Inequality Myths

Politicians and reporters often rail about "the rich getting richer and the poor getting poorer."

But John Stossel explains it's not true.

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Yes, that increase is adjusted for inflation.

Another misleading claim, says Stossel, is the idea that the U.S. "no longer has economic mobility."

Another claim is that inequality itself is a huge problem.

New York City mayor Bill DeBlasio warns: "There's inequality in this country right now that is threatening to tear us apart."

Stossel says that it might tear us apart -- but only if people come to believe that all inequality is evil.

But it isn't, he says. It's just part of life. Some people are better singers than others. The best athletes are just physically different.

Society doesn't try to equalize those things -- or many others -- for good reason.
Former investment banker Carol Roth tell Stossel, "I have two kidneys. There are people out there who need one, don't have one that functions. Should the government be able to take my kidney because somebody else needs it?"

"There's inequality in everything," she adds. "There's inequality in free time. There's inequality in parents. I don't have any parents or grandparents. Life is unfair … unfair is a feature. It's not a bug."

[mythbuster]

My son has a friend in denver, she came here legally. Could barely speak english, nary a dollar to her name. 7 years on, she owns 4 food trucks, opening a restaurant, speaks english very well. People now pay her for consulting on food truck businesses. Dont tell me poor people stay poor because of the system. It's all bullshit. You can succeed if you want to.

[JamesWilliams-sxdh]

Bernie and his "the rich keep getting richer." He is a fine example of that.

[joeblo]

As I get older I find that I’ve been poor most of my life due to poor money management, not lack of income.
If you want your children to be rich, give them knowledge, not money.

[ugowqqh]

"Should the government be able to take my kidney, because somebody else needs it?"

Stop giving them ideas.

[TheDustin]

I’ve always thought that too many people were too worried about what other people were doing and not worried enough about themselves.

[djpookie]

I love your videos. I cannot believe you are 72 years old. You look great! I watched you on 20/20 when I was a kid. You are an American treasure.

[account]

Always remember that the majority of billionaires are rich because we make them so by buying the things they produce.

[George]

The economy is not a zero sum game. VOLUNTARY economic activity is always a win-win.

[ChrisPMuffin]

Stossel has made me a much more knowledgeable individual. Thank you for your videos!

[HaIsKuL]

" Nothing can make it moral to destroy the best. One can't be punished for being good. One can't be penalized for ability."

- Ayn Rand

[ryaugn]

Inequality is neither good nor bad. It is the expression of human differences in ability and freedom of choice.

[jonathanhoward]

Inequality is innate in society.

To quote Jordan Peterson: "Don't compare yourself to someone else, compare yourself to who you were yesterday."

In addition, a quote from Thomas Sowell: "You're not even equal to yourself. People have good days and bad days."

[drgregoryparker]

Thanks for making this video. My favorite economist Thomas Sowell argues the same points..

[wesjones]

“We need to be like Denmark. They have income inequality.”
Denmark having the largest wealth inequality in the world: 😬

[Georgesbarsukov]

I had a conversation with a poor person a few days ago. She was complaining that the world is so unequal. I told her to compare her and I. She smokes weed every day and works as a nurse like 2 days a week. I work ~50 hours a week as a data scientist, complete 2 weeks worth of courses every week, read research papers weekly, spend time brainstorming (and sometimes implementing) business plans with friends weekly, and I completed a master's degree in mathematics at the top university in the world and I did it all on my own accord with no funding from family. I asked her "Why do you think you deserve to be equally paid when you don't do anything in your life?", to which her response was that maybe she doesn't but there are other people that deserve it. I think the leftists believe that there's always someone worse off and they should benefit off of the coattail of that person. It's absolutely disgusting how some people think they deserve equality when they don't even give equally. You get what you give in life.

[melainewhite]

"Nobody should own three houses [except me]" - Bernie Sanders

"More people should own three houses" - carpenter driving 20yo pickup

[thepatriarchy]

Nature is unequal and has been since the dawn of time.
Winters where I live are colder than they are in other places, that's not equal.
Lots of plants won't grow where I live, that grow elsewhere, that's not equal.
Lifespans for pet dogs aren't equal, some die sooner than others.

[davids]

As a broke 23 year old, I love billionaires. They may not spend their private money in ways that I agree with, but they create corporations that produce quality products that allow me to continue surviving and thriving without much money. I work full time and am about to pay off the last of my debts, so I'm a very happy camper and hope that someday I myself may be able to run a successful business.

[caster]

"The rich get richer, and the poor get poorer!"

~ Says a rich dude.

[jaikumarjadhav]

Mr. Stossel, you're a real Journalist! Respect from India!