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Author Topic: BABY, YOU'RE A RICH MAN # 1  (Read 320 times)
T Beek
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« on: January 12, 2014, 05:28:30 AM »

How the rich show they are never rich enough…..and how 'we' let them have it their way….

This one came from Charles Lane of the WASHINGTON POST dated January 6, 2014 (condensed)


A large number of Washington DC's top earners specialize in trading on their connections to DC's biggest "industry," the federal government.  As of 2012, lobbying for tax breaks, contracts, exclusive licenses, subsidies, and the like was a $3.3 BILLION a year industry.

More than a few of these people used to be governors, senators, or member of the House, where they acquired the access that they now sell to the highest bidder.  They are accompanied by a small army of former executive and legislative branch staffers who have gone through the revolving door from government to what Washintontonians euphemistically call "the private sector."

Economists (real ones) have a name for this sort of behavior:  RENT-SEEKING.  In economic parlance, 'rent' means the profit from gaining control over existing sources of wealth as opposed to creating new ones.

Many of our public institutions-from Congress to big-city school systems- have been captured by rent-seeking interest groups.  Wall Street hedge funds have their carried-interest exemption in the tax code (see BABY, YOU'RE A RICH MAN #2 for more on this).  Farmers (corporate) are making record incomes yet still benefit from government incentives.  Real Estate agents defend the mortgage-interest deduction, even though the benefits go disproportionately to upper-income homeowners.

The good news is that, entrenched as special interests and their various special subsidies may be, it is probably more realistic to undo RENT-SEEKING than it is to undo the global forces of trade and technology.  Instead of worrying about how much money rich people make, we should focus more on how they make it (and the privileges/entitlements that allow it).


response from;  www.progress.org

Insider rent-seekers are actually rent "winners,' who continue a long tradition of the well connected, wealthy using government as their personal servant.  The original rent-seekers, those insiders who sought AND WON the rent of land (exclusive rights to enjoy its profits) and locations-similarly won major favors from government.

Such corruption is a good reason to repeal the discretionary spending by politicians and hand that power back to citizens and communities.  Let elected officials spend for war and emergencies but disburse the 'bulk' of 'public' revenue back to the public.

And to raise that revenue in a way to avoid favoritism; distinguish between private wealth and common wealth.  Don't tax earned income but instead use taxes, fees, dues, etc to "redirect" societies spending for land, resources, economic systems, and other natural features into the 'public' treasury.

Minus the tax breaks and subsidies, nobody will have a reason to seek rent and our officials won;t have a way to deliver it anymore  applause

Former rent seekers and winners (thieves IMO) will have to get real jobs in order to earn income, becoming artists, inventors or entrepreneurs…..you know…….working.


« Last Edit: January 12, 2014, 07:58:56 AM by T Beek » Logged

"Trust those who seek the truth, doubt those who say they've found it."
hjon71
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« Reply #1 on: January 12, 2014, 11:49:14 PM »

+1
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T Beek
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« Reply #2 on: January 13, 2014, 04:39:54 AM »

I've cancelled (for now) part 2 of this essay series due to lack of interest………so…what's wrong with society?  This place has plenty of examples….. Sad



"WHEN WE REFUSE TO SEEK TRUTH OR FAIL TO SEE IT WHEN FOUND, HOW CAN WE HOPE FOR JUSTICE?"

"WITHOUT JUSTICE LIBERTY IS AN ILLUSION"

"Some people spell justice…J.U.S.T.U.S."

"YOU CAN'T HANDLE THE TRUTH!"  Jack Nicholson,  A Few Good Men……or……(have we simply been conditioned to "do nothing" when truth is presented?)

*********LOVE AND PEACE TO THE WORLD***********
« Last Edit: January 13, 2014, 07:18:05 AM by T Beek » Logged

"Trust those who seek the truth, doubt those who say they've found it."
kathyp
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« Reply #3 on: January 13, 2014, 11:13:05 AM »

progress.org....

brought to you by the people who went about town yesterday without any pants.   grin
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
T Beek
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« Reply #4 on: January 14, 2014, 05:23:07 AM »

progress.org....

brought to you by the people who went about town yesterday without any pants.   grin

Did you just get caught looking? laugh laugh laugh laugh
« Last Edit: January 14, 2014, 05:35:54 AM by T Beek » Logged

"Trust those who seek the truth, doubt those who say they've found it."
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