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This room is for the discussion of current events,cultural issues and politics especially in relation to Catholic values.

Saint Thomas More was martyred during the Protestant Reformation for standing firm in the Faith and not recognizing the King of England as the Supreme Head of the Church.
Learn More:Saint Thomas More

A new Tyranny?

Dec 07 new
The pope wrote: "While the earnings of a minority are growing exponentially, so, too, is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies which defend the absolute autonomy of the marketplace and financial speculation. ... A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules. ... In this system, which tends to devour everything which stands in the way of increased profits, whatever is fragile, like the environment, is defenseless before the interests of a deified market, which becomes the only rule."

Read more from Journal Sentinel: www.jsonline.com
Follow us: @JournalSentinel on Twitter
LOCKED
Dec 07 new

Consider these statistics:

■The top 1% of income earners got a 304% boost in after-tax income from 1979 to 2007; the middle 60% settled for just 39%, according to the Center on Budget and Policy Priorities.

■Wisconsin's richest 1% enjoyed a boost of $168,773 in 2012 dollars from 1996 to 2010, according to the Center on Wisconsin Strategy at the University of Wisconsin-Madison. The bottom 40%? They saw their real income fall by $2,407.

■The CEO-to-worker pay gap is more than 10 times wider than it was during the expansionary years of the 1960s. In 1965, that ratio was 20.1 to 1, when all compensation is considered. Last year, it was 273 to 1, the Economic Policy Institute reports.



Read more from Journal Sentinel: www.jsonline.com
Follow us: @JournalSentinel on Twitter
LOCKED
Dec 07 new
so very sad
LOCKED
Dec 07 new
(quote) Mark-642218 said: The pope wrote: "While the earnings of a minority are growing exponentially, so, too, is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies which defend the absolute autonomy of the marketplace and financial speculation. ... A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules. ... In this system, which tends to devour everything which stands in the way of increased profits, whatever is fragile, like the environment, is defenseless before the interests of a deified market, which becomes the only rule."

Read more from Journal Sentinel: http://www.jsonline.com/news/opinion/a-president-a-pope-and-the-fight-against-income-inequality-b99157100z1-234616121.html#ixzz2mnM5RpDS
Follow us: @JournalSentinel on Twitter
I would like to see a study done to see which of the three forms of business is most egregious in regards to this. Sole proprietorship, partnerships, or corporation.
LOCKED
Dec 07 new
(quote) Tom-54311 said: I would like to see a study done to see which of the three forms of business is most egregious in regards to this. Sole proprietorship, partnerships, or corporation.

Do you have an idea in mind, which would be the worst? I am not sure it will be easy to

compare. McDonald's are really sole proprietorships.


All I know is that being poor is nothing new. Yet, as many people that have achieved

such grand scale wealth is pretty much a new phenomena. I am not sure that the state

of being poor should be compared to the wealthy.

LOCKED
Dec 08 new
(quote) Tom-54311 said: I would like to see a study done to see which of the three forms of business is most egregious in regards to this. Sole proprietorship, partnerships, or corporation.
Just a note of clarification...

"Corporation", at least in the United States, is a very broad term. It says nothing about the size or profitability of the business.

My consulting business (Schultek Engineering, Inc.) with one full-time employee (me), is just as much of a legal "corporation" as is Walmart, Starbucks or General Electric (or any of the largest corporations). My brother's family farm (Diamond-S Farms, Inc.) is also a "corporation". My brother's wood working business (S&S Custom Cabinets, Inc.) is also a "corporation". I suspect that the large majority of "corporations" (perhaps 70%, by numbers of employees) probably have less than 25 (or so) employees.

Ed
LOCKED
Dec 09 new
(quote) Mark-642218 said:

Consider these statistics:

■The top 1% of income earners got a 304% boost in after-tax income from 1979 to 2007; the middle 60% settled for just 39%, according to the Center on Budget and Policy Priorities.

■Wisconsin's richest 1% enjoyed a boost of $168,773 in 2012 dollars from 1996 to 2010, according to the Center on Wisconsin Strategy at the University of Wisconsin-Madison. The bottom 40%? They saw their real income fall by $2,407.

■The CEO-to-worker pay gap is more than 10 times wider than it was during the expansionary years of the 1960s. In 1965, that ratio was 20.1 to 1, when all compensation is considered. Last year, it was 273 to 1, the Economic Policy Institute reports.



Read more from Journal Sentinel: http://www.jsonline.com/news/opinion/a-president-a-pope-and-the-fight-against-income-inequality-b99157100z1-234616121.html#ixzz2mnMqovnX
Follow us: @JournalSentinel on Twitter
The problem with studies like this is that you can prove anything you want with statistics.

