What percentage of the world's wealth would the top 1% have to own before you would consider it a serious issue? 50%? 60%? 75%?
I doubt you mean this. It really doesn't concern you that middle class income and wealth have stagnated while income and wealth of the top 1% are skyrocketing?
I think the two are related. And wealth redistribution is just one of many possible solutions to the problem. I'm just curious about people who won't acknowledge there is a problem in the first place. Few would dispute that monopolies over business are undesirable and justify regulation. Why not monopolies over wealth? If the structure of a capitalist system is creating these inequalities that are harming the vast majority of the population, why not seek ways to address it?
It harms people the same way that business monopolies do--by allowing the few to benefit disproportionately to the many. If there was a monopoly on food supplies in your area and everyone was forced to pay their inflated prices, you might say you're not being harmed if you can afford to pay it. But you are. You're being forced to work harder for a smaller return. The same thing happens when wages stagnate but costs don't. People are forced to work longer and longer hours to afford the same standard of living. This is what happens when profits are increasingly diverted to a smaller and smaller group of people. Our generation, as a whole, works harder for a lower standard of living than our parents did. If things don't change, it will be even worse for our children.
So are you opposed to antitrust laws that prohibit monopolistic behavior? Should a large business be able to buy up all its smaller competitors and then jack up prices when there is no competition left? The company should be free to buy and sell whatever it wants, right? And consumers aren't entitled to fair prices. Does capitalism work better or worse with these laws in place?
There may be some truth to these, but how long do we wait before we take action to address the issue? Inequality has been increasing for 35 years now and shows no sign of stopping. I don't pretend to have the solution, but I think it has to be acknowledged as a problem that needs attention.
Then I'll ask you the same question I asked GSD: Do you think things like monopolistic behavior and insider trading should be prohibited? Those are both significant restrictions on the free market, but if they are allowed, then history has repeatedly shown that ordinary people get royally screwed. Most people recognize that restrictions on free market behavior are appropriate when the free market, left to its own devices, is achieving undesirable results. The question is the right balance of freedom and regulation.
This should be the Republican Party motto. Economic system benefiting only millionaires? Easy, just be a millionaire! Never mind that you can't save any money because your wages are not rising to match inflation.
