Occupy Wallstreet

[Bond]

Well... it's certainly an interesting movement, but without point or purpose, I don't see it going far. There have been comparisons to the tea party, but I doubt it will have a similar political impact.

From what I can surmise, the protesters are angry about increasing income equality - to that, I would say two things.

1. It's true:


(CBO)

Recently (as in yesterday or today) CBO estimates do indicate the richest 1% have seen their income increase exponentially more than any other income tier. Why? Hard to say. I have a theory that if you take out the richest 1% of that 1%, the increase would dramatically decline (i.e. the rapid increase is due to a select few high-earners).

2. Everyone is better off than in the past:


(From a study done by two profs from Notre Dame & U Chicago)

3. Would taxing the richest 1% on the first chart at a higher marginal rate have any effect on the second chart? I really doubt it. There's a disconnect between these two issues, but because of politics, they're intertwined.

Anyway, I think the Occupy Wallstreet movement should be attacking cronyism - an issue liberals and conservatives could possibly agree upon.

[Professor S]

Originally Posted by Bond

Anyway, I think the Occupy Wallstreet movement should be attacking cronyism - an issue liberals and conservatives could possibly agree upon.

This. Unfortunately, people are trying to make this about punishing the wealthy instead of evening the playing field to allow for greater income mobility. It's amazing how we continue old arguments without finding solutions.



If you boil the arguments down, one believes in the power of people to better themselves, and the other simply wants to make people more comfortable in their inevitable meager existence.

[KillerGremlin]

I enjoy the concept of Occupy Wallstreet. People keep saying there is no easy solution and it is going to take time. We've been hearing that for a while, and it makes you wonder if we need a big event to propel the necessary changes forward.

Historically, you have major political unrest followed by civil war; your country gets taken over by another country; you introduce a new political party (back when this option was relevant).

And we are more global than ever. The US problems are the world's problems.

I'm just saying, I hope we continue to feel the air of energy and political unrest, because I much prefer this energy to sheer apathy. Give it time and some real thinkers will emerge with a solution. I feel like you're bound to recruit more problem-solvers when you have wind under your sails.

I can't think of any more plays on the English language or metaphors to pepper my post with. So I'll disclaimer by saying Obama is full of shit. But we do need change.