And the purveyors of the "be jealous of your neighbor" or even the "keep up with the Joneses mentality love to see these kinds of things so they can push the "Beggar your neighbor" nonsense. Their concept of all men are created equal is that everyone has to be as financially and intellectually bankrupt as they are.

Who cares if your local wealthy person makes 1000 times more than you do? Even the homeless bums in the developed countries pushing their stuffed shooping carts on city streets urinating and defecating in public, have more that the vast majority of the world's population. Should we take what they have away and distribute it to the world's poor?

Only the socialist inclined mind finds any significance is these misleading statistics.

The only important statistic is how well off are you. If you make enough to meet your needs as you define them, you are wealthy. If you define your needs by what Bill Gates has, you are the sick one, not Bill Gates and his fellow multi billionaires.
LOCKED
Dec 09 new
(quote) Mark-642218 said: The pope wrote: "While the earnings of a minority are growing exponentially, so, too, is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies which defend the absolute autonomy of the marketplace and financial speculation. ... A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules. ... In this system, which tends to devour everything which stands in the way of increased profits, whatever is fragile, like the environment, is defenseless before the interests of a deified market, which becomes the only rule."

Read more from Journal Sentinel: http://www.jsonline.com/news/opinion/a-president-a-pope-and-the-fight-against-income-inequality-b99157100z1-234616121.html#ixzz2mnM5RpDS
Follow us: @JournalSentinel on Twitter
A few have grown rich in America's casino economy. Most have grown poorer. That's why oligarchs like George Soros are fighting to abolish drug laws. If you can get high, you'll forget about how miserable you are.
LOCKED
Dec 09 new
(quote) Paul-866591 said: The problem with studies like this is that you can prove anything you want with statistics.

And the purveyors of the "be jealous of your neighbor" or even the "keep up with the Joneses mentality love to see these kinds of things so they can push the "Beggar your neighbor" nonsense. Their concept of all men are created equal is that everyone has to be as financially and intellectually bankrupt as they are.

Who cares if your local wealthy person makes 1000 times more than you do? Even the homeless bums in the developed countries pushing their stuffed shooping carts on city streets urinating and defecating in public, have more that the vast majority of the world's population. Should we take what they have away and distribute it to the world's poor?

Only the socialist inclined mind finds any significance is these misleading statistics.

The only important statistic is how well off are you. If you make enough to meet your needs as you define them, you are wealthy. If you define your needs by what Bill Gates has, you are the sick one, not Bill Gates and his fellow multi billionaires.
What is wrong with people that compare their wealth with that of Bill Gates, the Waltons (Walmart), Queen Elizabeth, Mark Zuckerburg (Facebook), Mick Jagger, Paul McCartney, Larry Ellison, Oprah Whinfry and others. It must be exhausting and continually depressing to wake up every day, realize that they don't earn even 1/200 of Bill Gates's earnings.... and they probably never will. In my opinion, they would do much better (for themselves) to concentrate all that effort on figuring out how they can (legally and morally) improve their own (and their family's) personal economy. It is very, very, very, very unlikely that I will ever come close to being in the same universe (in terms of net worth) as those 1%.... Shall I resign myself, therefore, to being utterly bitter, depressed and envious for the rest of my life?

I think that people should absolutely be paid what their skills, efforts and results are worth in the market. Withholding earned wages or taking advantage of people in difficult circumstances is illegal (usually) and immoral.

The main premise of that article that listed those "statistics" was that raising the minimum wage would somehow help to reduce the imbalance between highest and lowest earning individuals. I believe that it will actually do the opposite. Arbitrarily raising the minimum wage (say from $10/hour to $15/hour) will make the least-skilled and/or least-motivated workers even less employable than they already are. A rational business person is rightly going to expect better results and/or more output for earning that higher wage.... They have to expect this, if they plan to make a profit and stay in business. This will make it more difficult for that business person to hire a teenager (with few skills) or another older person, with few marketable skills. If these people can't even climb on to the lowest rung of the ladder (because the lowest rung has been raised too high), then they will fall even deeper into poverty than they already may be. They need to rise out of minimum wage jobs by improving the market value of their skills and their personal attributes. That is just the only way for it to work. Simply raising their minimum wage just make them less employable.

I could think of many other things to say about this minimum wage, but I will stop here.

Ed
LOCKED
Dec 09 new
(quote) Sean-851370 said: A few have grown rich in America's casino economy. Most have grown poorer. That's why oligarchs like George Soros are fighting to abolish drug laws. If you can get high, you'll forget about how miserable you are.
Everyone appreciates a meritocracy but you don't have to be a Socialist to wonder what's up when the rich keep getting richer and the poor keep getting poorer! The gap between the two widens and it's not as if they are working any harder to justify it!

Much of Wall Street enjoy bonuses and stock-options as reward for failure. The rest of us would get canned for such 'piss-poor' performance! Pope Francis is right to draw attention to a system which is so unjust!
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