WWL>Topics>>8-27-14 11am, Garland, Class Inequality

8-27-14 11am, Garland, Class Inequality

Aug 27, 2014|

Some American billionaires think “the pitchforks are coming for them”…pitchforks held by what’s left of the middle America.  Some of the rich are sounding the alarm that the debate over inequality needs to end…..with an answer.  Do you think the middle class is receiving unequal treatment?

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Automatically Generated Transcript (may not be 100% accurate)

-- Debate that I think we're -- you're more in Bora moral boost wages. Steps and have found the divide. In America between haves and have nots news. Getting were really ruby really. In 1980 at the top 1% control of 8%. Of you -- fool in. The bottom 50% got about 18%. Today. The top 1% has about when he percent. In the bottom 50%. As well per cent. And the reason I bring that up very interesting article. In political -- A man. Who was Milwaukee. According to own words but also. Very shall. He. He and his family you Windows Mobile the world forum. Made good money but a lot of money. And the one thing -- have to do we do it looks like news look into the future and antsy vehicle and change. And he looked at the bird bird basic Internet and said Ole Ole Lotta people going to be shopping and that. And he happened to have written by the name of these votes. Amazon.com. And he became. When when -- those operated two of the person on them -- members to buy them on so today. He's a billion there are many many many times over. But who wrote this article and political magazine. True Hughes though -- billion there accuracy called and my poems zillion hours. And the Hedlund says. The pitchforks. Or combing. For office and basically what he's -- is a middle clubhouse. Is starting to see. They're of Dellucci to body or just maintain status quo wipes the law. We're beginning to see that. And then -- begin seated. Will look for who's the blame war. How does that change more hope that it changes. And make some pretty good towards what. Before I get to what I think about what route we'll -- Gordon your expert group out of -- -- with the singer Colin Lewis at the center for American program -- welcomed assure appreciated to. What do you think about him and I'm Harper's. -- is overall mostly yours and nick and now. Is over all message to his fellow -- Is that. Trickle down economy. Is I'll work. What what's needed. Is a wait for the middle clips to share. In a growing. Economy. And basically saying you're gonna do like can report. You gonna have to realize that the people on the assembly line if they don't have -- money they can't buy your model he. So who paid them more. And they spend more and you benefit they benefit or what are your boarding your. Yeah I think that pretty nurturing an important thing about. You know trickle down to -- supply side economics would not tell the world works well received and that. You know cutting taxes cutting per people at the top of the income distribution cutting taxes on well. Deregulating business so this is not really what the extent economic growth and in the economics. Discipline essentially -- a great start of their current recession has been a lot of resurgence in a research about what is a the -- of an economic growth. And more and more worsening widespread. Recognized among economists that what's important is that strong middle class which is central to having our economy economy -- It without people if we don't have an economy where people can have. Good standard of living -- in go out and insulting -- -- the not productive in limited numbers that the economy and our whole economy is cocktail. Army will be one of the U the major pieces of education for me. Scintilla -- of the show and do absolutely nothing about it on the economic. Politics whatever. But build the first surprise from the it was that there oral liberal economists and conservative. Economist. Kazaa and I just got it figured it was science like eat it equaled and -- quarter and everybody can work from the same numbers. If the compliments. Can't agree on ten agreed that it's even a problem to us how to -- Does it have to fall apart the poor get effects. But I know it doesn't have the full pardon I think there are a number of very clear think that we can do to. Two to fix the thing we're not talking about. Redistributing until everyone is -- people. But that the runaway inequality that we've seen rising since about 1980 in the United States and incidentally -- most countries in the world that -- the and time period. And there's a number of things that have gone into do the dramatic run up in -- equality where the top one top point one -- point 001%. Vote. Income earners in the United States are pulling away for up from the lips while median wages and incomes are flat lining for a generation. You know these income of got a part but also. The taxation system which has some degree of progressivity that is people. Who -- higher incomes -- Relatively higher share of of the taxes without strong west progressive. Over the past couple decades. We have. Unequal treatment announced that kind of income that people look at the top earned income from investing. That gets special -- tax treatment and often wind up impacting no in contact with on that. We have the estate tax went which only important that people learn and states over. Unbeaten in -- over a million dollars. That that basically you're so what the intent of the effect create view invest in our economy went to. Are. Given -- -- when you don't have to commute to work forward our show Russia earned it and through to their efforts. -- and a limited breaker and let's come back and take a look it's over you -- you mentioned. And in front of bigger -- yep -- how the policy boom tube being changed. A change that can abuse -- do. -- Double a BO brigade the more Rea. Are welcome back we're were they get an overall about more more than these. Publicity