HOW do we fix Wealth Inequality? FIXING THE ECONOMY PT.2
Вставка
- Опубліковано 5 вер 2024
- "first we build the understanding, secondly we build the movement
and then we can start forcing politicians to do something"
Former city trader Gary Stevenson shares his vision of how we could achieve the vision set out in his previous video "What the economy would look like IF WE FIX wealth inequality - KEYNES' DREAM"
• WHAT IF we fix wealth ...
SUBSCRIBE, SHARE & START A CONVERSATION
SOCIAL MEDIA:
WEBSITE - www.wealthecon...
TWITTER - @garyseconomics
FACEBOOK - @garyseconomics
INSTAGRAM - @garyseconomics
Performed by Gary Stevenson
GARY'S ECONOMICS
Produced by Simran Mohan
MOHAN MEDIA
I think the genius of the way you demonstrate how inequality harms the economy is it explains that inequality is not just a moral problem or 'the politics of envy' as I've lately heard it dismissed as, it's an economic problem, and if left to its own devices, it will harm us all and we should all care about that whatever party we're from
Great video Gary, I'm behind this message and hopefully movement 100%
Thanks boss!
Why am I only hearing about this now?!! I fully support this movement
Let's goooo. Really, no one thinks about this. Before I found this channel I tried to have discussions with my family about about the economic system and wealth inequality. But, sadly, everyone is too busy getting their bag. At my stage in life I realize now I will never be able to buy my own home. Student loan debt. Years and years of paying rent during my schooling and afterwards. My own siblings tell me to "work harder". They have cushy jobs and don't understand nor attempt to understand the struggles of a ordinary person. It is astounding what problems people ignore if it isn't happening to them personally. How do we reach them? So yeah the first step is educating more people about wealth inequality. More people need to know and care about this issue.
Brilliant as per usual ❤ FIX WEALTH INEQUALITY ❤️
We must change consumerist habits to save the econony and the enviroment.
Lets take a dining table and chairs for a example.
Currently we buy from Ikea, mass produced product that has a lifespan of about 10 years and costs £1000 for example. £100 is material cost, £100 is labour cost and £100 is production, storage and shipping. Thats £700 profit for ikea that will never hit the economy again.
If we changed back to the consumerism of the 1930s, we would buy a dining set that was made by a gang of 5 local workers (called bodgers) that used local woodland product to produce sets that would last 50+ years.
The latter would cost lets say, £1500 but that wpuld be £1000 wages £100 material and shipping and £400 profit for investment and pensions......
So in addition to the latter being carbon negative process it also lasts longer and distributes wealth fairly.....
I wish i could explain it better
Good explanation I think, what I like about your idea is that it's proactive and something that we can all do!
Go Gary go keep spreading the message. I LOVE what you say, these are my thoughts as well. All the best to you dear friend ⭐⭐💙💙💜💜😎😎
Bad jobs indeed Gary - I am shocked at wage levels now on ordinary working-class jobs. I worked for an airline 30 years ago - I earnt in 1992 what is being offered now to airline ground staff. Its a disgrace of how wage levels have been suppressed and eroded over the last 20 years.
If the wealthier were Taxed more, would that money not just go to paying the interest on Government issued bonds in order to combat the upcoming hyperinflation?
Also do you not think the fact these bonds, which are bought literally on a lie without any collateral ( allowing the banks to print money into circulation) is just as big a problem as wealth inequality?
Can you make a video explaining the difference between currency and money? Also explaining that not one single fiat currency has been successful and why?
We talk about tax, but as we've seen for centuries, the rich avoid that shit.
Secondly, having worked in the public sector, Politicians are corrupt and not the ones to redistribute wealth.
Legislation should increase pension contributions for employers. 3% is a joke.
Particularly listed companies, should have to offer an equal share for time served. The cleaner is just as important to the machine as a senior manager. So all should share equally in the overall profit.
"From little acorns" and all that. For what it's worth, I think the way you pretty much never frame the problem in a left/right, party political way will stand you in good stead. No matter what your leanings you'd probably be better off under a more equal system.
Thanks boss! Yeah I understand the party political thing is very fractious nowadays. Ultimately I am an economist not a politician, so I just want to let people know what needs to be done to make the economy better. Thanks for your support!
@@garyseconomics More power to ya, mate.
important stuff
I'm on board!
Thanks for sharing
I think part of this is a marketing issue. IMHO the phrase "Wealth Inequality" (much like "global warming") is both imprecise and loaded with stigma. Getting a better phrase can help with the delivery and receptivity.
Please can you do a video on workers' co-operatives? They are a huge movement for economic equality and workers' rights. Would be great to hear your views on them.
