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View Diary: Taxing The Rich The Only Solution To Our Systemic Inequality (44 comments)

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    wonkydonkey
    With our current near zero interest rates and no tax at all on accumulated wealth, there is simply no incentive to take any risk and put those trillions of dollars into productive use, where their multiplier effect would increase the size of the economic pie for everyone.
    There would be very little of an incentive to do that, it would probably just blow up in our faces in some unexpected way.

    For example, people become livid at the purportedly reckless risks taken during the dot.com era. Do you want more of that kind of risk taking? That's what you're encouraging. There's no guarantee that the 'incentive' is to create productive business.

    Remember, money out of circulation just causes deflation anyway, then it's as if the money doesn't exist.

    (-5.50,-6.67): Left Libertarian
    Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

    by Sparhawk on Sat Feb 23, 2013 at 04:24:09 PM PST

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    •  The so-called dot.com era... (0+ / 0-)

      ...just so happened to be the longest post-WWII economic expansion, creating over 20 million jobs, and was the one period since the late 1970's when the middle class's share of the national income actually grew.  In the last election even the Republicans referred to it approvingly as the "Ciinton Boom years."

      Yes, it did spectacularly crash, but that was due to the lack of realistic underlying value to the investments made in ventures like Pets.com.  The problem wasn't having lots of capital being put to use in the economy.  Investing more wisely, in infrastructure, new energy projects, research and development, that will actually have a reasonable chance of offering recouping their capital and yielding some profit might turn out differently.

      "Sometimes I wonder whether the world is being run by smart people who are putting us on, or by imbeciles who really mean it." ~ Mark Twain

      by wonkydonkey on Sat Feb 23, 2013 at 11:53:00 PM PST

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    •  What about using (0+ / 0-)

      it for public works?

      You know, the things like the highway system, infrastructure maintenance, etc.

      It's just amazing to me that what was possible in the past has now become impossible.  

      I don't get that--maybe you can explain why we could build great schools, highway systems, etc., etc., in the past, but, somehow, we just became completely devoid of any ability to do such things again.  

      And posters like you want to make the rest of us believe that no change or improvement is possible. You just keep shoving it down our throats, 'this is your lot, STFU and accept it!'

      The banks have a stranglehold on the political process. Mike Whitney

      by dfarrah on Sun Feb 24, 2013 at 08:08:16 AM PST

      [ Parent ]

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