that rounded inequality in this country and around the world. And it's hard to determine whether. Because of the EU's. Worldwide communication did seem to bigger problem until. Brandon article in political magazine via multi billionaire. Who says to his fellow billionaires. Pay a seat at the pitchfork. Held by the middle class -- and common for a better buy into what he returns in this round. To talk about that we have out of her senior economists. At Center for American Progress. -- -- you mentioned the number of things at potential answers. And and forgive me but every one problem. I -- here -- the conservatives. Bringing out their pitchfork so ain't gonna happen. Do you see you in any kind of consensus. That this is even problem. And it's no orders or there in the agreement shall potential and. Well I think there's. There's some agreement on that the movement of a problem that -- agreement signed. Approaches. You address the problem and and how how severe it is that think. You know one of the things that mr. an -- is saying it in in this article. -- look let's admit it there. Part is not a lot of the reason that people liked. And so first thing. -- they aren't because that they had locked in privileged. That got them there and yeah in. And that opt -- to talk to them you know -- in -- and that's what it's something with -- ingesting it says that he. He didn't want his kids to grow up in the country where. You know they didn't have the work ethic has been adapted. -- to succeed because there Ari can I think thanks to hit -- -- -- and business. The one that's instantly thinks that it's unhealthy for America earlier and that the world -- at the kind of that economic -- -- that the way you do it. And and and I understand that and well then let let me read an excerpt -- Report an award excuse columnists. Do you know whether this is from were not. He says in fact there's no example in human history. Where well accumulated like this. And the pitchforks didn't eventually come out you show me -- highly unequal society. And I won't show you -- police state or an -- There were no counter examples -- It's not if it's win. -- have Bieber applauded and a columnist for world. Well and that's what we've Cleveland. That contributed the economic history of the world than. The rise and fall of economies of human civilizations and integrated economic history out a couple of years ago from a couple of them actually economists now. Looking at this and -- and if that's what they show across time lacrosse players through -- you didn't history. And the thing I inequality. Leads -- economic and -- political. Cola. When when we look at and -- -- to an. African and Middle East where. It can be argued that the unequaled state between them have been. A lead to -- Arab summer. And we seat and so marry you for revolution brought change who brought down back. But those that replaced them I don't see in the equitable sharing their although. Or concern about people verses unequal. It's that seems to be mostly about war. You should eat and he. World examples. Of the way this should board conducts work. Certain you know it's not just that and I think nick has and -- making the point that. That future shock people that revolution is coming in the United States that are related and you know what what does mean is that. When inequality rises to expand when. Keep the proceeds to the economy or the political system tribute to be great against them. In favor of the -- to crack. This leads to. Bad governance. That social institutions and ultimately undermines the economic growth and -- vacancies -- You know time and time again across the world they're one example of what a place where -- -- Strides in addressing inequality and has led there's a lot of positive economic growth -- from this looks. To Brazil. In this country that has expanded. About social insurance and expanded that housing. Expanded education opportunities that you paying a dividend. And import of what he mentioned. Specifically. Seattle. San Francisco. -- mentions that the current minimum wages and nine dollars and 32 cents nearly 30% higher than the federal. Minimal wage. And he mentions that there is an attempt. To move that minimum wage up to fifteen dollars. And he -- with -- all of this which is billionaire -- And the conservative economists say this as a way to Cuba has not increased business he points out. The two cities in the nation for the highest rate of growth job growth are in San Francisco and Seattle. Does does that hold up. Where and when economists look at that -- of -- interviewing economists over the years. Always notice the whatever I read and understand it turns out to be too simple. There was more to with -- and -- can this be this simple. And that isn't the case that there's more to it than that what what the latest research shows on the effects of minimum wage is that. There are no discernible effects of raising of minimum wage. On. Employment in the economy. That the it -- talking about raising it in an arrangement. Really it would only get people up to a basic. Sustenance standing -- listening to those who are working. You know full time in more than full time that multiple minimum wage -- who are mostly that adult and a lot our. -- women's single mothers. So that is the kind of you know populations that are going to be affected by it but when we see in the studies that are most. Carefully controls for different factors. Acting appointment they looked. Across county lines where permanently dependent. -- implemented in in different states and what which does business. We know. Sector reduce employment and equipment in some popular aspects because market comes in circulated through the local economy. -- 211 final court and -- uses an example of and the quality. So you'll Perry talks about a group couldn't 47 times faster than -- workers. Over the past three decades ago back in 1950. Worst seat you -- workers' pay average