Wednesday, 16 May 2012
I posted this image on my blog:
End This Depression Now!
By Paul Krugman
And some of the reactions I got were... well, baffling to me (these are all direct quotes):
- Since when do Americans demonize success and wealth?
- No one is stopping you from starting your own business and becoming wealthy.
- How about we all just work harder if we want more money?
- Want more money? Work harder... It's not science, it's logic.
The problem with these statements is that our system is not set so that people with no capitol can just break into the market. In fact, our system is the reason the phrase "It takes money to make money" exists. Working harder is obviously not the answer. I know someone working two jobs, going to school full time and raising a kid on her own, and she struggles to make basic fringe expenses like a movie night for her daughter. It's most certainly not that she's not working hard enough. And while we're at it, do we truly think that the average CEO has started working 725% harder than his/her average employee? Assuming the average employee works 40 hours a week, that CEO better be working 290 hours a week, or about 12 days per week. That's not happening.
Capitalism is the concept of getting all the money you can. Without regulation, you do that as fast as you can, however you can. That's why we need regulation on this type of thing.