Income Inequality Is Killing the Econ...

Income Inequality Is Killing the Economy, Obama Says—Is He Wrong?

There are 30 comments on the www.theatlantic.com story from Apr 4, 2012, titled Income Inequality Is Killing the Economy, Obama Says—Is He Wrong?. In it, www.theatlantic.com reports that:

The president wants to turn inequality into both a campaign banner and a grand unifying theory of the recovery. But not all economists agree with him.

"What drags down our entire economy is when there is an ultra-wide chasm between the ultra-wealthy and everyone else," President Obama said in a speech today, citing evidence that income inequality hurts economic growth. So, is he right?

It's a big hard question with a long history of polar opposite answers. Let's start with the latest, hottest attempt at a Big Answer: Why Nations Fail, a monster economic tome by Daron Acemoglu and James A. Robinson. Nations succeed on the strength of their economic institutions, they write. Countries with so-called "inclusive institutions" that encourage hard work and innovation from top to bottom consistently out-perform countries where wealth is extracted from the middle class and concentrated at the top.

Join the discussion below, or Read more at www.theatlantic.com.

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Since: Mar 08

Allentown, PA

#1 Apr 4, 2012
Very good article.
space alien

Fishers, IN

#2 Apr 4, 2012
LookingToEscape wrote:
Very good article.
dr. Bill_mr! testicle editin;-00
Robert

Hollywood, FL

#3 Apr 4, 2012
Well what I know is that our rich are richer than other peoples rich and our poor are poorer than other peoples poor so we can't be too far off track.

Another thing I know is that they are fixing this income inequality in Greece, the income inequality in Greece gets to be less and less every year and I don't want to be like Greece.
x-nutmegger

Phoenix, AZ

#4 Apr 4, 2012
If you look at the chart the two biggest changes are Mexico and the U.S.

This backs up the arguement that cheap illegal labor leaves Mexico and enters the U.S.

This leaves the rich richer in Mexico while it pulls down wages in the U.S.
However the Obamaites refuse to recognize this as they see illegals as future Dems and future union members so the screwing of the legal working class American continues.

Example from 2006 in Az.:
* Union carpenter $25 per hr.( Mostly legals many legal Latinos)
* Non-union carpenter $18 per hr ( Mostly legal many legal Latinos)
* Illegals $12 an hr.

So what happened was the legal carpenters had to work for $14 an hr to compete with the illegals but the Dems don't want to hear that as they are all about Dem power and not Americans in general.

“i hope we can change this!”

Since: Aug 08

usa

#5 Apr 4, 2012
Robert wrote:
Well what I know is that our rich are richer than other peoples rich and our poor are poorer than other peoples poor so we can't be too far off track.
Another thing I know is that they are fixing this income inequality in Greece, the income inequality in Greece gets to be less and less every year and I don't want to be like Greece.
our poor are HARDLY poorer than other peoples poor!
our poor complain that they have only one tv, a "regular" cell phone.
other peoples poor are starving, living in hovels and dying in the streets.

and what they're fixing in greece is decades of government's cradle to grave entitlements that have bankrupted the country.
Robert

Hollywood, FL

#6 Apr 4, 2012
carey529 wrote:
<quoted text>
our poor are HARDLY poorer than other peoples poor!
our poor complain that they have only one tv, a "regular" cell phone.
other peoples poor are starving, living in hovels and dying in the streets.
and what they're fixing in greece is decades of government's cradle to grave entitlements that have bankrupted the country.
I mispoke or mystyped how ever you say it I meant to say our poor are richer than other peoples poor. Like this.

Well what I know is that our rich are richer than other peoples rich and our poor are richer than other peoples poor so we can't be too far off track.

Another thing I know is that they are fixing this income inequality in Greece, the income inequality in Greece gets to be less and less every year and I don't want to be like Greece.

“My Commander-in-Chi ef!”

Since: Jun 07

Obama got Osama!

