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WWL>Topics>>1-21-14 11:35am Garland: on the wealthy

1-21-14 11:35am Garland: on the wealthy

Jan 21, 2014|

Garland talks with Dr. Rajesh Narayan of LSU about why so few people hold so much of the world's wealth.

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Automatically Generated Transcript (may not be 100% accurate)

Welcome back words they -- about income is equality. So tool in the quality education. Inequality in the breathes and lives. -- -- -- works on big I'm trying to read about during the week to three times a week I'll hit the only news story on and the quality. Worldwide and and in America based on board may -- going to reaches the shrinking of the middle class here's the latest. World's 85. Richest people. -- and 46%. Of global -- 85 people that's a hundred in and that trillion dollars. It's over search your group British charity arts form who published -- For the World Economic Forum that being held. I think today in this week and a -- Switzerland. And the World Economic Forum that that is where. The world's richest most Powell poll most accomplished people. Gathering and a very restricted to gathering buried -- Bogut to go to a and they have identified incoming quality is the greatest rules -- world and would fourteen. And we just talked to one record columnist who said. I don't really think that in the quality it's a problem at this point. And -- there needs to be pitched by the government it's going the wrong thing. In the educational system that it's doing the wrong thing. So now go to doctor -- fusion camera now orient. Cameron proposed troop and its alleged -- international banking experts specially. Banking and financial markets and doctor good talk you give. Our programming on our own blood do -- -- we fighting and equality is that a problem in this country. Oh it definitely. -- problem. -- I think the statistics don't lie and you're seeing. Considerable increases in inequality across the world. Income inequality. Across the world and the from the curb. Or it lasts only thirty years and a book. Part of life and income inequality is explained by. We terms -- technological. -- Better educated better skilled individuals. Can't hire firms. From their productive activities for the return education. Dramatically the go up and that explains it a bit back in committee qualities right virtually. Well god help me and in the -- with June mingling Herbert. I've just heard from economists who said no I didn't really -- -- inequality and I've been reading about use rigorous. This is one economists arugula diocese until late 1970s. Real wages for the bottom of the -- reports have stagnated. Or fallen by the incomes of top 1%. Have nearly quadrupled. Here's an economist writing in the Wall Street Journal. Absurd -- cents and I'm sorry he asserts are rising inequality and no big deal because everybody is making big day. Income from the bottom of the US population have risen 186%. Since 1979. When I checked that against the Census Bureau able. It says the bottom -- Actually was bawling. Because the figures he quoted aren't corrected for inflation. What we need to make of this that the general populous how we get it the truth justice. The distinction between. Income and if you think it is a problem wealth accumulated. Com. And income gives you the means to consider. Sold them. That distinction between even com and consumption. A lot of economists are -- Depending on some -- view whether quality of crop art. I get -- And beat. Want consumption cycle and the income and so what I like -- -- and Seoul. Government. -- -- I don't happen yeah way to solve these companies quality because salt back problem I didn't accept redistribute. -- -- Our big economies grow. So that everybody on more after the typical when did want to make everybody feel happier guy -- -- consume. And what one area could it. That you -- your body of housing. They can form some major proportion -- -- well and consumption. So you've -- bear. Lacks affordable housing policies. Mainly to com back even come equality by beat three. Options all. And look at what that that a result of the. Aren't those elusive break here -- come back. Anybody out there that. Discrete as -- though little poll that says our. -- Jeb Bardem and a bill opinion poll that we run every day whereas the question. -- think it's feasible to make income levels equal. 983%. Abuse says Indo. Who will be back -- a finger -- about inequality worldwide and in particular in the United States or at least the reports thereof. What initiated this report out of England war the World Economic Forum which is one of the big ones in the world. Says the world's 85 richest people -- 46%. Of global well. 85 people with the 100. In and trillion dollars that they control. We have bump professor open answered a few international banking expert doctor refuge number I am with its. Doctor. Let me Odom the country of Brazil. And of them looking for answers the other -- the -- and I turned. Here's here's what's being written Britain about it's seen Brazil has seen income equality draw over the last decade. Unemployment. Near record low growth of the middle class to economists are wrote a book called it's done. Most assessments of port of forty million people to boom cold out of poverty. And the last ten years extreme poverty according to the figures it's. There's been reduced by 89%. Blowing the tune reports. Wrote would these figures -- -- talked with three different economist. And they said. Well the -- resume their employer was so low is the economy was terribly inefficient in this. Too much of the economy it was in the hands of the state. And it was a consumption based economy. Like necessary investment. Therefore. It won't continue. The way it is and they were very bearish from the Brazilian economy. -- -- -- The economy in the hands of the state in consumption the lack the necessary investment that sounds like offs. All there and looks like from -- You know when people flying -- income and equality question. Consumption. Equality issue. I think it mixes the so the argument in. All your income. Equality or if I -- -- the current contraction. It's not on all income for -- Then you have to think about. How did -- consumption equality and are making hundred dollar and come out and it -- -- 101. Bad apple -- I could get the ball twenty dollars. Outward that all come from somebody. So walk and what happens when you have. When you have -- consumption equality -- from redistribution. Going. And the danger is that a lot of the redistribution of income goes you know color the -- in government all our state -- Bet you that we history teacher that does not. Had good effects. And the US. The US from the US -- -- and all of these the -- and. -- a couple of years we do. -- one thing. Or. Not. -- -- -- Witnesses. And so on pause for a large and -- all. Years in the difference in terms to kill. So one word -- -- many quality is that you have a high level of guilt all. So you've got to use words that. So battered reputations. Better training. At a I think wool or policy electric war Iraq. Will help the economy. Grow. But it isn't the world of education. Getting a lot of publicity is moving more and more. Towards availability of the of those that can afford that we're talking about kids going in getting degrees. They have to take out exorbitant loans. They can't declare bankruptcy they spend their lives and with the debt that they they can't pay off but a lot of them. Can't find jobs with the degree as they get. Sadly we have to change education as we know and -- chances of. Well we definitely do some things and you're now the tenth of -- in the land now. You know. Do we get it and point where we have known nothing -- do but. -- do something drastic. Which were -- Dramatic consequences of war. This sort of begin to think about you know everybody and that's certainly need to university degree could have. Better education out of our community colleges. And better. Polytechnic. And then that like Vietnam and Europe. Base and Latin America is not a apprenticeship. You know like effect in. Oh well you weigh in with skills can you imagine what that's the development and graphic design and idiot and lot of it -- there aren't necessarily all of our reports that they kept. And although. Now or they're going to be enough of those jobs in and -- bill bill it is to keep the middle classes in time. On -- middle class that changes and then we're not. That same standard productive economy the war -- year ago. Doctor apology again soon bald and comes surged and take a look at the clock -- -- time thank you as always. -- and something -- girl and thank you for the time. -- -- -- -- --

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