Income Inequality is Good | 5 Minute Video
What if everything you’ve heard about income inequality is wrong? What if it’s actually a good thing for there to be people who are rich and people who aren’t? John Tamny, editor of RealClearMarkets, clarifies one of the big misunderstandings of our time. Donate today to PragerU! http://l.prageru.com/2ylo1Yt
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Script:
There has been a lot said and a lot written about income inequality – about how unfair it is that a few people are very rich and the rest of us aren’t; that the income gap between the wealthy and even the middle-class, let alone the poor, is so large.
There’s only one problem with this complaint.
It’s wrong.
Income inequality is actually a good thing — when it is the product of a free market economy.
And your own life proves it!
An economy is made up of millions of individuals making decisions about their own lives – where and how much they want to work, what they want to buy, and so on.
You are one of those individuals.
In a country like the United States, you are free to pursue a path in life that you believe best suits your talents. That talent might be teaching, or making music, or banking, or starting a small business, or raising a family. Whatever it is, this freedom helps to make life enjoyable, exciting and meaningful.
But it’s also an expression of inequality. This is simply because we’re all different. We have different talents, different temperaments, different ambitions.
That’s okay because – again in a free society – we can seek out opportunities that play to our personal strengths; that distinguish us from others.
If you find what you’re really good at and work hard, you might have great success and make a lot of money. If you’re an outstanding athlete, I’ll buy a ticket to see you play. If you’re a savvy investor, I’ll give you some of my money to invest.
As long as you have the freedom to guide your own destiny, you have a chance to reach your full potential – achieving success, however you define it. But if someone, say, a government bureaucrat, told you that your ambition had limits, that there was a ceiling above which you could not rise, I doubt you’d be happy about it. You’d feel like you were in a straightjacket.
Forced equality means less opportunity to pursue what makes you individually great..
But what about the growing gap between the rich, the 1%, and the rest of us, the 99%, that one hears so much about? Isn’t that a bad thing?
Again, the answer is no.
Here’s why:
In a free market economy people become wealthy making what the rich enjoy today into something almost everybody can enjoy tomorrow. The rich are the test buyers.
Consider the cell phone. Now we all have them, but when Motorola manufactured the first one in 1983 it was the size of a brick, had a half-hour of battery life, reception was terrible, and calls were very expensive. It cost $4000. But if no one had bought that $4000 brick, there wouldn’t be a $40 cell phone today.
In the 1960’s a computer cost over a million dollars. Nowadays, thanks to billionaires like Michael Dell, we have incredibly advanced computers that cost us a few hundred dollars.
Remember what an out-of-reach luxury flat screen TV’s once were? Only the rich could afford them. Today your living room is essentially your own private cinema.
The free market is about turning scarcity into abundance. What was once available to the few is now available to the many. Wealth inequality is an important corollary to that truth.
For the complete script, visit https://www.prageru.com/videos/income-inequality-good
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Capitalism doesn't make everyone richer. it Makes everyone poorer except the privileged few. There's a reason prices have skyrocketed, wages have eroded, and the middle class is shrinking.
This is definitely a elitist propaganda video channel.
Each of us gets the exact same basic universal allocation of 24 hours per day.
3 billionaires have more money than half of America. That's a problem, slaves.
Take the cell phone? Yeah now its being used to make more money off of us big tech google, Facebook.
Please pay attention! This guy’s argument is a fallacy.
What he doesn’t tell you is that real free markets don’t exist. With too much income inequality the 99% are much less free to pursue the proper development of their talents.
Once a person gets to be on the top 1% they try to make it as difficult as possible for newcomers. They bribe politicians to put regulations in the markets control so as to stop new competition from developing.
Example: oil company’s will do everything in their power to stop the development of a car running on water for example.
If there is a cure for aids, the pharmaceutical companies will not allow it to prosper; because they will lose money they earn with aids treatments.
He reminds me of Nic Cage.
Plain & simple.