#7 Apr 4, 2012
Wow, great article…

President Obama’s powerfully scorching speech yesterday at the AP Luncheon set the tone for the terrain that this campaign will be fought on… and that’s a very dismal prospect for RINO Mitt Romney and the rest of the GOP.
The pathetically sad part is that the very people who have been devastated by a bad economy and income equality brought about by the failed policies of the GOP during the Bush years are the same idiots that are against President Obama because he’s Black. Ignorant bigoted racist whose hate causes them to vote against their own self interest.

Since: Mar 08

Allentown, PA

#8 Apr 4, 2012
Marine Corp Pat wrote:
Wow, great article…
President Obama’s powerfully scorching speech yesterday at the AP Luncheon set the tone for the terrain that this campaign will be fought on… and that’s a very dismal prospect for RINO Mitt Romney and the rest of the GOP.
The pathetically sad part is that the very people who have been devastated by a bad economy and income equality brought about by the failed policies of the GOP during the Bush years are the same idiots that are against President Obama because he’s Black. Ignorant bigoted racist whose hate causes them to vote against their own self interest.
Time to freshen it up a little Gomer
Robert

Hollywood, FL

#9 Apr 4, 2012
Marine Corp Pat wrote:
Wow, great article…
President Obama’s powerfully scorching speech yesterday at the AP Luncheon set the tone for the terrain that this campaign will be fought on… and that’s a very dismal prospect for RINO Mitt Romney and the rest of the GOP.
The pathetically sad part is that the very people who have been devastated by a bad economy and income equality brought about by the failed policies of the GOP during the Bush years are the same idiots that are against President Obama because he’s Black. Ignorant bigoted racist whose hate causes them to vote against their own self interest.
I think you need to go back and read the article again, it was clear that government attempts to make income more equal caused more harm than anything else.
duh

Abilene, TX

#10 Apr 4, 2012
Marine Corp Pat wrote:
Wow, great article…
President Obama’s powerfully scorching speech yesterday at the AP Luncheon set the tone for the terrain that this campaign will be fought on… and that’s a very dismal prospect for RINO Mitt Romney and the rest of the GOP.
The pathetically sad part is that the very people who have been devastated by a bad economy and income equality brought about by the failed policies of the GOP during the Bush years are the same idiots that are against President Obama because he’s Black. Ignorant bigoted racist whose hate causes them to vote against their own self interest.
your one to talk about hate. every post you put out there is all about hate. and by the way i have never gotten a pay check form a poor person. however i am taxed to pay for poor people. now go back to china where you belong
Wall Street Government

Sebastian, FL

#11 Apr 4, 2012
duh wrote:
<quoted text>your one to talk about hate. every post you put out there is all about hate. and by the way i have never gotten a pay check form a poor person. however i am taxed to pay for poor people. now go back to china where you belong
Never got a paycheck from a poor person, directly no but I bet your boss has.
Bringmedinner

San Jose, CA

#12 Apr 4, 2012
You can't walk down the street without running into several Democrat cheats. They cheat honest Americans by using farm fuel for highway traffic, falsify receipts to get huge sums from the Dept. of Agriculture for doing nothing, operate businesses falsifying records to the IRS, cheat their employees by not paying a fair share of SS taxes... the list is endless and they are all Democrats having an aversion to anyone trying to get a handle on the underground economy. Others falsify disability claims, collecting SSI, while working under the table 50 hours a week. They're all Democrats. They switch bank accounts and other Democrats working for them cash their checks at the issuing banks, thinking they don't have to pay taxes. Their whole lives are spent looking for ways to cheat the system, thus 50% of them don't pay taxes, when many of them should. Obama knows this and enables this. All Democrat representatives know this and enable this and more.

Democrat liars, cheats and thieves are what kills the economy.

Since: May 11

Location hidden

#13 Apr 4, 2012
I've been saying this same thing for a number of years. The farther apart the economic balance goes in either direction, the worse off the overall economy of the country is.

Our economy is quite unique in that if we have a strong fulcrum in between our rich and poor (or what passes for poor in our country) then our overall economy works well.

If the fulcrum is moved too far one way or the other, the scale tilts and everything is out of whack. This is what we've been seeing for the better part of 10 years. We've been seeing an ever increasing amount of wealth accumulating on one side of the scale. We're now out of balance.

