tag:blogger.com,1999:blog-6034478.post8318933730612926591..comments2024-03-28T03:23:26.359-04:00Comments on Doug Ross @ Journal: The Crisis of the Middle Class and American PowerUnknownnoreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6034478.post-1307359059849501492014-01-04T12:27:10.195-05:002014-01-04T12:27:10.195-05:00Excellent post but I'd modify your last senten...Excellent post but I'd modify your last sentence that nothing needs to be done with college, taxes and health care rent seeking does need to be addressed and fixed as well as the continued supply of immigrants low skilled and high tech.Bethhttps://www.blogger.com/profile/00760739226642573134noreply@blogger.comtag:blogger.com,1999:blog-6034478.post-49932333114488603282014-01-04T09:19:53.310-05:002014-01-04T09:19:53.310-05:00the government clearly can't keep spending the...the government clearly can't keep spending the way it has been. the rent seekers (GE, GM, Wall Street, universities, etc.) will eventually lose their power, the question is when will it happen. the low information voter will keep voting for "equality" (or as Tocqueville called it "voting themselves other people's money) not realizing that the money is really all of ours and that simply taking it is the most inefficient way to run an economy. The politicians don't care because they take a cut no matter where it goes, their only concern is that it keeps going through them so they can get a cut. Going out on a limb I will predict that we become like Argentina, (or rather, more like Argentina) a messed up economy where it is dog eat dog and rule by decree, with an occasional election where the illiterates keep voting for "equality."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6034478.post-26388206616625188822014-01-02T11:05:58.180-05:002014-01-02T11:05:58.180-05:00I disagree in several ways.
First, I believe that...I disagree in several ways.<br /><br />First, I believe that a middle class person is -- all things considered -- better off today than in the fifties or sixties, especially when we expand our definition of the middle class to include minorities and gays. When adjusted for quality, I believe the purchasing power of the average worker is substantially higher than in the "good old days". Donald Boudreaux and Mark Perry's blogs both do a good job of illustrating the overall long term trends in purchasing power.<br /><br />There are three areas where this is not true -- health care, taxes and college. These are fields which have been completely invaded by rent seekers, special interests and which have resisted free market forces.<br /><br />I do agree that the rate of increase in standard of living has declined, and that skilled professions and capital have gained substantially more than unskilled or lower skilled workers. <br /><br />The explanation for that is of course several billion women, minorities, Chinese and Indians entering a market which they were previously excluded from. The supply of unskilled workers has increased more during this era than in any time in history. The net results are more people have risen out of poverty than ever before in history. <br /><br />The last forty years has been the best era ever for humanity. It is just that some of us lost out on a previously unfair privileged position. Competition is a bitch, but we all gain in the long run.<br /><br />Inequality is down substantially worldwide. Poverty is down substantially worldwide. Nothing needs to be done, as the larger trend is a positive.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6034478.post-14304584848413929042013-12-31T18:25:22.784-05:002013-12-31T18:25:22.784-05:00Friedman: Man, YOU NAILED IT !! Last few paragrap...Friedman: Man, YOU NAILED IT !! Last few paragraphs are DEAD-ON !! Absolutely true that the enormity of the problem is not grasped.....not even CLOSE.....by the MSM and 90% of people. The media aren't even doing their job.......exposing truth and numbers. Check this out: Govt spending fed/st/loc is $6T/year, tax revenue $5T/yr....and ALL our GROSS INCOME......just $8.5T/yr. Sounds impossible, but corp prop taxes are $1T of that revenue and we don't see that EMBEDDED in the price of everything we buy. How long can this be sustained? How to fix? Is our economy 'hooked' on the $1T/yr deficit-spending by printing money? Damn right we're hooked on it. That's $20,000/year to 50million people by the way -- the deficit spending shoved out to scores of millions of ppl. This probably will end very badly.......thus.....it's been time to save and invest more and differently the past 10 years, and teach our kids to be as smart, well-trained, and responsible as humanly possible for parents to do.<br /> And Friedman, you nailed the final comment, almost no one is smart enough to know how to fix this disaster......there IS no easy fix, that's for damn sure !! Happy New Year...drinking some delicious budget-champaign right now ! Cheers!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6034478.post-75570389710130328272013-12-31T18:09:17.947-05:002013-12-31T18:09:17.947-05:00The middle class is being destroyed by immigration...The middle class is being destroyed by immigration and the welfare class. Taxes keep rising whule wages are stifled by the flood of immigrants and a combination of government regulations and taxes that prevent the development of small business.<br /><br />The problem can be laid squarely at the feet of both political parties who only care about their re election prospects.<br /><br />Term limits would be a good start at elimination one facet of the corruption that now dominates DC.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6034478.post-63656088079644519392013-12-31T16:10:36.768-05:002013-12-31T16:10:36.768-05:00When I was in my 20s, the world was my oyster-I fe...When I was in my 20s, the world was my oyster-I felt I could do anything-I started and failed at a number of businesses-made and lost 2 fortunes and am working on my third.<br /><br />But now, there is no doubt I am not playing on the same field. Someone in their teens or 20s doesn't even know what I'm talking about. <br /><br />OOH I feel sorry for them, especially with the unbelievable tax burden we're immorally shifting onto them. <br /><br />OTOH, I see far too many young people that just don't even know enough to give a shit. I lay a huge amount of that idiocy on the NEA but c'mon, children should be seeing strong examples of adults at home. And the fact is, they're not by and large.<br /><br />It's a death spiral-if I was in my 20s, I'd be one pissed off MoFo.<br /><br />Good article, thanx for posting it Doug.<br />MMAnonymousnoreply@blogger.com