Need some help. Just what the heck does Liz Warren mean by "rigged?"

Dec 2015
15,069
13,937
Arizona
#21
Elizabeth Warren is correct and she's not the only one who believes the economy is rigged. In addition, there are statistics/data to prove Warren is correct.
  • Economic inequality is higher in the U.S. than in virtually all other advanced countries.
  • The American political system, coupled with high initial inequality, gave the moneyed enough political influence to change laws to benefit themselves, further exacerbating inequality.
  • Breaking this feedback loop by curbing the power of money in politics is essential to reducing inequality and restoring hope.
The U.S. has the highest level of economic inequality among developed countries. It has the world's greatest per capita health expenditures yet the lowest life expectancy among comparable countries. It is also one of a few developed countries jostling for the dubious distinction of having the lowest measures of equality of opportunity.
Markets do not exist in a vacuum: they are shaped by rules and regulations, which can be designed to favor one group over another. AND who makes the rules? Who makes the regulations? Wealthy white men.
America THRIVES on inequality--every type of inequality. But in the past 40 years, this great country has reached NEW HEIGHTS of inequality. The divide continues to grow. Even the educated and hard-working are being left behind.

America's middle class is in crisis. The lobbies and special interest groups have made it almost impossible for average Americans and of course we are being ruled by aristocrats. We live in RIGGED America. Get used to it.
 
Sep 2015
13,774
5,000
Brown Township, Ohio
#22
Elizabeth Warren is correct and she's not the only one who believes the economy is rigged. In addition, there are statistics/data to prove Warren is correct.
  • Economic inequality is higher in the U.S. than in virtually all other advanced countries.
  • The American political system, coupled with high initial inequality, gave the moneyed enough political influence to change laws to benefit themselves, further exacerbating inequality.
  • Breaking this feedback loop by curbing the power of money in politics is essential to reducing inequality and restoring hope.
The U.S. has the highest level of economic inequality among developed countries. It has the world's greatest per capita health expenditures yet the lowest life expectancy among comparable countries. It is also one of a few developed countries jostling for the dubious distinction of having the lowest measures of equality of opportunity.
Markets do not exist in a vacuum: they are shaped by rules and regulations, which can be designed to favor one group over another. AND who makes the rules? Who makes the regulations? Wealthy white men.
America THRIVES on inequality--every type of inequality. But in the past 40 years, this great country has reached NEW HEIGHTS of inequality. The divide continues to grow. Even the educated and hard-working are being left behind.

America's middle class is in crisis. The lobbies and special interest groups have made it almost impossible for average Americans and of course we are being ruled by aristocrats. We live in RIGGED America. Get used to it.
Frivolous Rant and you know better than that, Miss Clara.
 
Likes: Sabcat
Nov 2018
3,137
1,467
Inner Space
#25
Anyone watching the news these days can't help buy hear Sen. Warren employ her absolutely lovely speaking voice to assure us all how the US economy is "rigged." Would any of her supporters here like to explain what she means by that assertion and why we should believe her?
Because it’s true.

Next question.
Ok. Why do you believe that to be true?
As seemingly useless as this exchange might seem, it points to an important issue. NM should actually be making the argument that disproves Warren rather than demanding that someone convince him that she is incorrect. NM has no interest I suspect in edification. He is interested in disproving any assertion about the unfairness of American culture and economy.

I suspect NM believes that since we all breath the same air and we are therefore capable of similar, if not identical, outcomes in life. Those that do not "succeed" did not try hard enough. He believes that environmental influences are equal across all strata of American life because he is incapable of understanding the influence of the myriad factors that produce small ecological niches of opportunity in American life. What is his is his through his own effort alone; no beneficial effect occurred from circumstance or luck or connections or the social structure of American society (financial resources, stable banking, educational system with preference, natural resources, etc. etc.). He owes nothing to society and taxation is a taking, or so the argument goes.

This thread will devolve into a series of arguments about individual will vs environmental influence, a defense of "free market" capitalism, and rejection of universal value of social programs or government influence on the general welfare.
 
