The broken US economy breeds inequality and insecurity. Here’s how to fix it

[BidenPresident]

James K Galbraith holds the Lloyd M Bentsen Jr chair in government/business relations at the Lyndon B Johnson School of Public Affairs at the University of Texas at Austin.

The question is: what do we do now? We can adjust, and build a fair and secure middle-class society, free of poverty and of oligarchy alike, with tools that are broadly familiar. These tools include:

Expand social insurance
Social security, Medicare, Medicaid, unemployment insurance and Snap already greatly reduce poverty, insecurity and hunger in America. They can be broadened and strengthened. If we can’t get Medicare for All, then drop the age of eligibility to 55 – that would cover a large part of the most vulnerable population and reduce in a stroke the burden of private health insurance on employers.

https://www.theguardian.com/commentisfree/2022/oct/07/us-economy-growth-inequality-james-k-galbraith

 

[BidenPresident]

Rising interest rates, a falling stock market, a seesaw in the price of gas, a high dollar and chaos in world finance – we see in all this, once again, the folly of trying to run the world’s largest economy through a central bank. It’s time to rethink the basics: what has happened in America? And what should be done?

Adam Smith wrote: “Wealth, as Mr Hobbes says, is power.” Today in the United States we find islands of wealth and power on one side and an ocean of precarity and powerlessness, alongside poverty, on the other. This is a structural development over 50 years, the effect of politics and policies, but also of industrial change, globalization and new technologies, with intense regional, social, demographic and political implications.

 

[Yakuda]

James K Galbraith holds the Lloyd M Bentsen Jr chair in government/business relations at the Lyndon B Johnson School of Public Affairs at the University of Texas at Austin.

The question is: what do we do now? We can adjust, and build a fair and secure middle-class society, free of poverty and of oligarchy alike, with tools that are broadly familiar. These tools include:

Expand social insurance
Social security, Medicare, Medicaid, unemployment insurance and Snap already greatly reduce poverty, insecurity and hunger in America. They can be broadened and strengthened. If we can’t get Medicare for All, then drop the age of eligibility to 55 – that would cover a large part of the most vulnerable population and reduce in a stroke the burden of private health insurance on employers.

https://www.theguardian.com/commentisfree/2022/oct/07/us-economy-growth-inequality-james-k-galbraith

How will these expansions be paid for. I think I know the answer but I'll not assume.

 

[BidenPresident]

Shift taxation toward land rent

A great principle of classical economics was that taxes should encourage labor and enterprise while discouraging waste in both the public and private spheres. In the 1980s, taxes were shifted away from personal and corporate incomes and capital gains and toward payrolls and sales – and the unsurprising result was the rise of an oligarchy of hyper-wealthy persons.

The remedy now is to tax these accumulations and the associated rents – land values, mineral rights, technology “quasi-rents” – so as to bring the new plutocrats back to earth. A stronger estate-and-gift tax can spur the transfer of great fortunes to foundations and non-profits, such as hospitals, universities and churches, while working to prevent the emergence of dynasties, financial and political.

https://www.theguardian.com/commentisfree/2022/oct/07/us-economy-growth-inequality-james-k-galbraith

 

[Yakuda]

James K Galbraith holds the Lloyd M Bentsen Jr chair in government/business relations at the Lyndon B Johnson School of Public Affairs at the University of Texas at Austin.

The question is: what do we do now? We can adjust, and build a fair and secure middle-class society, free of poverty and of oligarchy alike, with tools that are broadly familiar. These tools include:

Expand social insurance
Social security, Medicare, Medicaid, unemployment insurance and Snap already greatly reduce poverty, insecurity and hunger in America. They can be broadened and strengthened. If we can’t get Medicare for All, then drop the age of eligibility to 55 – that would cover a large part of the most vulnerable population and reduce in a stroke the burden of private health insurance on employers.

https://www.theguardian.com/commentisfree/2022/oct/07/us-economy-growth-inequality-james-k-galbraith

How will these expansions be paid for? I think I know the answer but I'll not assume.

