I hate the constant conflation of rich and wealthy. People who earn a lot of money vs people who own a lot of money. A lot of criticism about inequality, by politicians and economists alike, is about rising wealth inequality, but they only advocate and undertake policies to hurt the higher income class. Why is there no wealth tax, but the govt is funded primarily by income and payroll tax. Why is the federal reserve always worried about falling asset prices. And again here, rising house prices benefited the wealthy, and hurt the high income class, but you didn't differentiate between them either.
"I didn't think they were gonna tax me" says the guy who <checks HN demographics> is in the top 10% of income by almost any measure and who's FAANG monopoly bucks are exactly why the plumber gets priced out of the Boulder/Austin/Seattle housing market.
Does income tax become negative when I loose money?
Wealth is not income until you realize the gains.
If your car goes up in value you can't sell 1/100th of it to cover the your tax obligations.
Maybe we can tax only productive assets. And you don't need to sell a small proportion, just let the government own that tiny bit
Only if the supply of lettuce doesn't keep up with the increase in the supply of money.
https://www.vox.com/future-perfect/2019/4/16/18251646/modern...
But it's heresy to blame the market for being shortsighted, and to suggest any kind of long-term planning is needed.
https://www.businessinsider.com/food-destroyed-farms-amid-co...
This was 2 years and a few months ago, at least the article is.
> wouldn't pay them and store this food
In the article the plant pictured being plowed over is an eggplant, which has a storage life of about a week if stored properly. How exactly can we store this food for a rainy day when it spoils so quickly? Grains can be stored for long durations, but fresh fruit and vegetables cannot be stored to save for much longer than a few weeks.
Then you’re also ignoring the costs. If they won’t be able to sell some crop, why keep dumping time and materials into it? You’re just exacerbating your losses.
Thats exactly the point of my critique that for the individual farmer it doesn't make sence to invest so much effort, but as a society wouldn't it be nice of we didn't waste what we had, we'd have something to fall back on.
Farmers grow food, they don’t process it outside what a combine does. This further increases costs as now you need mass grinders, canners, and pickling machines.
> Thats exactly the point of my critique that for the individual farmer it doesn't make sence to invest so much effort, but as a society wouldn't it be nice of we didn't waste what we had, we'd have something to fall back on.
Yes I get your point, but I’m a realist. Things expire, things can’t store as long. It’s not feasible to have a farmer be the entire, or even a majority of, the food supply chain. You’ve clearly never grown anything at scale.
Giving money to the working class means that such luxuries as lettuce double in price.
The rich have been dealing with ridiculous cost of living inflation since 2000. No one particularly cares because fuck em. But if you think that the middle class can survive the same inflation you're in for a rude shock.
20% interest rates are the best thing that can happen to the economy now.