And I'm not advocating that wealthy people should have to give their money to everyone else. What I do advocate is that companies and corporations trickle money down to their employees rather than giving it solely to the upper end of the management scale. The huge chasm between CEO's and management and all the other workers is the biggest I've ever seen and it is decimating our economy. The scale is top heavy and the fulcrum needs to be adjusted to compensate.
CHECK SIX

North Port, FL

#14 Apr 4, 2012
Old Time COMMIE , MARXIST,SOCIALIST CRAP!..Sounds like LENIN,...THAT IS NOT the UNITED STATS OF AMERICA....

Its More like some Sub Sahara society,KENYA,INDONESIA....Thi s CRAP,is the DREAMS of HIS DRUNKEN LOSERS TWO MUSLIM OLD MAN!.....

Totally ANTI AMERICAN...,,he Strikes at the Very HEART of AMERICA...Land Of Opportunity....The BEACON for years for people running from the worlds OBAMA wants for us..That Old Lady In NYC Harbor has Welcomed people ESCAPING FROM AN OBAMA HELLS ON EARTH!....

This GUY masquerading as a LIBERAL,is a RADICAL,FAR LEFT,INCENDIARY ,RABBLE ROUSER........Time to see him for what he is....

This STUDENT of REV. WRIGHT..FOR 20 YRS!!..GOD DAMMING AMERICA!!.....If He Gets four more years of uncontrolled power,destroying the Supreme Court, More CZARS,Chicago THUGS, SPENDING and one more LOONY Majority?...AMERICA IS FINISHED as we KNEW IT...

No More RED ,WHITE and BLUE,But Rather a SHIT BROWN!!

If you think you were better off now ,than four years ago ? Then Yer A BRAIN WASHED OBAMAZOMBI!

ITS THE FREAKING GAS IDIOTS!!.....His plan to make it like Europe is succeeding...$ 9 DOLLARS A GAL!..SMILE!! And SUCK IT UP!!
Bringmedinner

San Jose, CA

#15 Apr 4, 2012
Democrats are the dopers and dope pushers. Democrats are the gang members. Democrats are the welfare cheats. Democrats sit on their porches, when not watching TV, instead of painting their houses. Democrats don't pay taxes on money they get from other Democrats under the table. Democrats hate honest people. Democrats kill their babies. Democrats fill the jails and prisons predominantly. Democrats punch holes in their faces and get tattoos to exhibit their anti-social orientations and pride in it. Democrats make up the dregs of society and are liars, cheats and thieves. Democrats vote Democrats into office to look the other way as they continue to be a burden on honest people.

Since: Mar 09

The Left Coast

#17 Apr 4, 2012
obama is a rich, near-white, 1%er. Couldn't he just give poor people some money from his mega-millions?
tom drake

Fishers, IN

#18 Apr 4, 2012
RustyS wrote:
obama is a rich, near-white, 1%er. Couldn't he just give poor people some money from his mega-millions?
U dream about lady gaga-billionaire ;-00h, didn't get yo lotttto num-per;)
bailout my duck

United States

#19 Apr 4, 2012
but u voted to bailout rich crooks ahole and ur keep interst rate low so they can play on margin and banks/flippers can sit on houses
torch

Charlottesville, VA

#20 Apr 4, 2012
Does this mean obama will give regular people bailout money like solendra?
P Ramon

North Haven, CT

#21 Apr 4, 2012
Marine Corp Pat wrote:
Wow, great article…
President Obama’s powerfully scorching speech yesterday at the AP Luncheon set the tone for the terrain that this campaign will be fought on… and that’s a very dismal prospect for RINO Mitt Romney and the rest of the GOP.
The pathetically sad part is that the very people who have been devastated by a bad economy and income equality brought about by the failed policies of the GOP during the Bush years are the same idiots that are against President Obama because he’s Black. Ignorant bigoted racist whose hate causes them to vote against their own self interest.
...bhahahhaha...ya clueless putz...ur dummer than that hater Oberman

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