Jan 9, 2013|
Garland talks with Senior Fellow at the Cato Institute Dan Mitchell about the growing income disparity between the rich and the poor and it's effects on the economy.
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Automatically Generated Transcript (may not be 100% accurate)
Any -- things are subject to. It was so because of my children. Been reading. Do more homework tonight and so -- Reuters. We're joint user and owner deliberations. And they -- about -- too long series from them -- on the cool story of America. These. Problem -- income. Inequality. In the United States. And done. I had -- and journalists. But also coauthor of the article. I choose your own journalists and college journalists University of Maryland. And I would submit. She did the liberal side. They're certainly does seem to be. A growing divide. Between the very richest. And true to middle class and growing. -- -- And we knew we had her own to ensure their concerns. Now we're gonna -- and then moved to turn to institute showed me. Libertarian side of this memorial born out. For those who -- Univision. At the very endeavors should -- okay. This doesn't work get confusing let's say your bright. Led to even call it only quo. Let's call it a disparate. Okay. Although they showed through the years when you're in the audience Colin said he drew -- makes too much money. Always ask you how much is too much. In seven years younger branch courts in -- years and years but. And we couldn't see you -- triggering the thing you know I never get miniature. Ellis could just never okay let's say you're right. If there's a big disparity. Between the richest and the rest up. How much money do we have to take away from them. To make it. Not. Only equal anymore. And is -- capitalism or is that. So true democracy here hybrid up. And his. Current through it was a non answer. That's in the interest in question. That's something we should look at which has resumed enrichment import completion. At a have a program helped me -- this breed more and more and more we're talking about income. Inequality. Do you know him and I know you do lives during -- you know what country -- does this. And doesn't -- -- it works. Well there are currently countries worked. More equal levels of income. Then in the United States than there are a lot to countries took less equal levels of income in the United States. But that's sort of ignores another very important question which is the level of income and the growth and comes. -- -- confirmed cases you find that countries that have variable equal levels have been com. How lower levels of incumbent in the US and their income levels aren't growing as fast. This really gets and one of the key debates between the left and the right on this issue which -- to what extent. Do you tolerate or even calibrate to income inequality. Because it leads to an economy that generates more prosperity. -- for everybody to another -- There might be a big gap between direction to pour. But the rich -- the poor and country and it might both be better off than the rich and the poor and country B that has been paying more. So called equal distribution of income. But once. You or who we or. How do you go back content you. Have been have been in in your liberal fringe which I'm sure you've got to do surveillance and you. Well while we do we're going. Worst mistake of your. Overall the federal government reduced breathe -- distributes. About one quarter less today. -- did in 1970 million which Marines. It's always. Reduced and reduced -- -- distributed. Is gone. Hasn't anybody who's said to you it would be 13% or 50% or 8%. Want the rich have. Should jewelry would do equality. Well -- ever try to pin them down on bad and it's it's a bit of a challenge. Because ultimately. But the fight is really about when you when you sort of the year not just scratched the surface but when you're actually -- down. A lot of people on the left tanked the economy as a fake pot. So therefore -- in your example Drew Brees usually use the example of that's. You assimilate delegates. Whoever your average person example as they have got rich person is getting a lot of money people on the left bank. Often times at bat means the rest of us by definition are getting less money. And what I try to explain to my liberal friends is that not all that's not true over time you're gonna have. As big increases in living standards for everybody but having something called economic growth. -- real economic growth beating everybody is getting better talk first currently. Every broad segment of the population. Is getting better off. But. Instinctively. A lot of people on the left just resist that notion they don't really understand that they they think the PK it's fixed so that one person gets the big slice the rest get -- -- And I think that's really what the challenges that one what you get them to focus on the fact that there can be growth. They had all of a sudden if you can get and understand it. And they're not so concerned about -- placing the high -- and NA AA and you can get them out of this very pinch narrow attitude that. Well no -- cannot displace more than three times bigger than anyone else displaced or something like that. -- women -- take a break we'll come right back over then moved to a senior fellow with kid went through. Talk about -- borders series. Meant certainly that provided the statistics. And there's an unglued equal stated