Income Inequality

[wufan]

The president just tweeted that he thinks there is a problem with income inequality. This is usually a progressive issue, and has horrible progressive solutions. Conservatives tend to believe that if you are worth $50 billion dollars, it’s because you were smarter and worked harder than others. I believe this. I also believe that income inequality is a problem. Why? Because crime is correlated to income inequality, not poverty. So, in order to reduce crime, we need to reduce income inequality.

In case your wondering, I have made a small handful of posts claiming this on this forum in the past. I’m not “jumping on the Trump bandwagon”.

[wufan]

I think we are in a new gilded age of robber barons in the digital age similar to the Industrial Age. These folks are becoming ultra-wealthy in the digital economy specifically, but also (to a lesser degree, in the energy sector, pharma sector, and investment sector. This is because of bad regulation. I’m not anti-regulation mind you, I am anti-corporate cronyism.

Because we live in a capitalist society (which I like), we allow the businesses to set their own regulations which are enforced by the government. The industries put regs in place that are cost prohibitive to start ups so as to eliminate competition. This lack of competition decreases the competitive nature of the market and decreases opportunity for economic mobility.

What should be done about this, if anything?