Welfare State: Handouts Make Up One-Third of U.S. Wages

[JohnSmith2007 353]

These are crazy times when the wisdom of Adam Smith is confused as marxist theory.

Capitalism is the cornerstone of our economy. That is the way it is. Like I said, if you don't like it go somewhere that doesn't believe in capitalism. Isn't that the advice you gave me when I disputed SS?

[one...two...tree 2,762]

Capitalism is the cornerstone of our economy. That is the way it is. Like I said, if you don't like it go somewhere that doesn't believe in capitalism. Isn't that the advice you gave me when I disputed SS?

Try and stay on topic. I quoted Adam Smith and you implied that such line of thought is more fitting in a place like Cuba. Just then, Adam Smith was in heaven, giving a facepalm. We're talking about the father of free market capitalism. Your ignorance of history is astounding.

[JohnSmith2007 353]

Try and stay on topic. I quoted Adam Smith and you implied that such line of thought is more fitting in a place like Cuba. Just then, Adam Smith was in heaven, giving a facepalm. We're talking about the father of free market capitalism. Your ignorance of history is astounding.

I don't give a damn who Adam Smith is. That isn't the topic. The topic is your continued slamming of the free market and capitalism. Just because you found some quote by someone that has been dead for 200 years to back up your position doesn't change anything. I say again, if you don't like capitalism take your own advice and move to someplace that doesn't practice it.

[Zero Sum 305]

I don't give a damn who Adam Smith is. That isn't the topic. The topic is your continued slamming of the free market and capitalism. Just because you found some quote by someone that has been dead for 200 years to back up your position doesn't change anything. I say again, if you don't like capitalism take your own advice and move to someplace that doesn't practice it.

You may want to check up a little more on the father of the cornerstone of the American economy.

[JohnSmith2007 353]

You may want to check up a little more on the father of the cornerstone of the American economy.

I know who Adam Smith is. I always did. To have Steven quote him is irony at its best. Steven has made his disdane of capitalism very well known.

[Zero Sum 305]

I know who Adam Smith is. I always did. To have Steven quote him is irony at its best. Steven has made his disdane of capitalism very well known.

Maybe that's in your opinion. Have you considered that?

I will ask him up front- Steven- do you hate capitalism?

You did just post you didn't give a damn who Adam Smith was...

Furthermore, did Adam Smith say that or did he not? If so, why? What's the context? If not, why would Steven lie?

[JohnSmith2007 353]

Maybe that's in your opinion. Have you considered that?

I will ask him up front- Steven- do you hate capitalism?

You did just post you didn't give a damn who Adam Smith was...

Furthermore, did Adam Smith say that or did he not? If so, why? What's the context? If not, why would Steven lie?

Heh, you are new here aren't you? Steven has been the biggest hater of the free market and capitalism on this board. I don't need to ask him, his opinion is very well known. Adam Smith also supported laissez-faire economics which Steven constantly rails against. His cherry picking of that one quote is laughable.

[^_^ 5,021]

I know who Adam Smith is. I always did. To have Steven quote him is irony at its best. Steven has made his disdane of capitalism very well known.

Disdane? Which Dane? Adam Smith was no Dane.

[Zero Sum 305]

Heh, you are new here aren't you? Steven has been the biggest hater of the free market and capitalism on this board. I don't need to ask him, his opinion is very well known. Adam Smith also supported laissez-faire economics which Steven constantly rails against. His cherry picking of that one quote is laughable.

Yes, I am new here. That's why I ask. Ans that's why I ask him, because sometimes criticism gets misconstrued as condemnation by those that have closed minds. Just saying. Better to get it from the source, and not what (from what I've observed here) others may think they know.

[JohnSmith2007 353]

Disdane? Which Dane? Adam Smith was no Dane.

Yeah, yeah. I am a lousy speller and spell check isn't installed on my work computer. I find myself with a window to dictionary.com always open, I just got lazy with that one.

Yes, I am new here. That's why I ask. Ans that's why I ask him, because sometimes criticism gets misconstrued as condemnation by those that have closed minds. Just saying. Better to get it from the source, and not what (from what I've observed here) others may think they know.

By all means then, ask him. Better yet, search his posts on economics. His words will speak of his opinion a lot better than his spin if you try to pin him down.

[Zero Sum 305]

I did ask him.

I will ask him up front- Steven- do you hate capitalism?

[^_^ 5,021]

Yeah, yeah. I am a lousy speller and spell check isn't installed on my work computer. I find myself with a window to dictionary.com always open, I just got lazy with that one.

.

I don't actually care. Just messing.

[mawilson 2,133]

Share of wealth, not income.

Then your statement is false. 1% of the population does not earn 99% of the nation's income.

[one...two...tree 2,762]

Maybe that's in your opinion. Have you considered that?

I will ask him up front- Steven- do you hate capitalism?

You did just post you didn't give a damn who Adam Smith was...

Furthermore, did Adam Smith say that or did he not? If so, why? What's the context? If not, why would Steven lie?

Thanks, Zero. You're alright.

No, I don't hate capitalism. It's just that I see the shortcomings of it and am against laissez-faire economics as I would imagine most rational thinking Americans are as well. In fact, I think you'd be hard pressed to find many in Washington willing to say out loud that we should do away with all government regulations and oversight of the markets. That's just silly nonsense with no real world practicality.

I thought it would be appropriate to quote Adam Smith on taxing the rich (progressive taxation) since so many Right Wingers today think that such an idea is nothing more than Marxist Theory. My point was well made. It's just unfortunate that some here can't argue on the point made.

Edited March 11, 2011 by 8TBVBN

[Zero Sum 305]

Then your statement is false. 1% of the population does not earn 99% of the nation's income.

I believe I was in error. From the original source (Wolff):

Here are some dramatic facts that sum up how the wealth distribution became even more concentrated between 1983 and 2004, in good part due to the tax cuts for the wealthy and the defeat of labor unions: Of all the new financial wealth created by the American economy in that 21-year-period, fully 42% of it went to the top 1%. A whopping 94% went to the top 20%, which of course means that the bottom 80% received only 6% of all the new financial wealth generated in the United States during the '80s, '90s, and early 2000s (Wolff, 2007).

For NEW financial wealth created in the US Economy. This is still not income.

Here's something a little more telling:

"CEOs' pay as a multiple of the average worker's pay, 1960-2007"

and

"CEOs' average pay, production workers' average pay, the S&P 500 Index, corporate profits, and the federal minimum wage, 1990-2005 (all figures adjusted for inflation)"