Re:How Did Sam Bankman-Fried Get Bail?
by djrobstep on Sunday December 25, 2022 @07:23PM
(#34133104)
The root of poverty is hoarding. Poverty is a shortage of money - we can fix it redistributing money from rich to poor, but we don’t do this because rich people don’t want that and would rather hoard it.
The US has some good welfare state elements, but overall it’s very bad and far inferior to places that do it well. The consequence is vastly higher poverty rates.
Re:How Did Sam Bankman-Fried Get Bail?
by josephcsible on Sunday December 25, 2022 @07:34PM
(#34133198)
Taking money from people who aren't spending it and giving it all to people who will spend it all immediately doesn't fix poverty. It just causes hyperinflation.
Re:How Did Sam Bankman-Fried Get Bail?
by djrobstep on Sunday December 25, 2022 @08:03PM
(#34133385)
No it doesn’t. The Nordics don’t suffer from hyperinflation, in spite of their much larger welfare states.
Redistribution increases demand in the short term, but in the longer term production shifts accordingly to match. Which really is the whole point: Changing the economy to produce more of what ordinary people need.
Re:How Did Sam Bankman-Fried Get Bail?
by josephcsible on Sunday December 25, 2022 @08:07PM
(#34133407)
> in the longer term production shifts accordingly to match
Isn't the long-run aggregate supply curve basically completely price inelastic?
Also, somehow you seem to be under an impression that the US does not implement the welfare state paradigm. Did you ever look at the budget and see how much is spent on mandatory and discretionary welfare programs? The fact that it did not fix poverty should give you an idea that maybe it's not Elon Musk being too greedy that is the problem here.