Comments about ‘Income inequality called severe in U.S.’

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Published: Thursday, Feb. 14 2013 1:00 p.m. MST

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LDS Liberal
Farmington, UT

A LDS 1st Presidency Proclamation on the Economy

"The experience of mankind has shown that the people of communities and nations among whom wealth is the most equally distributed, enjoy the largest degree of liberty, are the least exposed to tyranny and oppression…"

"One of the great evils with which our own nation is menaced at the present time is the wonderful growth of wealth in the hands of a comparatively few individuals. The very liberties for which our fathers contended so steadfastly and courageously…are endangered by the monstrous power which this accumulation of wealth gives to a few individuals and a few powerful corporations.

If this evil should not be checked, and measures not be taken to prevent the continued enormous growth of riches among the class already rich, and the painful increase of destitution and want among the poor, the nation is liable to be overtaken by disaster; for, according to history, such a tendency among nations once powerful was the sure precursor of ruin."

jrgl
CEDAR CITY, UT

In the latest arguments about raising the minimum wage in the U.S. business and the Chamber of Commerce have come out swinging against any raise. They assert that a rise to $9 an hour would cripple business and stop hiring. Why don't we hear such outcry over the ever raising compensation of the CEO's and the 1percent? Now this article says income inequality is severe in the U.S. We should be as vocal to the Chamber of Commerce and U.S. business as they are towards any meager wage increase for those at the bottom. The rich truly are getting richer and the poor, middle class are drowning in this unequal society.

Say No to BO
Mapleton, UT

I think UNICEF should set all the wage/salary scales in the United States. They would have to sign off on every burger-flipper and CEO.
Well, not really.
We need to keep the UN far away from our economic system.

viejogeezer
CARLSBAD, CA

to LDS Liberal

That is a great quote, I'm unfamiliar with it. What is the attribution?

Open Minded Mormon
Everett, 00

The LDS 1st Presidency
and Quorum of the 12 Apostles

Official Proclamation on the Economy

Your Brethren,
Brigham Young, George A. Smith, Daniel H. Wells, John Taylor, Wilford Woodruff, Orson Hyde, Orson Pratt, Charles C. Rich, Lorenzo Snow, Erastus Snow, Franklin D. Richards, George Q. Cannon, Brigham Young Jr., Albert Carrington.

Salt Lake City, Utah Territory, July 10th, 1875.

Chris B
Salt Lake City, UT

Well,

barack is well on his way to making us all poor. Soon his goal of equality will be achieved.

praise barack

viejogeezer
CARLSBAD, CA

Dear Chris B

If you will bother to do a little research you will find that the current slide in middle class income and wealth goes back to 1980 when Reagan started cutting marginal income tax rates and was exacerbated in 2001 with the Bush tax cuts. Currently the top 20% own 93% of the nations wealth. I presume you would like that to go higher. Median income has not increased since 1980. "I can explain it to you but I can't comprehend it for you"

lost in DC
West Jordan, UT

viejogeezer,
if you would bother to do a little research you would find the gap has accelerated under BO.

you would also learn the bush tax cuts reduced the effective tax rates for the low and middle income earners MORE than for high income earners.

Family of 4 earning $50k saw a 700 basis point reduction in effective tax rates (500 bp rate cut and doubling of the child tax credit) while a high income family of four saw their rates cut 460 bp. (don't qualify for child tax credits) But if you want to say 460bp is MORE than 700 bp, go ahead.

Im glad to see LDS?lib still thinks the 2013 economy is the same as the 1875 economy. He fails to aknowledge the work done by T. Roosevelt (R) in breaking up Standard Oil and the JP Morgan, Rockefeller, and Carnegie monopolies. it again establishes his lack of credibility. But that's what we have come to expect from him.

viejogeezer
CARLSBAD, CA

Dear Lost,

I appreciate your thoughtful comment, its not just kneejerk namecalling. But I wonder which new policies of the Obama administration may have contributed to your acceleration? Might it have been the recession which affected lower income people more markedly. I wonder if a 5% reduce in tax rates for a million dollar taxable income (50,000 for 30 years or $1.5 million in total savings added to accumulated wealth) as opposed to $1000 in child credit which goes to groceries or medical insurance. Or might it be an acceleration in the effects of the reduction in marginal rates?

lost in DC
West Jordan, UT

Viejogeezer,
I would suspect it is BO's anti-private employment policies. stopping pipelines, revoking federal mineral leases, additional regulation of CO2, restrictions on business credit through dudd-frank, additional costs to hire people through Obamacare, uncertainty concerning the economy from escalating debt that have exascerbated the wealth gap.

Some of it is cultural, too. We have become more dependent on the government, which robs initiative from too many. Those who are wealthy have initiative to avoid dependency. Some of the wealthy have used their influence with the controlling party in DC to take home public money for thier own use - failed "loans" to Solyndra and the ilk come to mind.

Symptomatic of that culture of dependence is the idea forced on Fannie and Freddie by barney frank that everyone should be able to buy a house whether they could afford it or not - just accomodate them with junk loans. In that atmosphere, the housing bubble developed, which when it burst, brought our economy down.

As for it hurting the wealthy less - the market for starter homes was not hurt nearly as bad as for high-end or even move-up homes.

RedShirt
USS Enterprise, UT

To "LDS Liberal" if you bothered to read all of that proclamation, you would see that it is actually speaking out against socialism and collectivism.

You see, under your favored socialism, the power and wealth are concentrated into the hands of a few people. The proclamation states clearly that "The very liberties for which our fathers contended so steadfastly and courageously, and which they bequeathed to us as a priceless legacy, are endangered by the monstrous power which this accumulation of wealth gives to a few individuals and a few powerful corporations. By its seductive influence results are accomplished which, were it more equally distributed, would be impossible under our form of government." If the nation was founded and established under the principals of self sufficiency, and we are now moving towards socialism and government dependance, doesn't that mean that the evils that we were warned about come from the government?

viejogeezer
CARLSBAD, CA

Lost,
I guess I just don't see it unless rescuing the US auto industry or creating 6 million private sector jobs is anti private employment. Remember it was the Governor of Nebraska that asked for the pipeline slowdown because of concern over the aquifer, I would be too. As to CO2 and Solyndra, maybe you think it is ok to destroy the planet but I would like some reasonable controls and development of industry that doesn't kill us. As to a culture of dependency, how about some non-anectdotal evidence I'm one of the 47% and proud of it. I get social security and medicare. I worked for 60 years, paid in and think I earned it. If Dodd-Frank does something to rein in overspeculative investments(derivatives and credit default swaps) by banks I'm all for it. The bubble wasn't caused by Barney Frank, it was greedy lenders who didn't use normal prudent lending policies.

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