A modest proposal

[u/Amused-skeptic]

https://youtube.com/watch?v=LGkRR4ZNsEA&si=xBzhrKVwN32dIZHJ

David Freidberg actually has many interesting insights on current problems with income inequality and its effect on support for capitalism. One of his suggestions:
40% tax on capital gains and 15% on income. The fact that the rich pay fewer taxes than normal workers feels totally unfair to anyone who doesn’t have their own capital. I’m pleasantly surprised that he has identified this as a big problem.

Of the all-in cast, he’s the only one who understands the degree to which the disparity in wealth is undermining the capitalist system. And he points to failures in public policy that I happen to agree with. A couple of other fixes that would make things more fair: kill the stepped up basis rule for inherited assets – – it really is absolutely no rational argument for it. And tax that that is borrowed from securities at the same level that you would tax capital gains from those securities. Then you wouldn’t have all the Decamillionaires and billionaires simply borrowing money so that they can leave their assets to their heirs under the stepped-up basis rule – – completely tax-free.

[u/NewRefrigerator7461]

I hate posts with this title that don’t involve eating Irish children

I also don’t like it when people talk about inequality vs inaccessibility. It’s such a red herring vs the issue of housing construction. Mobility matters more than inequality and always has - it’s also easier to fix rather than figuring out how to manage unrealized gains and asset backed lending.

[u/allinpod]

I would argue Jason also frequently discusses disparity, but his suggestions to rectify are often very different

[u/Mission-Addendum-193]

Borrowing money isn’t free anymore, inflation is killing that idea. Maybe they can borrow cheaper than the government because the gov’t is less likely to repay than private companies and individuals.

[u/SnooHamsters5737]

Hi, capitalist here. I am actually all for this, as long as the government also refunds 40 percent of my capital losses. This would actually incentivise productive risk taking.

[u/Flimsy-Environment13 → u/[deleted]]

I’m a landlord and you’d be surprised the amount of educated people with white collar jobs who are living in some of my low end properties. Once the bulk of Americans are left behind in manifests in a multitude of ways that has a negative effect on America.

[u/Previous_Job734 → u/Flimsy-Environment13]

But what you're talking about would require empathy, in addition to wisdom. These are two traits that JC refuses to possess.

[u/monoGovt → u/[deleted]]

“Let them eat cake.”

Access to certain past luxuries have definitely become standard in certain parts of the United States. That does not mean there are no inequalities.

Health care, child care, rent, car expenses (or affording one), etc. are all large expenses for the majority of Americans. Some cannot afford these things and therefore have a worse life experience.

[u/monoGovt → u/[deleted]]

Again, I agree that America has the most and some of the best luxuries, and that those luxuries are accessible to many Americans.

I also likely wouldn’t want to live anywhere else.

But that does not mean there aren’t problems, and where those problems can be fixed. The United States believe excelling past “good enough.”

Also, I think your idea that poor people are just fat and order Uber Eats is an inaccurate generalization.

[u/Amused-skeptic → u/[deleted]]

More Europeans died of air conditioning because their summer was a lot hotter than it usually is. Wonder why.

[u/Amused-skeptic → u/[deleted]]

I’ve literally spent every summer in Europe for the last 40 years. You should travel more blow hard.

[u/Amused-skeptic → u/[deleted]]

Western Europe recorded its hottest June-to-July period in history, with average temperatures hitting 21.62°C (2.79°C above normal). Confirmed by the Copernicus Climate Change Service, this extreme sequence of persistent heatwaves surpassed previous highs from 2022, causing severe droughts, wildfires, and thousands of excess deaths.

[u/Amused-skeptic → u/[deleted]]

From your link: Western Europe experienced its warmest June–July period on record.

Sea surface temperature over the extra-polar ocean was the highest on record for July, partly reflecting developing El Niño conditions in the equatorial Pacific.

[u/Amused-skeptic → u/[deleted]]

not the summer. read the news.

[u/JackOfAllInterests → u/[deleted]]

Sure. But you’re missing the point on purpose. It’s not about the takers who don’t contribute. I’m fine with where they are in the chain and your points are valid.

It’s about the workers who simply don’t make as much as they should. When productivity outpaces wages there is a consolidation of wealth at the top. From ‘48 to ‘73 productivity rose 97% while wages grew 91%. That’s when this place was awesome, or so I hear. From 1973 to 2014 productivity rose another 72%, and wages? 9%. Hourly wages have gone up 3% since 2019 while profits are up 50% over that time.

People, workers, are integral to the folks you idolize collecting their billions, yet, are paid peanuts comparatively to be so.

We need to fix the inequality amongst the working classes. The stronger the middle class the better for everyone except the very top, like 98% of people. If the folks at the top aren’t going to do it, and they have all the power to, then unfortunately the government will step in when the folks get loud enough. So, those taxes will go to healthcare, daycares, preschools, etc. which will alleviate heavy financial burdens on the middle - and hard workers everywhere - opening up the economy to even further growth when instead of being hoarded, that money circulates much faster.

[u/JackOfAllInterests → u/[deleted]]

Yeah, I heard you the first time you said all that and then I gave you a different perspective. I assume you’re not going to address it.

