starts around the 1:10 mark
Interesting song to play signing off with Rand - surely not that Tavis Smiley was trying to associate the junior senator's political views with poverty in the state! http://www.youtube.com/watch?v=lK5QSOodqhg
When we try to pick out anything by itself, we find it hitched to everything else in the Universe.
~ John Muir
The root of the problem of poverty has nothing do do with the minimum wage not being high enough for people to live, its that the dollar' is constantly loosing its purchasing power! We need to let the market control the value and purchasing power of the dollar not the FED.
"It’s not pessimistic, brother, because this is the blues. We are blues people. The blues aren’t pessimistic. We’re prisoners of hope but we tell the truth and the truth is dark. That’s different." ~CW
There shouldn't be any. The values of goods are way more inflated than the currency. Currency inflation happens and it is a moral outrage but the protectionism that keeps prices so high is much more of a detriment to the impoverished. If we got rid of socialist wages we could let the market determine the value of labor and it would be allocated appropriately. Our economic system is on its head. Its so distorted nobody can even say what should be produced and not be produced.
inflation - Bad
Distortion - 1000 times worse.
The value of the labor you provide should be an agreement between you and your employer. The government should have nothing to do with it.
He doesn't know austrian economics from australian.
The reason there is so few jobs is because nobody is ALLOWED to create them.
why doesn't he just say look, you're not allowed to sell baked goods, you are not allowed to sell garden vegetables, small manufacturers are simply unable to comply with safety regulations, not allowed to hire employees whose labor is worth less than minimum wage, college tuitions cost more than they did twenty years ago when technology has rendered them obsolete, you aren't allowed to be a tradesman without special permission, your not allowed to do anything structural or electrical to your own property, not allowed to keep animals, etc... etc...
How are we are supposed to create freaking wealth to pull people out of poverty in a system like this. This average person is rendered completely impotent.
and the subsequent hidden inflation tax that Ron talks about.
This hidden inflation tax is the reason today's family finds it almost impossible to subsist on one wage earner. This wasn't the case when I was growing up.
To me the FED is the key behind our current economic malaise.
Is protectionism not inflation.
Yes prices are going up, but the extent to which they are a factor in poverty as compared to the inflated value of goods compared to what it would be without regulation and misallocation is minimal.
I'm not saying inflation isn't bad. I'm saying that the reason the fed creates asset bubbles or inflates the currency in the first place is that it's the band aid for the underlying problem. Which is that the US economy is so burdened by inhibitors to wealth creation that there is no other way in our system to grow the economy.
"Air is the very substance of our freedom, the substance of superhuman joy....aerial joy is freedom."--Gaston Bachelard--
those two are precisely the ones whom Rand needs to directly engage with: two most openly socialist public figures, while misguided, genuinely are open minded enough to at least be able to hold civil intellectual discussions with those who hold different worldviews.
thanks for the link!
Predictions in due Time...
"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul
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