fuel increased a 1000%. Many reports out to use use turned thirty times the median wage. Now they break in 500 challenged with that takes me back to a conversation I had. With some liberal -- to -- the word pointing out very similar things. And I said. Okay should you -- Steven Jobs less. Torre informed the company of his own removes the micros. In better answer was no. What I'm getting results. I don't mind. Is is is valued. It does that say there's no way to change. This statistic. No I don't think it first you know we're assuming that the the page that someone received -- commensurate with that are there abilities and what they're contributing to company or wherever -- -- workplaces and I think. Where there aren't things that article is you know but -- not -- case. -- listen -- that people who were lowered down to it killed our executive. Management. That at big companies. That they're getting paid what they deserved and I think we'll that's not really indicate either. So that all of -- you can we can look at you know how to do them done before. -- and bring down the situation it can happen through. More progressive. Taxation and tax system. Happened through raising the minimum wage happens through giving people. And paid sick days so that they can not lose their job when there to get sick -- -- the doctor or stay home from school. There's a lot we can get. Adam it's complicated it's a big ones that think we're going to be talking about water hopefully would get back. -- later -- not appreciated. Good that I. Of an audio bigger celebrity a -- five to reopen welcome back. Things get -- well what I think. Reviewed and -- Article and political. It come from a man through that. Law. And old slow. Through applaud. Number one used to good printed -- these Rose Bowl for b.s coach created. Amazon.com. Took consequently. He became birds gambling on them remember to invest in that made him do and it started in her advertising firm and so that will be and so in his words he -- there Tuesday. And and consequently. Who's had a good life he talks about it yachting talks about news for home talks about. More money than ever dreamt of but he's written article for political matter of political magazine. That's entitled the pitchforks. Or combing. For office. Resumed under the billion. And the benchmarks. Are gonna be carried. By the middle collects. And his fielding. Is that. Inequality. That we -- too much about. -- Is getting worse and the reason up funded interesting because it's almost always it conservative. Liberal debate. And doesn't ever seem to be a debate where. Liberals and conservatives. Come together even on portions of the debate. But it makes some interesting points. He. Chose governments were clear wouldn't. Let him report. Who was pretty much a little bit of -- -- Look to bloody resorting and -- wedeman. I get cheap labor. And I can keep it that way. And are probably gonna have a very good profit but. Ever written is the -- Jews. They're going to be able to afford my model t.s. And therefore. Chemical lot more money. And he points out Roosevelt. Did similar things during good approach. The board itself which also -- was in -- and he believes that the minimum wage ought to be fifteen dollars -- -- -- all of the countries which Forbes. Called him wouldn't you yeah. Quote exactly right whose name is nick had an hour. Ford label nick kind of an hour is new year in sunny. And the -- mix of fifteen dollar. Minimum wage argument. Is in Seattle. It's -- up and been approved. Hadn't been implemented yet. But already in Seattle hills nine dollars and thirty -- and -- minimum wage in that 30% higher than federal. Minimum wage. And higher than most of the states by quarter bit. And he boards so that those that believed in trickle down economy. Always say. When you have to pay eight to march. For workers. And eliminate job. You're gonna cut back on -- -- product. And everybody suffers. But he says the two cities in the nation. Highest rate of growth job growth by small businesses. Or San Francisco. And studio. Let's take a break here and come back contributes columns -- from reports out. Those -- city tortured as his grueling -- here and in the country. Fifteen dollars minimum wage isn't risky on private policy. It's doubling down on the strategy. Already allowing those cities. In his words. To kick our cities. Let's come back talk to an economist and soup. Mr. -- our thousand products related to use. Double. We've been good about what I've been very interesting article political act and -- -- -- and -- He's scenario. Billionaire many times over and you wrote an article that is entitled. It torture -- for us for -- it's a memo two month old Xoom owners he basically. Is saying of and and whose article. Inequality in this country is rolling. Part of good news the separation. From the very -- in the middle class and it can continue. We've already heard from my area of liberal economist at Morgan talked to a NIC Robertson out. And a columnist with the American Enterprise Institute -- from the -- or appreciated that time. Thank you so much for inviting. Us. Well I mean. Mr. powers it is worried about the increase ratings. Differences between the -- in the -- society. It and certainly the two record consumption. Widening -- Americans want to share. But from what we can do -- -- people ago raising the minimum wage fifteen dollars. -- I don't know the bat -- it is an old problem. The seeds are partly the raising the minimum quality. They inadvertent consequences. Of its own. Part of what the political scene look forward economic gaps in America. News that. People would skew rules and utter hatred. Or given way -- occur. The people who. People have lost it there but look we couldn't figure out how to solve the education and skills -- All of all the -- is going to be an hour. -- one quarter news article -- says quote. Repair itself -- by viewers complain from big business when the minimum wage -- institute. When women had to be paid a horrible violence. We're Charl labels were created an average on the cal blues have exactly saying things same way. We're going to be losing money will have closed some businesses will only people law. And it's hasn't happened back the data show rose. That when workers have been treated. Business gets better and reports Seattle and San Francisco. Minimum wage 930 to thirty priests and then -- Going to 15%. -- scripting dollars and points out of the 2000 grown Sunnis and -- All of first ordered it would be we control inflation. Both the minimum wage is way below could and woes would be your. So minimum wage is soon to it's going to be the instrument for weeks -- well -- it's certainly. We -- trillion dollars. So so full well they're spending which is indexed to low poverty or low incomes. And when we roll that into the mix that makes it -- more complicated to figure out what the incentives and disincentives for work. Well what we. If we want that -- prosperous society we have. Adopt to look loose and we after an economy that's generating columns. They have both of those -- These problems. All of the collateral for anybody would disagree that the questions are we go back six. We reports be -- reports is he took a look at the people and his. Construction loans and said. I can keep paying them and make a very good profit one -- paying him now up to order them raise the minimal Wear it -- -- -- -- wage other. And they're gonna have more money and they'll buy more of my model TV news. And he points out here and in his arguments. That of people get paid more. They buy more and more calm all of food stamps and and other government program do you buy that. I think that that there's so much all of those serious problem that's not -- Up at every -- it was their strategic about paying -- welcomes. All of more than -- Get away with -- technical diamond. But because. Because he paid well -- -- go one way back in the days of the ball he. He was able to be really selective he was able to truly connect axle workers and that rebounded. Very well profitability. Ford Motor Co. -- only a few people contrary. Everybody captured an excellent well. Olympians could this here in Louisiana. -- -- -- microcosm. In mid two words -- rest you know -- we've Dugard short 10 o'clock. We're gonna twelve billion dollar shortfall we're back wall Joe's been keeping our roads and bridges together we don't. Here in New Orleans got over a billion dollars Joseph mixed drink you more -- we don't have. Earlier in the list goes all of them all in all and and in the -- is like a rolling ball bull all of shows basic. Wipes style greens. That we can no longer paid for. In the middle class seems to be coming where. That always Jews the the morning -- bring it is not keeping up with what we need to. To maintain what we've got. What what happened what's the end game to that -- They're human and hold the -- the majority of the middle class outs to start looking for somebody notable -- All of these -- you definitely easier and I -- Pretty important experiment with a populist politics back in the nineteen reviews. Book but. That the people involved. On public unraveling and unraveling. Amid mare -- preferences. I was more of those the US formula. -- served. -- it needs. Can be maintained. We don't end up with a populist nightmare. Called for the last. The last ten years almost. The growth formula as we have here holding the premier. All in here and there are some people now we're saying that the news the may be very slow -- the battery unequally distributed. Well I don't see -- that happens to be idiots all of we're aggressive with better with better if he in the it and improve schools. Are -- with better. Over -- also useful in terms of the building infrastructure. Use. Billions. Unsustainable. The financing unsustainable entitlement programs. Both. -- -- I think the United States who have remained that the war on the world economy and iron and it can have a private -- shall -- A reduction could be doing right now ovals -- Now -- and UC hope Doocy. Indications. That could change because I mean we did show yesterday Joe's -- worldwide demographics. You birth rates are actually down own. In the United States and were turning up 65 years old -- rated 101000 that they for the next. Thirteen of fifteen years. -- we bridge that what feels like. And inequality catch up with the what you see. Better to moves in the two okay. Well but -- also what they have some of those alt -- Or sixty opens today will -- here and rhetoric heated and anybody that we have all of us will it will. And your possibilities. War. Continuing to be economically productive for much weaker than their parents and grandparents were in the previous. Oil -- But we did the drugs -- my daughter watched. Well you know. -- I don't think that those are created the United States with a fixed amount of hours so well all the content development epic that is if if people work there produce value where does that create more well I'm also more demand for the actual war. Our doubts subsequent scene with. That whole argument. If that would be used to live coverage of the world's worst you're gonna take all the jobs. The created more jobs because they create more value of both. Our equipment and fortunately we run -- and complicated some of the love to have you back can really do appreciate. It. Yeah. -- there that the conservative side in the liberal side tree in your mind at all or file should talk in the thing tonight. Thank you but was this. Or -- for. I'm gonna find out from experts who what -- reading for a what we may have situation in the woods they were proper as being three from whole -- All of this country that have never been trawler with the frost. And once -- properties seat. There are considered guilty. They must prove themselves. Innocent. Without a war. We'll feel this is true and if so. This happened in the Merrill. And a good bit.