The extent of inequality in the US

[Politico]

Older people remember what it was like when the top marginal tax rate was 70%, and even middle class folks paid rates higher than the top marginal tax rate today. They remember what it was like when Big Government was completely out of control with inflation in the double-digits, unemployment in the double-digits, shortages for gasoline because of price ceilings, etc.

The reason why so many younger people favor increased taxation and more Big Government that taxes-and-spends like crazy is because they've yet to experience THEIR tax rates going through the roof to fund Big Government. If you think the tax increase that happened in January is where it ends, that is not the case if most Democrats get their way in the midterms next year. Congressional Republicans and the few remaining conservative Democrats are the only reason why we have yet to return to out-of-control Big Government reminiscent of what we saw in the 1970s.

[Politico]

Older people remember what it was like when the top marginal tax rate was 70%, and even middle class folks paid rates higher than the top marginal tax rate today. They remember what it was like when Big Government was completely out of control with inflation in the double-digits, unemployment in the double-digits, shortages for gasoline because of price ceilings, etc.

The reason why so many younger people favor increased taxation and more Big Government that taxes-and-spends like crazy is because they've yet to experience THEIR tax rates going through the roof to fund Big Government. If you think the tax increase that happened in January is where it ends, that is not the case if most Democrats get their way in the midterms next year. Congressional Republicans and the few remaining conservative Democrats are the only reason why we have yet to return to out-of-control Big Government reminiscent of what we saw in the 1970s.

What does any of that have to do with the subject of this thread?

That's the effect reality does to conservative hacks. They are unable to process it, so they crash and start mindlessly repeating irrelevant talking points.

Are you offering a way to change the current level of income distribution that does not involve more intervention from the government? The market is diverse and unbiased. There is no committee of politicians or bureaucrats deciding how income and wealth ends up being distributed. For better or worse, market forces have largely determined the current outcome. That is a heck of a lot more fair than crony committees determining who gets what with respect to resources.

My point is that more intervention will do more harm than good. The average person does not want to go back to Jimmy Carter's heyday just because "the top 1%" will only earn so much more than the average person due to excessive taxation on everybody. The average person would rather stick with the current level of income and wealth distribution than go back to being taxed to death and living with double-digit inflation.

[Politico]

The maker of the video seems pretty confused, because he keeps making implicit or explicit references to income rather than wealth.

It almost goes without saying that most progressives are confused when it comes to anything related to economics. The reason why they have such a hard time with Romney's income being about $20 million a year is because they think he turns around and consumes $20 million worth of goods/services each year. Their lifestyle choice is to live paycheck-to-paycheck, blowing huge chunks of their income on things they really do not want let alone need, so they figure Romney does the same with his income. The reality is this:



Of course, he has a nicer house than the average Costco shopper, but it's not like he's living it up in Italy with George Clooney, or partying with Bill Maher at the Playboy Mansion. Of course, the most creative people in Hollywood are the accountants. The hypocrisy of the left is sickening...