HomeUploadUpload DirectHotlinkRandomAbouttheme toggle
Expand

Stossel: Inequality Myths

Views:976
@ReasonVids

Politicians and reporters often rail about "the rich getting richer and the poor getting poorer."

But John Stossel explains it's not true.

---------
Subscribe to our YouTube channel: http://youtube.com/reasontv
Like us on Facebook: https://www.facebook.com/Reason.Magaz...
Follow us on Twitter: https://twitter.com/reason
Subscribe to our podcast at iTunes: https://goo.gl/az3a7a

Reason is the planet's leading source of news, politics, and culture from a libertarian perspective. Go to reason.com for a point of view you won't get from legacy media and old left-right opinion magazines.
---------

In fact, the incomes of poor and middle-income Americans are up 32% since the government began keeping track several decades ago. https://www.cbo.gov/system/files?file=2018-11/54646-DistributionofHouseholdIncome20150.pdf

Yes, that increase is adjusted for inflation.

Another misleading claim, says Stossel, is the idea that the U.S. "no longer has economic mobility."

But a paper in The Quarterly Journal of Economics found that most people born to the richest fifth of Americans fall out of that bracket within 20 years. (Table 2: https://academic.oup.com/qje/article/129/4/1553/1853754)) Likewise, most born to the poorest fifth climb to a higher quintile. Some climb all the way to the top.

Another claim is that inequality itself is a huge problem.

New York City mayor Bill DeBlasio warns: "There's inequality in this country right now that is threatening to tear us apart."

Stossel says that it might tear us apart -- but only if people come to believe that all inequality is evil.

But it isn't, he says. It's just part of life. Some people are better singers than others. The best athletes are just physically different.

Society doesn't try to equalize those things -- or many others -- for good reason. Former investment banker Carol Roth tell Stossel, "I have two kidneys. There are people out there who need one, don't have one that functions. Should the government be able to take my kidney because somebody else needs it?"

"There's inequality in everything," she adds. "There's inequality in free time. There's inequality in parents. I don't have any parents or grandparents. Life is unfair … unfair is a feature. It's not a bug."

The views expressed in this video are solely those of John Stossel; his independent production company, Stossel Productions; and the people he interviews. The claims and opinions set forth in the video and accompanying text are not necessarily those of Reason.

libertarian
,
reason magazine
,
reason.com
,
reason.tv
,
reasontv
,
john stossel
,
income inequality
,
wealth gap
    Thumbnail for Elizabeth Warren's Plan To Cancel Student Debt Helps the Well-Off2:48
    Elizabeth Warren's Plan To Cancel Student Debt Helps the Well-Off
    ReasonVids
    946 views
    Thumbnail for Everything You Want to Know About John McCain's Sex Scandal4:23
    Everything You Want to Know About John McCain's Sex Scandal
    ReasonVids
    910 views
    Thumbnail for What Caused the '08 Financial Crisis: Free Markets or Government?1:18:07
    What Caused the '08 Financial Crisis: Free Markets or Government?
    ReasonVids
    836 views
    Thumbnail for Tea Party Flash Mob!2:23
    Tea Party Flash Mob!
    ReasonVids
    906 views
    Thumbnail for Aussie's response to Greta2:15
    Aussie's response to Greta
    AOU
    1621 views
    Thumbnail for Melei: The prices must be free1:48
    Melei: The prices must be free
    bestofanarchocapitalism
    375 views
    Thumbnail for Predictive programming from the X-Files4:26
    Predictive programming from the X-Files
    bestofvoatxyz
    789 views
    Thumbnail for jew-owned MSM Blackout on Another Trans Shooting6:22
    jew-owned MSM Blackout on Another Trans Shooting
    AOUisgay
    1337 views
    Thumbnail for Tesla driver leaves door open0:29
    Tesla driver leaves door open
    bestofvoatxyz
    418 views
    Thumbnail for Georgia Law Enforcement Often Refuses to Report Forfeiture Funds, a Violation of GA Law2:58
    Georgia Law Enforcement Often Refuses to Report Forfeiture Funds, a Violation of GA Law
    IJvids
    942 views
    Thumbnail for The whole cast of Friends, yet hiding in plain sight.... "I suck...er...babies...blood and put it on my face" Rachael Chandler/Ray ChildHANDLER... interesting.... and very sick... [19:17]19:16
    The whole cast of Friends, yet hiding in plain sight.... "I suck...er...babies...blood and put it on my face" Rachael Chandler/Ray ChildHANDLER... interesting.... and very sick... [19:17]
    AOU
    1727 views
    Thumbnail for This Hacker Is Teaching a Smartphone App to Drive Your Car | ReasonTV29:25
    This Hacker Is Teaching a Smartphone App to Drive Your Car | ReasonTV
    invidious
    285 views
    Thumbnail for Reason's DC Staff - Democrats vs. Free Trade3:19
    Reason's DC Staff - Democrats vs. Free Trade
    ReasonVids
    977 views
    Thumbnail for Cannot argue with that logic1:21
    Cannot argue with that logic
    bestofupgoat
    531 views
    Thumbnail for Boomers would rather blame their own children than the people that made this happen 1:08
    Boomers would rather blame their own children than the people that made this happen
    bestofupgoat
    169 views
    Thumbnail for (((Anthony Bourdain))) Thinks that Breeding Out White People is the "Only Way"1:17
    (((Anthony Bourdain))) Thinks that Breeding Out White People is the "Only Way"
    allAheadFull
    1512 views
    Thumbnail for “Babe, please keep it light at Thanksgiving dinner” Me: | FunnyMemeSpot0:23
    “Babe, please keep it light at Thanksgiving dinner” Me: | FunnyMemeSpot
    invidious
    140 views
    Thumbnail for 🤔0:23
    🤔
    bestofupgoat
    102 views
    Thumbnail for Larry Fink uses the Force1:05
    Larry Fink uses the Force
    AOUisgay
    542 views
    Thumbnail for Introducing the Government-Backed DMV Automotive Repair Center!1:00
    Introducing the Government-Backed DMV Automotive Repair Center!
    ReasonVids
    921 views
    Thumbnail for Today's Weather:  HOT with a chance of global warming0:38
    Today's Weather: HOT with a chance of global warming
    bestofvoatxyz
    548 views
    Thumbnail for Classic Aussie0:19
    Classic Aussie
    bestofpoal
    533 views
    Thumbnail for The cummies song0:36
    The cummies song
    EricaPolarBear.Archive
    296 views
    Thumbnail for Welcome to China 2.0 | Grunt Speak Highlights8:46
    Welcome to China 2.0 | Grunt Speak Highlights
    Terrence Popp
    1341 views
    Thumbnail for Infiltrator Spotted!0:29
    Infiltrator Spotted!
    bestofupgoat
    463 views

points

Permalink
Reply
libertarian
,
reason magazine
,
reason.com
,
reason.tv
,
reasontv
,
john stossel
,
income inequality
,
wealth gap
TOS  •  Add Keywords  •  Donate  •   Analytics  •   DMCA  •   Puzzle