Dec 10, 2013|
Garland talks with Daniel D'Amico of Loyola University about the inequality between the rich and the poor in America and whether we should raise the minimum wage.
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Automatically Generated Transcript (may not be 100% accurate)
In this job haven't read so much for different subjects Everett area at least three different subject oftentimes six different subject. You use blown a lot of things that you really weren't looking for a -- seem to. Be hitting on a regular basis is in the quality. Growing in this country at warp speed debates over. What should be done minimal wage should be -- should be earnings. Tax credit be in for -- student. On and on and on and then the Pope came and and rather. Strong fashion denounce acts as acts. Aspects of capitalism and consumer. Capitalism. Probably do three hours from concerning the Pope concerning capitalism and concerning. A minimum paid and the growing. Margins of inequality in this country and what. Finally convinced -- and do it in a lot of the -- business publications -- skimmed the human or three. A quotes that are pulled out from business -- CEOs and business owners. Once a society as a -- realized in the capitalistic system itself. Is quite dysfunctional. Capitalism even a hundred to two years ago was more inclusive. There was more -- -- -- of social responsibility. Today trusts and businesses decline. And we're creating it's -- George were to only the elite of the elite can be successful in that is not sustainable. And I've had some figures in front of users. That within it'd be here it is the top 10%. Of earners in the UNC. Have gone from constituting a third of all income in the US in the 1970s. 250%. Today at. The top 1% account for 20%. Of the nation's well. Overall bits and mine word we've asked a number of common -- Experts in the disputes drones today one of them as professor and Demeco. A professor of economics loyal all the university of proposed from welcome back to the show was always -- future -- -- If you Oman before again in tune my -- question we've -- number of people have been holding on quite a while and it talked to use of federal money goes straight to them. This -- for a -- wrong with a professor -- Yeah I. That goes beyond minimal wage first off they felt -- clarify that the first country in history. That was an exception in the United States agrees and it was 'cause spurs' current evidently middle class. Meaning the -- percentage of the population was in the middle some isn't supposed. To refute it a lot of the -- Well fact is that middle class sister -- tricky. And why is that well it's not a minimal wage and do free trade. Unions could bust but it has to do. What a lot on the thing and I think personally raise in minimum wage. Whether you're in different -- 212 would have. It's not gonna have a significant impact on changing real quiet as most entry level workers. We give jobs to China dispute goes beyond just a minimum wage but the fact it is. The lead or one Trafalis. Lately there economics which respond to what communism. But without checks and balances like. Are born in union employed and so forth they actually don't destroy a little bit because. If you do away with the little quiet you can lose purchasing power by product immediately needed to build the. You bring up a lot of very good point slowly get the professor to come on on him because. Agree there are things that and hopefully your problem propose. The other -- tremendous amount going on in in in that discussion what I would say though that. You should probably want to focus on and how. -- middle income. These aggregate demographic is growing globally. Arms so wall in America. What would people identified the middle class is under. A lot of stress. Arm for a lot of the contractual reasons that the caller pointed out. Globally many many many many more people even represented middle class the United States. Coming into that. That sort of income bracket and a large part of the past due right thing. We've been growing level. Accepted to market. Internationally. Whereas. Domestic we were having. Retreat from market oriented reached every. Are so why do -- novice. Well it. -- think in in part. He points out that. You have things like labor unions and minimum wage regulations that. Were designed in part to protect the middle class but in actuality what they tended to do what. -- insulate them from -- global competition. So we've been sort of Al east by the global market because the east. Relatively inefficient policy. If you look at like Detroit for example. It's one thing to say oh well. Good work in an automobile manufacturing. And we want -- sure that you can afford a style of family and and that certain. Our quality -- middle class living with that. But at the end of the day if -- automobiles and and the products that are produced aren't competitive at a global standard -- Indigo. Go under and and that's gonna have a much more devastating and sort of disruptive transition effect of -- family then would it. Marginally off in -- in a year year routine they. All right -- our first break here weren't thinking about minimum wage should have been raised we -- to. Billion there are on from California. The first hour who's leading. Big pushing California to raise the minimum wage to twelve dollars an hour I think you told me that it. Wal-Mart gave all of their workers were on this country. A sizable raiders it would raise the costs on everything go by 1%. Which would be an average of about twelve dollars year for those votes from shop there. Figures like that make itself elected something we should do but then again and I can quote. Other thing to -- the that challenge that. Hypothetical. -- were called back and think about it inequality in America minimal wage op boards at the same as it is. Two's exit 170 governor bill gated sodium group on the with thing good about the middle and met -- -- the minimum age of raising or keeping units that were thinking about the big divide that seems to be growing in equality. Here in the United States -- professor. Daniel DiMicco a professor of economics loyalty universe to proposed let's go right back to -- via. Callers and mean you bring in Greg we've talked about earned income. Tax credits in the last half hour. Greg welcome to show our home with professor Demeco. -- -- Appreciate -- call. I just wanted to come a little bit about the earned income tax crash. 