New debate over redistribution of wealth
Is your bottom line threatened?
- Duration 8:35
- Date Sep 22, 2012
Is your bottom line threatened?
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I think trying to figuring out how we structure a government systems that.
And tennis facilities -- just because we believe in redistribution.
At least at a certain level to make sure it is.
Everybody's got -- That was then Illinois State senator Barack Obama all the way back in 1998.
But someone -- warning those -- -- -- present -- threat to everyone's bottom line.
Well hello everybody and show the sunny -- in the passion and it's our passionate Christmas week we have Wayne Rogers Jonathan -- Tracy -- -- -- bill also joining us this -- from the Economic Policy Institute are different our body Christian Dorsey.
It's what does this week so talk about all of -- and jump start with you you.
Say what we redistribute wealth we all lose money house.
Well I mean look at the statistics Cheryl what is the president's re distribution rocks.
Median income down in 49.
Of the fifty states unemployment up food stands up I think -- new economy why does redistribution fail because it's evil and and advocating and I don't think the president's philosophy is changed since 1998.
In advocating -- the -- basically think he is the right to treat you like -- to treat you like a means to the yet.
Why because all wealth is public and you can set it up -- -- -- -- the deadbeat homeowners to the unions and whoever he sees fit at -- -- this -- -- up 49 states and you -- -- actually -- as -- -- and -- more than 4% of -- -- Really just the last couple layers of metal these new programs come into place are we may be going in the wrong direction here.
Well it's something more insidious than that I think and that is the fact that that it did somehow it's written that the government has the right to coerce me.
To take my money in delivery did do some.
Auto worker in Ohio if I -- -- make a donation why should I have the choice to do that to make that donation to this guy why is the government but the one -- appointed to take my money and give it did this person.
It lessens competition ended ended -- it destroys the economy.
You know Christian it's an economic conversation that we've had before with you actually that's.
You know if you're taking away money from the top tier earners they're not re investing in the economy they're not hiring new workers they're kind of staying stagnant.
Do you buy that argument at this point but -- you didn't -- years ago but do you buy it now.
No I don't -- -- now surely -- incomes have been falling for over a decade so we're talking about not a recent problem but he decade long problem that seriously you seriously needs policy intervention.
And this whole idea that we redistribute.
Only from the wealthy to people who were lower income as a complete fallacy which we ought to stop now.
The direct spending that you'll decry so much -- amounts to a certain level.
A federal spending but equally important are the tax expenditures that we -- -- By mostly giving money to people who are wealthy into corporations is because spending you don't Seattle in the -- she doesn't mean -- -- That's not right it's critically important.
It's not it's not just the -- that have to -- -- distribute -- it's the middle class as well because the middle class.
Is -- -- about 50000 dollars a year that -- the exact save a lot of money they were making in the mid ninety's.
Thing we -- has gone up.
What is silly little dance classes that I -- so old so often to a gallon of milk.
That has all gone up and yet none of our wages have why you re distributing the middle class as well it's not your it is not making this economy ground.
Just because it's a ten year old problem doesn't mean we keep doing it you have to be.
Thanks John -- -- but you know but we're looking at the next four years.
President a bottle of Princeton's.
We are gonna have more of the same and -- we are gonna have programs that basically do one -- redistribute wealth and tax the wealthy 1% and he's.
Yeah we are gonna have more of the same especially last two years -- -- there's been a -- congress and a futile administration of these guys just came in law.
And Kristen in my friend but you can't lump us all together and -- you all statement about what we all believe or five different people and I see your point Christian.
About the fact of redistribution -- read his vision goes the other way as well and your right Christian.
For the last decade in May mean for we have killed in the middle class what you've always done for the rich we we have lowered interest rates -- the Fed policy already does this help the wealthy are people who do get credit -- integrated anyway let the tax -- look at the corporate tax -- it all favors the big companies who can buy off politicians.
That's one of the reasons why the middle classes B is always difficult to read his patient but also going to the wealthy.
John and I we agreed to think -- Think about what your agitating -- advocating redistribution your advocating your ownership of someone else's life you're -- literally you own your life you're on the part of your labor.
I know what's best for I know what to do -- it an -- it doesn't matter.
-- -- to the middle class lower class the solar class that green class or anyone else.
I mean it's this whole we're all in this together philosophy that is -- -- every economy and it is the philosophy of socialism don't that I.
Not everybody got unlimited division I don't like it at all going either direction and the -- -- the reason we have the middle class being -- goes for decades we've got a little baseball -- by the -- -- the corporations it's -- and it -- business and.
Jonathan held on to but those -- the job craters that we're talking about -- -- want to bring -- back in I didn't like Christian respond.
John -- and I apologize to Christian I mean if you look at the unemployment rate over the last couple years it has risen I mean those but that's the data that we're looking at.
-- incidentally there aren't you think it's a fair argument to say.
Because we have been going up to the wealthy punishing the wealthy that they're the ones that are pulling back on spending pulling back on higher.
But he sure all you know the Great Recession was called the Great Recession for a reason it was a pretty big deal.
And since then we have not seen any adverse policies affecting.
The income of wealthy people President Obama would like some but it hasn't happened yet so to describe redistribution in any way shape or form as a cause for current -- is just not accurate.
And this whole idea that redistribution is actually taking something without giving any value to the economy is completely wrong.
Many of the reasons that we have so many of the programs that we have are providing the ability for people to participate in the economy.
But Wayne oh Wayne Rogers I think my point is well was that there's a fear there I mean -- that you have you have many small business coming on the business network additional saying.
I'm afraid to hire I don't wanna hire a dot com attacks are going to be eccentrics after I think that's -- a point -- going.
It may be but I'm saying something even more fundamentally I'm saying that -- We are being violated by saying that somebody has the right to come in reaches -- in my pocket.
Take my money and -- -- some guy -- -- against my will I your heart for this money therefore they up for.
Why does he have the right to come over a government and take my money and give it to this guy.
I'm not an auto worked -- I didn't benefit from that.
The country didn't necessarily benefit from that just this guy yet so -- you take your breath here let me finish plays well every time the president talks about General Motors and those -- -- He -- talks about Ford who never took pity any money and who's well here are volatile right.
You you're not old right but it also expected -- -- point from the start of the show.
I asked the government to decide what I want to do with my her hard earned dollars it's my belief to give it to ever I want.
I don't want this one little silly government who can't figure out that get to the bathroom to determine who's going to get the money that I work really hard for that's -- -- -- anyone any fact yeah.
Look at corporate tax cut look look at Amazon Yahoo! on Google look at what they pay in -- corporate tax rate.
Maybe political rhetoric that they're going after the -- they're not going after the rich guys they're taking money from the -- not paying a high -- rate.
The high teens a small business in America based 35%.
-- the -- is because they don't have the money to buy all politicians they may have.
Rather empty rhetoric about where I'm glad the -- they're not doing it they're taking their campaign much.
If I'm not -- -- -- -- -- and I got to -- got ten seconds.
Yeah I -- before you redistribute the wealth.
You actually have to create it and that's what wealthy individuals do.
They're the ones and the economy as a and that hole is hurt most by the president's policies OK guys great discussion so.