This doesn't address the real issue, tax cuts that benefit only the wealthiest Americans; nor does it discuss income vs. wealth.
A few a rich because they're jews and know connections.
Had to watch this for my study and it makes me vomit. How has the free market helped with house prices, food prices, health care, and other necessities?
if you dont like being poor and impoverished, then you are A SOCIALIST
My comments and replies are seemingly getting removed from the channel. And they just so happen to be comments disagreeing with PragerU’s narrative.
How interesting.
I've never felt resentment toward people in the 1%. I have enough for nearly everything I need and even want, so I'm satisfied. I live below my means, and don't care if "the Joneses" have more.
SO TRUE 😍 I love poverty and human suffering too
PragerU is what Trump university would have been 🤣🤣. What a BS video! Sure we're all born with different different abilities. The ke6 problem is how to saperate success and survival. Survival with food clothing shelter is a fundamental human right in a developed society. Your survival shouldn't depend on whether you're successful or not.
22k/13k like
They Live (1988) was a documentary.
If I were teaching someone how to construct propagandistic arguments that ignore things like "context," "complexity," and "data," I would show them this video.
Accept the opportunities are bottlenecked and are at the mercy of the market also if your job can get outsourced without quality being sacrificed they will.
some people may live in cars and work 5 shifts but that's okay! they should've just worked hard (been born rich)
Income equality isn’t equality its equity what he said about this is that income inequality is equality and freedom of opportunity
Opportunities of limits is equity
This guy looks like a demon
having loads of money isn’t inherently a problem. Using that to lobby for restrictive laws that enable monopolisation is a big problem. The ones who climb to success kick the ladder down below them, rigging and perverting the free market. Inequality that is caused by that is not good.
Propaganda capitalism
“University” funded by oil barons just happens to come to the conclusion that income inequality is actually a GOOD thing. What a coincidence
beautifully said by someone who benefits from the capitalistic system heavily!!
The main driver of inequality nowadays is technology. So Technology is great, but now that all the money is going to tech and less of everywhere else, we must all embrace tech to become more equal.
bro ur talking about a life that everyone is "free" alot of ppl cant make alot of money cuz they poor
So Elon Musk and Jeff Bezoes are just billions of times more talented than other people. Wow their full potential is crazy
No, it's bad. Very, very bad. It's how you get fascism, and worse. History shows this. Unfortunately, this is what a goodly no. of awful people, many galavanting abound as (faux) Christians, want.
This video is hilarious. The implication that everyone is just freely and equally able to pursue their passions and enrich themselves is utter nonsense. Some jackoff millionaire's son with no discernable skill is in an indescribably better position in life than an intelligent, hard-working person born into abject poverty. This trickle-down BS has been in practice for decades now and is strangling the life out of the middle class while idiots like this keep screaming for all willing to listen that "poverty is good for you, actually!"
Thank you rich people for enriching our lives….we love you!
Just kidding.
Richest country ever
You PragerU are Neo-Nazists and Fascists on People-of-Color Means Your Doom-Pseudomonsters-of-Doomdays-to-People-of-Color🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬
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The sole purpose of this channel seems to be to defend the worst of the worst norms in society.
Can't work harder to succeed if you aren't given the proper means to do this. Idk man just a thought.
you're not allowed to not work thanks to wealth inequality. you have to work for some billionaire's wealth or not at all in most cases.
Since paying laborers is any companies biggest expense, they will try to keep wages low as possible.
Says who? The Koch that owns you? Lmao, retribution is coming.
income inequality is not good or bad.
it is just income inequality
Welcome to PropagandaU
Geez anyone who believes this narrative is so out of touch with reality, this video is laughable.
but the free market is not free, it's monopolized and manipulated by this 1% with ease. And one more: is food also had 8000$ cost per piece of brad back in the days and why some people eating from garbage even in USA?
I wonder how come he used the britishism 'cinema'!
I would call it inevitable rather than good