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originally posted by: Thorneblood
Nice flow. I take it she is greek?
originally posted by: Kali74
a reply to: Thecakeisalie
We should all be in the streets, not rioting but just there, in our squares. Our real economic power would show if we did it, I mean really did it. Everyone making under 22/hr (USD), which is what the minimum wage should be, should be out on the streets en masse for 2 days, all over the world. The entire world economy depends on us and we are pooped on.
originally posted by: Kali74
a reply to: Thecakeisalie
We should all be in the streets, not rioting but just there, in our squares. Our real economic power would show if we did it, I mean really did it. Everyone making under 22/hr (USD), which is what the minimum wage should be, should be out on the streets en masse for 2 days, all over the world. The entire world economy depends on us and we are pooped on.
“The benefits do not trickle down,” the authors of the study write, directly contradicting the theory that US president Ronald Reagan popularized in the 1980s. Reagan argued that decreasing the tax burden for the rich–investors, executives, corporations and the like–would not only increase their own income but stimulate broad economic growth as they create opportunities for others’ increased prosperity. This belief has been at the center of conservative economic thought in the United States and abroad since Reagan’s presidency, during which he cut tax rates for the rich.
But the IMF study’s five authors say we should instead focus on raising the income of the poor and the middle class. “Widening income inequality is the defining challenge of our time,” they write. “In advanced economies, the gap between the rich and poor is at its highest level in decades.”
Raising up the poor appears to have a dramatic effect: A 1% increase in the income share of the bottom quintile results in a 0.38% increase in GDP. Meanwhile, a 1% increase in the income share of the top 20% results in a 0.08% decrease in GDP growth.
The IMF study comes with caveats. The dataset is from a wide range of countries, some with better available data than others. Also, inequality is far more skewed in developing countries than in countries with advanced economies, producing possible outliers. Lastly, the findings about the top quintile’s adverse effect on GDP growth was significant at the 90% confidence interval (a measure the certainty of the statistic), but fell short of the 95% gold standard within social science research.
originally posted by: EternalSolace
a reply to: doobydoll
And while people strike, employers will fire them and have 100's of other applications from people willing to work. Your idea would only work if there was unity. Problem is, there is no unity amongst the serfs. Not when it comes to employment and wages.