 

[Yakuda]

James K Galbraith holds the Lloyd M Bentsen Jr chair in government/business relations at the Lyndon B Johnson School of Public Affairs at the University of Texas at Austin.

The question is: what do we do now? We can adjust, and build a fair and secure middle-class society, free of poverty and of oligarchy alike, with tools that are broadly familiar. These tools include:

Expand social insurance
Social security, Medicare, Medicaid, unemployment insurance and Snap already greatly reduce poverty, insecurity and hunger in America. They can be broadened and strengthened. If we can’t get Medicare for All, then drop the age of eligibility to 55 – that would cover a large part of the most vulnerable population and reduce in a stroke the burden of private health insurance on employers.

https://www.theguardian.com/commentisfree/2022/oct/07/us-economy-growth-inequality-james-k-galbraith

Why not just pass a law removing the requirement for employers to offer private health insurance?

 

[Grokmaster]

James K Galbraith holds the Lloyd M Bentsen Jr chair in government/business relations at the Lyndon B Johnson School of Public Affairs at the University of Texas at Austin.

The question is: what do we do now? We can adjust, and build a fair and secure middle-class society, free of poverty and of oligarchy alike, with tools that are broadly familiar. These tools include:

Expand social insurance
Social security, Medicare, Medicaid, unemployment insurance and Snap already greatly reduce poverty, insecurity and hunger in America. They can be broadened and strengthened. If we can’t get Medicare for All, then drop the age of eligibility to 55 – that would cover a large part of the most vulnerable population and reduce in a stroke the burden of private health insurance on employers.

https://www.theguardian.com/commentisfree/2022/oct/07/us-economy-growth-inequality-james-k-galbraith

GALBRAITH IS THE IDIOT COMMUNIST WANNABE SON OF HIS IDIOT COMMUNIST FATHER, JOHN KENNETHH GALBRAITH, AJD IS EVERY BIT AS IGNORANT OF THE REAL WORLD.


HE HAS "BIG PLANS" FOR OTHER PEOPLES' MONEY.

 

[Into the Night]

James K Galbraith holds the Lloyd M Bentsen Jr chair in government/business relations at the Lyndon B Johnson School of Public Affairs at the University of Texas at Austin.

The question is: what do we do now? We can adjust, and build a fair and secure middle-class society, free of poverty and of oligarchy alike, with tools that are broadly familiar. These tools include:

Expand social insurance
Social security, Medicare, Medicaid, unemployment insurance and Snap already greatly reduce poverty, insecurity and hunger in America. They can be broadened and strengthened. If we can’t get Medicare for All, then drop the age of eligibility to 55 – that would cover a large part of the most vulnerable population and reduce in a stroke the burden of private health insurance on employers.

https://www.theguardian.com/commentisfree/2022/oct/07/us-economy-growth-inequality-james-k-galbraith

Communism doesn't work. It causes inequality and insecurity. The inequality occurs because The Elite are stealing from everybody else. It causes poverty. It is usually implemented by dictatorships and oligarchies.

 

[Into the Night]

Rising interest rates, a falling stock market, a seesaw in the price of gas, a high dollar and chaos in world finance – we see in all this, once again, the folly of trying to run the world’s largest economy through a central bank. It’s time to rethink the basics: what has happened in America? And what should be done?

Adam Smith wrote: “Wealth, as Mr Hobbes says, is power.” Today in the United States we find islands of wealth and power on one side and an ocean of precarity and powerlessness, alongside poverty, on the other. This is a structural development over 50 years, the effect of politics and policies, but also of industrial change, globalization and new technologies, with intense regional, social, demographic and political implications.

Get rid of the Fed. Restore the Republic. Return to the Constitution of the United States, which the Democrats have abandoned.

 

[Into the Night]

How will these expansions be paid for. I think I know the answer but I'll not assume.

Simple. By stealing wealth from the productive members of society and giving it to the unproductive members of society (after skimming a fat chunk off for themselves, of course).