Likes: Clara007
Jul 2014
13,851
8,386
massachusetts
#26
Elizabeth Warren is correct and she's not the only one who believes the economy is rigged. In addition, there are statistics/data to prove Warren is correct.
  • Economic inequality is higher in the U.S. than in virtually all other advanced countries.
  • The American political system, coupled with high initial inequality, gave the moneyed enough political influence to change laws to benefit themselves, further exacerbating inequality.
  • Breaking this feedback loop by curbing the power of money in politics is essential to reducing inequality and restoring hope.
The U.S. has the highest level of economic inequality among developed countries. It has the world's greatest per capita health expenditures yet the lowest life expectancy among comparable countries. It is also one of a few developed countries jostling for the dubious distinction of having the lowest measures of equality of opportunity.
Markets do not exist in a vacuum: they are shaped by rules and regulations, which can be designed to favor one group over another. AND who makes the rules? Who makes the regulations? Wealthy white men.
America THRIVES on inequality--every type of inequality. But in the past 40 years, this great country has reached NEW HEIGHTS of inequality. The divide continues to grow. Even the educated and hard-working are being left behind.

America's middle class is in crisis. The lobbies and special interest groups have made it almost impossible for average Americans and of course we are being ruled by aristocrats. We live in RIGGED America. Get used to it.
Right on the money Clara.

The fact is that when the after tax rate of return on investment is higher than the rate of GDP growth, wealth becomes more concentrated, that is where we have been since Reagan rejiggered the tax code to cause wealth to be transferred from the middle class to the super wealthy.
From 1930 to 1980, the opposite was true, after tax returns were less than growth, wealth was more evenly dispersed, the middle class owned a larger share of the economy each year.
The upper class had more wealth each year, but that wealth represented a small fraction of total wealth each year.
 
Dec 2015
15,069
13,937
Arizona
#27
Right on the money Clara.

The fact is that when the after tax rate of return on investment is higher than the rate of GDP growth, wealth becomes more concentrated, that is where we have been since Reagan rejiggered the tax code to cause wealth to be transferred from the middle class to the super wealthy.
From 1930 to 1980, the opposite was true, after tax returns were less than growth, wealth was more evenly dispersed, the middle class owned a larger share of the economy each year.
The upper class had more wealth each year, but that wealth represented a small fraction of total wealth each year.
Here's an appropriate headline: America's New Gross National Product: Greed

Add all the rest of the SEVEN DEADLY SINS and you've got the Trump administration and supporters.
 
Likes: leekohler2
May 2018
4,774
2,985
Chicago
#28
Right on the money Clara.

The fact is that when the after tax rate of return on investment is higher than the rate of GDP growth, wealth becomes more concentrated, that is where we have been since Reagan rejiggered the tax code to cause wealth to be transferred from the middle class to the super wealthy.
From 1930 to 1980, the opposite was true, after tax returns were less than growth, wealth was more evenly dispersed, the middle class owned a larger share of the economy each year.
The upper class had more wealth each year, but that wealth represented a small fraction of total wealth each year.
Anybody alive back then knew exactly what happened and we watched it happen. It was disgusting.
 
Nov 2012
10,416
8,568
nirvana
#29
Right on the money Clara.

The fact is that when the after tax rate of return on investment is higher than the rate of GDP growth, wealth becomes more concentrated, that is where we have been since Reagan rejiggered the tax code to cause wealth to be transferred from the middle class to the super wealthy.
From 1930 to 1980, the opposite was true, after tax returns were less than growth, wealth was more evenly dispersed, the middle class owned a larger share of the economy each year.
The upper class had more wealth each year, but that wealth represented a small fraction of total wealth each year.
And ended the regulation allowing corporations to buy back their own stocks which was illegal until then influencing the prices if the stock instead of paying into workers pensions. And ended protections for labor unions. Just those two things alone are responsible for the massive income inequality, and the destruction of the middle class.

We don’t have to have a debate about what tax rates are fair. We just need to repeal every piece of legislation put into place since, and return to pre 1980s economic policies, tax rates, and regulations, and watch the return of a middleclass we once had.
 
Likes: leekohler2
Jul 2014
13,851
8,386
massachusetts
#30
And ended the regulation allowing corporations to buy back their own stocks which was illegal until then influencing the prices if the stock instead of paying into workers pensions. And ended protections for labor unions. Just those two things alone are responsible for the massive income inequality, and the destruction of the middle class.

We don’t have to have a debate about what tax rates are fair. We just need to repeal every piece of legislation put into place since, and return to pre 1980s economic policies, tax rates, and regulations, and watch the return of a middleclass we once had.
The thing about the tax rate, is that it boosts the share of the economy owned by the top 0.1% every year at the expense of the middle class.
It's just a fraction of a percent but it's been almost 40 years, median adjusted for inflation is flat over that time, wealth for the top 1% has skyrocketed.

What we have locked in place is a plan to create a hereditary aristocracy.
But beyond that, if it continues, it's the end of America as we know it.
 

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