Why is Wealth Inequality Bad? by davidpakman

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politics · @davidpakman · Nov 5 '18

$0.65

Why is Wealth Inequality Bad?

https://www.youtube.com/watch?v=NQjwf6rS89E

### Why is Wealth Inequality Bad?

Audience Question: Why is wealth inequality bad?

### Thoughts on this one?

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@tomblackstone · Nov 6 '18

I have several questions. First, you say you don't want complete equality. So how do you distinguish between "fair" and "unfair" inequality? Second, is it not possible that government is the cause of much of the unfair inequality, and that reducing it's power would lead to more equality? Third, isn't most of the inequality between residents of the developed world and residents of the undeveloped world? And why is that? For example, why does China produce more than it consumes, keeping it's people in poverty, while the US consumes more than it produces, enriching it's people at the expense of everyone else? Oh, and I may as well throw in #4. How are you are going to raise taxes on the rich when you need their money to run a campaign?

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@davidpakman · Nov 6 '18

$0.21

How much equality depends on the area you're discussing. There is no evidence that removing the government would reduce inequality. I'm open to believing that, if you can present evidence of that. While there is inequality between developed and developing world, that is a totally separate issue that is often used to distract from the unnecessary and damaging levels of inequality in the developed world. The last question is sort of silly.

👍 davidpakman, tomblackstone

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@tomblackstone · Nov 6 '18

The reason I asked the last question is because you advocated raising taxes on the rich. In our political system, this would only be possible if you then funneled the money back to a subset of rich people, exacerbating the unfair inequality that you say you are against. You could instead not raise taxes but increase the deficit to pay for more spending. You could probably get donors to go along with that plan, since it would lead to poor people spending more money, increasing revenue for business. A lot of rich people would love that. But that would lead to falling real values of Treasury bonds, reducing the wealth of emerging market countries and exacerbating the type of inequality I am concerned about. I don't agree with you that inequality between countries shouldn't be our concern. I think eventually the rest of the world is going to get tired of the way they are being treated.

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