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Comment by dominotw | Hacker News Reader

each technological advance increases wealth inequality. Problem is not wealth inequality its things getting worse for ppl low on totem pole vs getting better. I am sure ppl wouldnt mind inequlity if things were getting cheaper, healthcare being more accesible ect. Thats what AI promised but never delivered. Nothing has gotten cheaper like predicted.

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No, it’s definitely the insane amounts of inequality we have today. The inequality is why there is less money flowing through the economy, why folks with incredible amounts of wealth can buy media outlets and attempt to buy elections to further their interests to hinder attempts to make things cheaper for average people. The inequality gives them their power, it’s the whole point.

Absolutely. Lack of effective enforcement of anti-trust and consumer protection laws are major factors in rising costs of everyday people. Corporations and oligarchs get to do whatever they want and suffer no consequences for it, because Citizens United gives power to those with the most wealth.

There’s a reason why half the country would vote for a democratic socialist now.

https://thehill.com/homenews/campaign/6178694-voters-support...

People don’t mind mild inequality. Some people have more, that’s fine. When it’s extreme it’s a problem. 100% we need to make sure everyone is taken care of before we worry about if someone can have even more money than they will ever need.

There was a demonstration of this asking people to divide a pie representing wealth among various low, middle, and upper classes in a way they felt was fair. The result was uneven, upper classes getting more, lower classes getting less. But when compared, the actual division of wealth as demonstrated using a pie resulted in the richest 10% getting 70% no one thought that a system that resulted in such inequality was fair.

Maybe raising the minimum wage was never a good idea and we should instead consider a wage cap that taxes heavily those that make above some insane figure everyone should be happy with... $10m a year? That seems generous enough for now until someone turns the money printer back on.

You could make it a function of a median income of some sorts.

But think about the poor people with only ten million dollars, how will they face inflation when in ten years their $5 carton of eggs that they don't purchase is $8? :(

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