35 year retirees with the Internal Revenue Service. And and and I can tell you how much fraud and abuse that involved in -- earned income tax program. And and for example on. You know you have you have individuals who do not work at all and no income. You know -- tax return claiming that the area progress through live in. They. Along and they do there. Self employment income and and it file returns and it six now you're back in an income on tax credits. For example who would be like. Husband want to marry -- file separate returns. No one yet no one amuses the post office Roxio and uses as -- address that would otherwise not qualify for -- income tax credit. But now -- -- -- and tax credits so I would think if we would be talking about. Increasing the the minimum wage. We should be we should also talk about increasing -- And income tax credit to. At least he has some sentences those people to actually go not in final word as opposed to. You know it's all fine tax returns and ought to get. This -- and -- -- called proposal would be. Sure I think that this caller brings up some good points. I should say mine attitude towards. Growing inequality or. Or securing. Social welfare of her for the middle but is probably very different. For most people's what you do what you commonly read in the yeah. I actually think. That problems are more the result. Of having. Increased and in more complicated regularly frameworks. So it's -- bring up that point about now. -- Benefits can be manipulated. Work. I don't think that that -- terribly. Function. One type of politician being an office or another or one type of tax program being put in place compared to another. I think -- instead the more complicated. And the more intense it is your tax program is. The more likely going to be victim to these types of corruption and I feel the same way about its regulations. And minimum wage. So a lot of people brought -- the minimum -- in contemporary circumstances and the way can help. -- community but I think they'll recognize that. Even -- regulations often times. -- immigrant and and minority groups through unemployment and eventually power. And war we union. And people who are already well or didn't have job security. There's a lot from industry research going on right now. That acts. Almost. Who repugnant racist and you -- Intentions. Well on your original sources of minimum wage regulation during. That progressive era in the in the wake of the new deal. In in the early part of the twentieth century. The general Jim mentioned something earlier that I use seal all the time. Basically. America's got a lot learn to -- to him to compete with the board of education and and wages and everything fails because they've got they're now on competition for the rest of the world we don't. The jobs in the money you're gonna go overseas. But Omar said documentary the other night called -- by China. And you pointed out that although that has some some validity. China manipulate. Their currency they steal our technology 2001. We allowed him to join the World Trade Organization. And since then. We haven't been competing and -- Chinese companies were competing. Against the Chinese Government. In the analysts say all that becomes a look at. Minimum wage being -- says she's some problems there that he earned income tax credits from problems there from whatever. It feels like we have a patient on the table and we say. Looks really good camp through the long and one says what do we do that well we can with what we do well we can have but. The patients die do you use in Britain where we go. In the let's start doing this and we don't have to wait for twenty years for better educated populace to be able to compete. Our I think that if you if you -- -- Income and an economic return for not only United States but the the global system at large I think that. More open. Immigration protocol. Would attract higher skilled workers and productive. Human capital into the United States. You increase your -- -- increased you're. You're you're labor pool but the cost of labor would go down for small business owners. You would increase the demand for real estate to all of the people who have equity tied to real estate. Would have higher higher housing prices I think that immigration. He's one of the greatest untapped resource in Indian human development currently some economists are reading that you had. An open integration completely relaxed immigration protocol in western country look at the United States you could double GDP globally. Professor -- or -- run out of time once again would love to have you back this is. Complicated subject which we're gonna talk about long time or sourcing ministers they just so much for the time. Professor Demeco. Professor economic -- oil we universe it.