America according to them. When it comes to income there's growing income inequality. And I'm asking the question well do in fact been deported. -- supply. If you say OK is the rich are getting. Your third supplies and that's too much. Why is that we can never find them all these studies and all this talk for all this year it's okay. How much. Do we have to take away from the -- To make it okay. And nobody seems to have that if we don't have that basic answer. Then watched the debate. Coming right back. In particular blood to any government and quote inequality. And America. We're the -- sort of win their -- -- where this would be OK we institute senior pro between libertarian organization. Did and I always challenge myself and I think. One of our road listeners challenges me pretty good human reborn through a big tech student and call. What are you always argued that -- when sick -- is something from the wealthy. And Gibbs is so much less fortunate. The middle class wage earners attacks. There were 30%. A lot of the top 2% panelists and 15%. Allows them to germs grow more wealth without doing anything the system. Widens the gap between the haves and the have nots. Nobody's talking about taking anything away from anybody if I understand correctly they're talking about people like Bill Gates buffet. The -- large producer of their income. From stocks. And comparing quote. Don't do anything if we tax -- at 30%. It got close feet. Income -- tree into -- Not because what matters there's presumably. I should stress presumably what matters is not how much the return making but how much money the poor and middle pastor making. And if you decide to increase the double taxation because don't forget all -- income per Warren Buffett and bill gators already tracked by a 35% corporate income tax. And then dividend and capital gains taxes -- double taxes on top of that so they're not paying just 15%. They're paying 15%. What's left after the 35% corporate track and of course that 15% as it is. Now not 15% anymore its actually 23 point 8% when you glued to new obamacare surtax that you include a new. Obama. Just -- but tax increase -- The main thing is okay we increased double taxation on these rich people. Probably lead to almost certainly at least eleven -- -- as the economy which presumably it's not going to be get further wages of Africa workers to get to one -- every economic area agrees on whether it keynesian socialism marxism and of course free market. We all agree that you have down capital formation and saving and investing in order to have long run economic growth. Philippine life saving and investing in the Castro supposedly because we don't like direction we want to redistribute during com. But in and as a consequence we get slower economic growth. And that doesn't help the poor that doesn't help the middle class who got a friend I would argue it's very bad for them. Linda but again. Forgetting for audio and forgetting keynesian. If there's a gigantic gap and I think everybody agrees there is. Even if we double that fifteen to thirty. On the god of Stockton Garmin and other things you don't you don't even make condemned in closing the gap and. I don't think you you have any effect because. Theoretically it's not gonna affect the pretax income on the ranch -- might encourage them to engage in tax sheltering impact -- and inefficient things like that. I was gonna make government bigger it's been a slowdown in growth as soon -- I guess what I'm saying is sure what we all should care about. Conservative libertarian -- -- whatever we should all care about what policies will make it more likely that lower and middle income people. Can have a better life. Our branding and very quickly -- mind -- -- bring you Marlboro lose your brand you're governor bill appreciate cup. Thank you Carolyn and I think your guest just said what we should be caring about. You know many -- -- wouldn't be protesting about income inequality at our basic safety net we're still intact. If we were -- at a health system like candidly akin to a single Payer system. Then the rich the poor the middle class at all not be worried about creating medical debt -- that. All right do we have this saves in that what do you think -- Well one thing that we see in Canada is that the rich but as. Actually tend to come that you ask for any complicated or difficult medical procedure works for low income people. That are trapped in a government run system that isn't doing had a bit of a job. You have interior survival rates for things like cancer when you're and a Lebanese government run systems. I know obviously anybody in America. Can go into an emergency room and get treatment I definitely agree with the collar voters has too many very inefficient but op. What I would argue and of course it's been which we do it two hour show on this. I would argue that the government intervention that we already have it's one of the reasons. Why our health care system has considerable inefficiency and very high costs. And then and one nobody ever once talked about it and it's another show. So -- put prayer in Switzerland couple other countries. That close. -- Best they've all got major Dutch prince fourteen billion. Are all coming back. -- -- all celebrating the rich -- better removed from the poor. There's no real health program -- in the world. That is what we wanted to be there and I appreciate golf so much and you know you're a great day.