I realize economics don't have much to do with SJW crap on the surface, but since it seems we're often fighting communists and Marxists, I'm increasingly wondering what people who frequent this community think of various economic issues.
I admit I see several problems with the capitalism system, but my background isn't in economics. I'd like to know how capitalism would solve those problems (if you believe it could), or what other solutions might work. I don't have any strong opinions either way (except that I reject communism) and I'm looking to hear different perspectives.
What I'd like to know most of all, is how do you feel about something like the wage gap between rich and poor (i.e. the '1%'). For example, look at this video: https://www.youtube.com/watch?v=QPKKQnijnsM
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Do you believe the richest 1% are really as rich as the video says, compared to everyone else?
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If so, do you think this is fair or unfair? Why? If you believe it's unfair, what solutions do you support?
I'm also wondering about other issues with the economy:
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People who live in extreme poverty (e.g. families sleeping in cars) despite seeking jobs or having two jobs: why do you think people find themselves in that situation, and what would potential solutions be?
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Employers having more negotiating power regarding salaries, because they don't have much competition when hiring workers, meanwhile employees are competing with thousands of other candidates: fair or unfair, and why? If unfair, what could be done to solve this?
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I often heard strong supporters of capitalism say that "Everyone can be rich if they work hard enough". Except there's a need for all kinds of jobs, even those that pay little, and there's no need for billions of people doing the jobs that currently pay millions. So even if everyone worked twice as hard tomorrow, nothing would change. In other words, it seems the system isn't designed to allow everyone who works hard to make a comfortable income - even if everyone worked twice as hard starting tomorrow, the poor would stay poor and nobody would earn more. How do you guys feel about that? I'm especially interested to know why if you disagree.
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I'd also like to know how people here feel about the argument that if you need someone to do a job for you, no matter how easy it is or how little training it requires, you should pay them a proper living wage. Otherwise, you're just exploiting them until they become unable to work due to health issues, at which point you discard and replace them with someone else. In other words, if you need someone to work for you, you should make sure the job lets them sustain themselves. Again, how do you feel about this and why?
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Social safety nets: I heard the opinions that everyone needs to be responsible for themselves. But is it really in the best interest of society to let a worker with years of experience and education end up on the streets because of a difficult period in their life they couldn't get out of? Why or why not?
This doesn't cover every economic issue obviously, so feel free to elaborate further and to touch on things I didn't mention, including other issues in the current economy.
Again, I don't have strong opinions and I'm looking to hear different perspectives to better make up my mind.
The wage gap isn't a thing I care about in the slightest. Rising tides lift all boats and what not. Not particularly interesting for me. A lot of the problems you've listed are consequences of the policies trying to fix them. In fact, many of the policies were implemented precisely to create those problems.
Take the minimum wage for example. It was put in place for explicitly racial purposes, back when progressives still acknowledged basic economics.
-Henry Rogers Seager, President of the American Association for Labor Legislation
-Royal Meeker, U.S. Commissioner of Labor under Woodrow Wilson
-Arthur Holcomb, Massachusetts Minimum Wage Commission