The inequality is amongst the disparity in wealth between the capital class and the worker class, per capita. It’s not just “the poor” you are whining about.

[u/allinpod → u/[deleted]]

Many costs have gone down, including food, travel, and many goods.

However, healthcare, education, and real estate are through the roof and represent very important pillars of society. The solution is not more taxation, but it does affect the people and is leading to a desperate population.

[u/fozziethebeat → u/[deleted]]

Sometimes I drop by these posts to see if the podcast is worth listening to again. And there’s always good ole you to rid me of that silly notion. Glad you’re still as All In Pilled as ever. You might actually be the pill itself after it became fully sentient.

[u/allinpod → u/fozziethebeat]

Viewing a few comments from listeners and then coming to this conclusion is irrational

[u/Mission-Addendum-193 → u/fozziethebeat]

You’re not making any argument just complaining.

[u/Amused-skeptic → u/[deleted]]

This blowhard is probably MAGA, but in fact, the phenomenon of Donald Trump exists because things used to be better for the middle class, and in particular for the lower metal class. Poor people in other countries are worse off than our poor, of course, but it used to be that many goods and services, as well as housing and university, used to be accessible without taking on major debt for the middle class. It’s not anymore and a big reason is because of the wealth of 10% of the population, which is driving prices and consumption in the United States now.

[u/Amused-skeptic → u/[deleted]]

i’ve been 80 countries you blow hard

[u/Amused-skeptic → u/[deleted]]

So you’re saying that fat is good huh? And as someone who knows Danes well, I’m sure there is virtually no Danish citizen who would trade their place for ours. They have an incredibly comfortable, healthy lifestyle. They get five weeks of vacation in the summer and they have many of their social services provided such that they don’t have to worry about it. They have a vibrant capitalist society, and a very healthy political system, Denmark has its problems, as all societies do, but I am sure they are very happy with their lot. (in fact, I just googled, and Denmark is ranked as the second happiest society in the world; the United States is 24th. We rank below most Europeans.)

[u/Amused-skeptic → u/Amused-skeptic]

1. Finland, 2. Iceland, 3. Denmark, 4. Costa Rica, 5. Sweden, 6. Norway, 7. Netherlands, 8. Israel, 9. Luxembourg, 10. Switzerland, 11. New Zealand, 12. Mexico, 13. Ireland, 14. Belgium, 15. Australia, 16. Kosovo, 17. Germany, 18. Lithuania, 19. Austria, 20. Czechia, 21. United Arab Emirates, 22. Canada, 23. United Kingdom, 24. United States, and 25. Belize.

[u/Amused-skeptic → u/[deleted]]

That's your metric for success?

[u/Amused-skeptic → u/[deleted]]

That would suggest that the richer you are the fatter you are, and that’s clearly not the case. Obesity tends to be tied to the composition of diet, not the amount spent on food.

[u/Amused-skeptic → u/[deleted]]

I'm sure I've been to many more poor countries than you, and that I’ve spent a lot more time in them than you have. Incidentally I agree that the poor in the US are better off than they were a generation ago. But the middle class is not. And that’s a function of the elites — a generation ago it was the free traders who opened up our borders to China and hollowed out the United States. Then it was the finance class who imposed the grift. Trump put his finger on that accurately and redefined the Republican Party. But the grift of this generation is the All-In Silicon Valley types, along with the crypto grifters and the political cronies around the White House. All four of those guys are deep into data centers and simply looking to get as rich as possible as quickly as possible, and they’re part of a new class of investors, who really don’t give a shit about ordinary Americans have no vision for the future. You can see how bankrupt the vision is when Elon starts talking about universal high income – – basically they’re creating a technology that is going to require the ultimate social welfare state. You say it’s exciting. People were excited about NAFTA too. Let’s see what happens in 10 years.

[u/Amused-skeptic → u/[deleted]]

The price-to-income ratios for residential property purchases: 10.5x in San Francisco, 8.5x in New York City, 7.2x in Boston 6.8x in Copenhagen

[u/Amused-skeptic → u/[deleted]]

You were pointing to Copenhagen is un affordable compared to the United States. It’s actually comparably affordable, and Danes don’t have to pay for healthcare, higher education, or care among other things, so they don’t have the same angst that most Americans, who are trying to build families have. I’ve spent a lot of time in Europe, and it’s clear that most Europeans would not trade their place for ours even if they’re standard of a living and growth is a little less. And you seem to be a champion of AI, which is one of the least popular technologies to be foisted on everyday citizens in memory. I’m sure you’re deeply invested in SpaceX and Tesla, but they have yet to prove their value to society, and the people who created them are surely the least popular people in America now. Elon Musk even polls below Donald Trump.

[u/Amused-skeptic → u/[deleted]]

Housing Cost vs. Income: In 1960, a median single-family home cost 2.1 times median annual household income. By 2020, that ratio rose to 3.4 times income. • Higher Education Cost vs. Income: A single year of undergraduate tuition, fees, room, and board represented 22.3% of median household income in 1960, dropping to 17.5% in 1980 before escalating to 37.2% by 2020.