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1 aagcobb  Wed, Jun 19, 2013 6:44:27am

The strawmen that the Right love to trot out is that liberals hate and envy the rich and we want to take all their money to give to lazy brown people, which is just a pile of racist horseshit. Almost nobody begrudges the rich wealth, but a society in which the rich can use their power to leverage larger and larger amounts of the nation’s wealth into their pockets to the detriment of everyone else is dysfunctional. Put money into the hands of middle and low income Americans and they will spend it, growing the economy. When instead additional wealth flows almost entirely to an already wealthy elite, the velocity of money slows since they already have more than enough money to spend to satisfy their desires, and they aren’t going to invest it in more production because demand stagnates when wages for labor stagnate, which increases unemployment, which depresses wages even more, and you are stuck in a deflationary spiral. Which is why the most effective means to fight a recession is probably to give the Fed authority to simply give people cash, rather than using the less efficient quantatative easing, and establishing a national income to keep demand for goods and services from dropping through the floor. The Right’s bugaboo of hyperinflation isn’t a serious threat, because the world’s productive capacity has grown so tremendously since China opened its economy and the advent of the digital revolution that the big problem is to get enough money into people’s hands so that they can buy all of the goods and services they are capable of producing.

2 EPR-radar  Wed, Jun 19, 2013 7:12:14pm

re: #1 aagcobb

Good points. There’s also the additional point that this level of wealth concentration probably destabilize the entire financial system. There is more money to be invested by the plutocrats than the real economy can handle, so asset bubbles pop up like mushrooms after rain.

3 majii  Wed, Jun 19, 2013 8:06:36pm

re: #1 aagcobb

Excellent points based on economic history and theory. I think our biggest problem in the country is having such a large percentage of the population that is illiterate when it comes to all things dealing with economics. Since this the case, all these people can do is look to others to tell them which policies to support. They don’t recognize the danger of austerity in times of recessions/depressions, so RW politicians convince them that deep cuts to governments’ budgets is the path to economic prosperity, when nothing is further from the truth and/or reality. They not only believe these dishonest politicians, but they repeat their false beliefs.


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