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For discussion: wealth distribution in the US
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Owl 69/70/75 Offline
Just an old rugby coach

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Post: #301
RE: For discussion: wealth distribution in the US
There is one other structural issue with the "rich get richer, poor get poorer" argument. There are plenty of poor people who get richer. Guess what? They aren't poor any more, so they don't show up in the poor people stats. The poor people who show up in the statistics are the poor people who didn't get richer, along with some formerly richer people who got poorer.

The trick, as both Lad and Tanq have been sparring over, is that we want more mobility, in particular more upward mobility. That requires, first, economic growth. So any proposal to lift the poor out of poverty must start with economic growth, because without growth there can be no net upward mobility, just people swapping places. Second, we need to get rid of our "welfare trap/poverty trap" social welfare structure that penalizes people for moving up the economic ladder. For a family of four, moving up from roughly $15,000 earned income (poverty level) to $55,000 (middle class) results in basically zero increase in take-home cash, because throughout the range, ever additional dollar earned is offset by a dollar lost to taxes and benefits for which the family no longer qualifies. It is a de facto 100% effective tax rate over that range. We need to reform our welfare system to eliminate that. Milton Friedman's negative income tax or the Boortz-Linder prebate/prefund do that. Another thing that would help mobility is school choice, including vouchers. I've always thought an effective advert would be one of Wellington and Harrington finishing a round of golf at the country club, and over drinks agreeing that school vouchers are a terrible idea because if they can't keep poor kids out of ritzy private schools, how can they ensure that their children get better opportunities?
(This post was last modified: 10-10-2019 05:24 PM by Owl 69/70/75.)
10-10-2019 05:24 PM
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