We are on the trajectory to becoming a 3rd world country. The Tories in particular (by a big margin) are effectively a corrupt, self serving, 3rd world government dividing up the spoils of a 1st world economy amongst themselves and their cronies. (as well as avoiding tax and other responsibilities). I think more people are starting to notice this, even some daily mail readers as I notice from the comments section in the online version (I skim the DMail to keep an eye on my enemy)
The last Labour government had a golden opportunity to change the mechanics of the UKs economy but chose to carry on with Tory economics (eg freedom of the bankers, house price inflation etc, when in fact they should have rejigged the whole lot to prevent a future tory government taking things many steps further down the path to Armageddon.
So right.
The last (Tory Lite) Labour government just tinkered a little at the margins with tax credits etc.
The fundamental inequality just got further baked in.
Too many people still believe the lies though. Especially the very people who need to see videos like these who are already too tired and busy to look beyond 5 minutes of the MSM evening news and Daily Mail.
Hi Gary, I love your stuff and want to do what I can to get now people to hear it. One question though: while I agree that it is necessary to tax the very wealthy enough to actually move distribution back in the other direction, do you think this can actually be achieved? What I mean is will the wealthy not fight back first with well funded bafflegab, strategies to keep people divided and squabbling, increasing misinformation campaigns, character assessinations, and if those don't work then violence? This is more or less the thesis of Marxist Leninists, I'm curious if you believe the violence can be avoided.
Paying a wealth manager 1% of assets under management isn't really a hot button issue. Somehow, paying 1% of ridiculous net worth is? It's basically the same concept as property tax, you pay for the foundation that makes it all possible. I think it could work, make it apply to net worth exceeding 66.666 times the median wage multiplied by the number of dependents. For median wage of 30K, it would apply to assets in excess of 2 million in value. The person would still be able to withdraw 3% a year and have double the median wage before the wealth tax kicked in, and they say 4% is a safe withdrawal rate to keep up with inflation, so they're actually be able to pull out over double the median wage if they wanted. For someone with 4 million, they'd pay 1% on the 2 million in excess which is 20K, and could still pull out 4%, 160K and have over 5x the median wage before tax. For 102 million, it would be 1 million in tax. For 1,002 million it would be 10 million in tax. Super affordable at scale really. Property taxes where I live vary between 5 and 8 percent annually, and what are the other asset classes, if not property?
Gary, put me down. I’m with you, I will share x
Hey Gary, just started watcching some of your videos and totaaly support the initiative as a young worker myself. I have a question on this, how do I "educate", tell people I know to pay attention to this, if I'm one of the youngest people of my family? My parents, uncles, even friends, can maybe somewhat agree, but, I'm not a success story like you, I don't have an authority argument to convince them, they don't even speak english to come and hear from you. What do you suggest then?
I can’t load your website, it says the certificate for the server is invalid. Could be my phone but not sure. Great videos though!🇬🇧
Taleb point about wealth dynamics is important
Not static, dynamic wealth inequality
How though? What does it look like? It's the same messege in every video. I'm for the cause but I'm getting frustrated with hearing the same three points in every video.
We can't use taxation to level the playing field because taxation is a complex and easily rigged system that works in favour of the wealthy. If a level playing field is the goal then there must be a single rule and that rule is a UNIVERSAL SPEND LIMIT. The wealthy will take loans instead of income if we try to tax income and trying to tax wealth is subjective and expensive to administer, it has been tried and it has failed every time.
First to comment!
Your videos are great, but Gary I'm only seeing 1 millionaire saying what you're saying: you. Where are the rest, why aren't they in even one of your videos? Apologies if I've made a mistake and you have got another millionaire in a video somewhere I haven't seen!
Hi Skylar, if you want to hear from other millionaires, you should check out the work of "Patriotic Millionaires" and "Patriotic Millionaires UK". I don't think they have a UA-cam but they have a Twitter and a website.
Thanks!
Be specific about the bet you made
There's actually another video on this on the channel. Called betting on interest rates or something.
@@garyseconomics Awesome will check it out. I know I sound negative but I really enjoy the channel and content. Am just blunt and pushing for accelerated detail. Thinking of eventually sketching out children's books to have a better handle at teaching for basic people. I am quite pessimistic that most can grasp all the issues. It takes time to think through all the problems under the backdrop of multiplicative dynamics of wealth and multiplicative dynamics of population growth.
@@break1722 poverty is too late. There are a lot of people who think they are middleclass who have kids who study useless things and are ending up very poor, angry and a drain on society because of it. They should be told early on that most of the things they are being told are scams. But eduction is hard ... and most of media reinforce the confusion over incentives and the structure of modern society.
Good luck. Just don't spread more Keynesianism.
Average people pay taxes but get nothing, how about working class stop paying taxes as a movement
That's difficult since your income tax is removed by your employer before you're paid. A form of legal garnisheering - you have no say.
Incoherent tax policy ... Be specific. Get rid of annual window