Category Archives: Business

“Income Inequality”

…and the Left:

Just like the apparatchiks of the socialist regimes, the wealthy — including those who most yell about the injustices of income inequality — take very expensive vacations. They don’t opt for a day trip close to home or stay at a Holiday Inn a few days near a crowded public beach. Nor do they decide to give what they planned to spend on a luxury trip to the poor, so they could all have a vacation instead of staying at home the week or two they are off from work.

We know that these folks are hypocritical, and hope that no one will call them on their personal behavior. When they say that all their goals could be covered by higher taxes on the rich, they probably also realize that even if they raised the tax rate phenomenally for the truly wealthy, the amount they would raise would not cover any of the expenses for all the programs they support. Eventually, the category of “rich” will be lowered to those who earn, let’s say, $150,000 yearly in a big city, in which living expenses are so high and mortgages and rents also outrageously so. Such an income for a family of four puts one squarely in the mid ranges of the middle class.

They still believe that if inequality exists, redistributing the wealth is the only way to address the question. It reminds me of a cartoon I saw decades ago in The New Yorker, in which a king announces to the crowd that he wants an educated populace, so he’s awarding every subject a Ph.D. What the socialists who seek to make policy want is the equivalent: create equality by essentially making everyone more poor, so no one will have enough to go around.

Like equating “health care” with health insurance, leftists like to equate fighting poverty with erasing income inequality, because no one would argue that we shouldn’t fight poverty, while worrying about income inequality allows them to indulge in one of their favorite sins: envy.

But the two things are not the same. One can eliminate poverty (which in many ways we in fact have in America, as measured by the traditional definition (no or poor shelter, limited access to food and clothing and basic necessities) and still have income inequality. In fact, in America the “poor” have cell phones and fancy sneakers, and as others have noted, we are the first society in human history to have poor people who are obese. So curing poverty does not, in itself, end income inequality.

Similarly, one can eliminate income inequality by the very simple measure of impoverishing all. Which is what socialism and income redistribution tends to do, historically, for very good reasons. Well, except for the apparatchiks, who will always have theirs.

The American Energy Boom

booms on:

As Daniel Yergin puts it, “the shale-energy revolution [provides] a new source of resilience for the US and enhances America’s position in the world.”

It’s the one bright spot in the American economy, and it’s happening despite, not because of, “progressive” policies. Of course, they’ll take credit for it, though.

And the Left just hates it. I’d like to see to what degree the anti-frackers and anti-Keystone people are being funded by the Saudis.

Hollywood’s Fault

No, this isn’t about the culture wars. It really is a Hollywood Fault, that may prevent Garcetti’s gang of cronies from blotting out the sun of Hollywood and West Hollywood residents.

It’s interesting to note that the Red Line subway runs along it, down Hollywood Boulevard. That line was built a couple decades ago, and it’s not clear that they knew they were building it along a rupture fault. From the map, though, it appears to run a block or two south of it, so even if it did go, it wouldn’t necessarily break the tunnel. But it could leave a crack so deep that you could see all the way down to where the people who run Hollywood live.

V8

So, it wasn’t just me:

I found the stuff revolting, because it was like drinking cold tomato soup.

…It had great brand awareness when I was growing up, thanks to the constant barrage of ads featuring people who had, for some reason, forgotten to avail themselves of a V8, and remonstrated themselves by slamming their palms into their foreheads.

Not even this made me want some.

Me, neither.