How intellectuals misunderstand income inequality - part two

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[rougebaba]

Wolfe uses statistics the way a drunk uses a lamp post ... for support rather than illumination

[Javier-rmql]

I always tremble when I heard politicians calling for redistribution of wealth.
It is a neverending story. After any redistrution a new redistribution will be needed. Because income will never be equal.

[ZeroTheHero]

Isn't it interesting that Richard Wolff can say these things while sounding so confident / sure of himself, yet does nothing but spout false information, or bad ideas. This is something I've been teaching my younger siblings.

[worsethanjoerogan]

It's crazy how many people think we somehow have a lower standard of living than in 1970.

[tovarisch]

After reading Sowell's book Knowledge and Decisions, Wolfe sounds more like a politician than an economist to me

[hlynnkeith]

I was a professional statistician. My first reflex when someone throws numbers at me is "You are lying to me." In 98% of the cases, my first reflex is correct.

[monkeydude]

If productivity has increased as a result of the tools provided by the employer then the employee hasn't earned an increase in compensation, but of course Wolf isn't going to distinguish that from the other factors he rattled off.

[Sptthedgt]

Well, given the number of cars, TVs and computers that even the poor have today, if the academic is correct then they must have had private jets back in the day.
If peoples productivity is rising by virtue of computers they didn't pay for, why are they entitled to a return on that basis? Sure in a market economy they''ll get a return but that is for practical not moral reasons.
However I agree on one level. If the number of professors in employment was reduced to 5% what it is today and the money used to pay them was given to the young it would solve the inequality they describe, and more since that would cut the number plagued by student debt. also.

[donaldw]

People think that if they say something passionately enough, then it's true

[robertabell]

Bless and Thank you 🙏 Thomas Sowell all day long. Yahoo

[azmike]

I remember a joke about redistribution--even if all wealth was totally distributed, the rich would have it all back again in 10 years, due to their knowledge of money-making.

[hostashevsky]

Why doesn’t Pr Wolf go to live in Cuba or Venezuela where the wealth is redistributed according to his vision?

[IMDBMATTY]

This video is brilliant. Thomas Sowell is always incredible, but it's amazing to hear just how accurate his arguments apply still today. Even much of the wording is the same.

[hunterscrackpipe]

Thomas so well continues to be awesome while Joe Biden orders a BLT without bacon lettuce tomato

[larryspiller]

Most of us Americans are doing very well. Many of us now have multiples or extras of things that were not even thought necessary or possible years ago. Yes we have poverty too. Not as much as we had years ago.

[terminatedaccount]

It's called ideological subversion tactics...

YURI Bezmenov ideological subversion tactics. It's a 1984 video. It's on YouTube. 1hr long 🤪

[williamwenrich]

Household vs. Per capita? When a marriage ends in divorce, the average income of the household is halved. On a personal note, my income started in the lowest quintile. By the time I was 24, my income was solidly in the middle. At retirement, I jumped into the top quintile when I cashed in my unused vacation or got a distribution on my 401K, If I sell my house and downsize it will be an even bigger jump and I don't have a million dollar house.

[draconusspiritus]

"How intellectuals misunderstand income inequality". People really need to get off of the idea of the Intellectuals (self styled) not understanding things. They understand all of these things perfectly well. They also understand that they must have an EMERGENCY of some sort that will require them to be placed in charge to address it.

[jimd]

Thomas thank you again for your perspective

[karenramnath]

Well presented, points I didn’t know existed. Thank you!