Liberal Democrat

Liberal Democrat
Father of American Liberalism

Saturday, March 2, 2013

Social Justice Now: Video: James K. Galbraith: On "Inequality and Instability": How to Achieve a Better Distribution of Wealth

I really don't like the term income inequality because that simply doesn't exist in an economy. Where the amount of money and ability for people to be successful in life. Depends on how much you know and how qualified you are to work and then what you do with the skills that you have. Another words how productive you are in the economy that you operate in. Which is the case in all Capitalist economic systems, whether its in America, Canada, Europe, Japan, Australia. Where ever it is in the developed world. People with good educations who apply those skills well. Are simply going to do better economically then people who don't, its that simple. So income inequality simply doesn't exist, I'm sure there are people who believe it does which is. What the Progressive Social Justice movement is about but the fact is that income inequality simply doesn't exist. Anywhere in the developed world.

A problem that the United States has as it relates to the rest of the developed world. Is not income inequality but the fact that are economic scale is kinda tilted towards the bottom. That is we have roughly 1-5 Americans who live in poverty or collect some type of public assistance. That they have to have in order to pay their bills and then we have about ten percent of the country whose doing very well economically. And then roughly seventy percent of the country thats doing well but not great, good education, owns a home or paying off a mortgage. Cars, some money in the bank but then a certain percentage of that seventy percent, perhaps 1-5 out. Of those people who aren't officially poor but perhaps a paycheck away of living on public assistance or being in poverty themselves. Who have the skills to get them to the point that they are now but not enough skills to advance beyond that.

The solution to this economic problem that America has is not tell the wealthy that they are doing too well. So that government is going to take a chunk of your wealth to take care of the people who aren't doing very well indefinitely. But the solution is to create more wealth and have a better economy that benefits more people where poverty and unemployment aren't as high. And yes economic growth has to be part of that but without a better education for our low or moderately skilled workers. As well as the low skilled unemployed, these people won't benefit from any new economic growth thats created. So we simply as a society not necessarily government but we need to provide eduction and job training opportunities to our people who. Simply don't have the skills to be very successful economically in life. Which will benefit everyone to have a better skilled workforce with more money to spend which benefits all of us.

Income equality is simply people getting out of society what they put into it. That might sound unfair or harsh but its not, its simply the cold hearted truth. So to have more people who are able to contribute a lot of society and then be able to enjoy the benefits of their production. We simply need a better education and job training system to produce a better skilled workforce in this country.