the top. Nor will it be solved by traditional methods, like improving education or hiking the minimum wage. His solution: a pragmatic, direct way of helping incomes rise for the working poor across America by increasing access to the Earned Income Tax Credit.

No conspiracy lies behind this depressing fact: The poor are most definitely not poor because the rich are rich,” Buffett, who’s net worth we clock in at $71.3 billion, wrote in a Wall Street Journal opinion piece published late yesterday. “Nor are the rich undeserving. Most of them have contributed brilliant innovations or managerial expertise to America’s well-being. We all live far better because of Henry Ford, Steve Jobs, Sam Walton and the like. Instead, this widening gap is an inevitable consequence of an advanced market-based economy.”
 
He's partially correct, but it seems his solution is an attempt to divert people away from the truth. How is increasing the access to income tax credits help, if you don't have income in the first place? The problem, is lack of education for the jobs available. But even then, I just don't think there are enough jobs in this country to put everyone who wants employment to work.
 
So, if we fill every job, and still have people needing work, then what? But, if we make education more accessible and increase minimum wage, it can cause more participation. I understand its harder on smaller business, but the increased wages should increase business. Which should offset most of the wage increase
 
NewtoMJ said:
So, if we fill every job, and still have people needing work, then what? But, if we make education more accessible and increase minimum wage, it can cause more participation. I understand its harder on smaller business, but the increased wages should increase business. Which should offset most of the wage increase
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They don't want to try that because they know it would work and fundamentally change our monetary policy in one generation, similar to the way they don't want anyone to be able to perform scientific studies on scheduled drugs, because they know some of them have legitimate medical applications and it would fundamentally change the drug policy in one generation too
 
I don't know much about economics, as the only education I've had in it was an engineering econ class in college 30 years ago. However, Mr. Buffet doesn't seem to understand people. He's sorta dissing a min wage increase, while talking up tax credits. Yet the people who need the most financial help are people who desperately need a min wage increase; and they probably have no fucking clue what "earned income tax credits" are. I don't.
 
Padawanbater2 said:
They don't want to try that because they know it would work and fundamentally change our monetary policy in one generation, similar to the way they don't want anyone to be able to perform scientific studies on scheduled drugs, because they know some of them have legitimate medical applications and it would fundamentally change the drug policy in one generation too
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Raising wages won't work by itself. There will be a certain percentage of jobs lost. All the factors need to come together, education, wages, more job creation. Otherwise we are just spinning wheels.
 
NewtoMJ said:
Raising wages won't work by itself. There will be a certain percentage of jobs lost. All the factors need to come together, education, wages, more job creation. Otherwise we are just spinning wheels.
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I think the main misunderstanding among min wage earners is how their employer's profit margin will be affected by a wage increase. I don't think they fully understand that wage increases alone aren't the complete answer.

I fear a lot of people think a wage increase would have no other affects, except to give them more money.
 
NewtoMJ said:
Raising wages won't work by itself. There will be a certain percentage of jobs lost. All the factors need to come together, education, wages, more job creation. Otherwise we are just spinning wheels.
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It looks like we're on our way to some kind of reform, LA just passed $15/hour minimum wage over the next 5 years and it's the second largest city in the US after NYC, so that's a pretty big statement.

It's going to be interesting to see how these questions are answered by the candidates at the democratic primary, nobody else that I know of is talking about free higher education than Sanders, same thing with wages and job creation.
 
NewtoMJ said:
So, if we fill every job, and still have people needing work, then what? But, if we make education more accessible and increase minimum wage, it can cause more participation. I understand its harder on smaller business, but the increased wages should increase business. Which should offset most of the wage increase
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working people spend their money because they have to.

wealthy people accumulate their money because they want to.

i don't believe it is ever a fair assessment of the poor from the wealthy: 'if they have it; they will spend it' duh! but isn't that what you want mr. c-corp?

you bitch about raising wages because poor people don't know how to handle their money? what money?.."well geeze 'they' can't ever save anything.."

this in the land where the c-corp routinely encourages working 2 full time jobs because their shitty job isn't enough and stick it to the taxpayers with SNAP!
 
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abandonconflict said:
Creating jobs doesn't sound like a good idea. Better to just get the work done and chill.
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For the most part I like your statement.

However I'd say if a person wants to trade their labor with another person or offer their labor for sale to somebody to accumulate more shiny things or turnips that should be left up to them, the ability to decide when it is time to chill, should be a choice of the individual.

Of course since the government doesn't create anything on a consensual basis, I'd say that heinous institution is incapable of "creating jobs".
 
Padawanbater2 said:
It looks like we're on our way to some kind of reform, LA just passed $15/hour minimum wage over the next 5 years and it's the second largest city in the US after NYC, so that's a pretty big statement.

It's going to be interesting to see how these questions are answered by the candidates at the democratic primary, nobody else that I know of is talking about free higher education than Sanders, same thing with wages and job creation.
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When the bottom rung income becomes $15 an hour, don't you think prices will also adjust upwards accordingly?
 
Rob Roy said:
When the bottom rung income becomes $15 an hour, don't you think prices will also adjust upwards accordingly?
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To some degree yes, but it will take a while to happen. Inflation is going to happen regardless of whether or not minimum wage is raised. The problem is that minimum wage has not kept up with inflation.
 
TheHermit said:
To some degree yes, but it will take a while to happen. Inflation is going to happen regardless of whether or not minimum wage is raised. The problem is that minimum wage has not kept up with inflation.
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No that's the symptom. The problem is inflation. Addressing the things that cause inflation come closer to striking the root problem.

At the bottom of every shit pile you can usually find the cause is a coercion based system and the gravitational pull it exerts on people sucking them into the shit vortex. - Channeling Jim Lahey
 
Warren Buffet has always been full of shit.

How about give away all but 1 billion of your money. You will still be rich as SHIT....
 
Rob Roy said:
Running manipulated numbers will prove what ?
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yeah, KKKynes already tried that tactic. said the BLS numbers were bullshit that didn't apply anywhere in california.

so i went online shopping in his home town of vallejo and pulled up prices of groceries in his very town, and they matched the BLS exactly, even in the bay area of california.

your tactic of denying reality is not working, klan man.

you are afraid to debate and run like alittle bitch when facts are presented.

also, the forum suspects you are a pedophile.
 
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