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An underpaid man is a customer reduced in purchasing power. He cannot buy. Business depression is caused by weakened purchasing power. Purchasing power is weakened by uncertainty or insufficiency of income. The cure of business depression is through purchasing power, and the source of purchasing power is wages.
There’s no question that the black middle class has benefited greatly by the civil rights movement. But there is a large black underclass that does not have access to jobs. If there’s no clear road to income and status except crime, we should expect social problems. You can’t solve this problem without addressing the economic issues, and the same is true with gender.
A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate – these are the folks who reap the largest rewards.
We’ve incentivized people in the past to maybe turn their vehicles over, you know sooner rather than later. And in the United States with the squeeze on discretionary income and credit that even as the economy comes back there’s probably more of a chance than not that it’ll be a slower recovery on auto sales.
If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
Environmentalism is not an upper-income issue, it’s not a white issue, it’s not a black issue, it’s not a South or a North or an East or a West issue. It’s an issue that all of us have a stake in. And if I can do anything to make sure that not just my daughter but every child in America has green pastures to run in and clean air to breathe and clean water to swim in, then that is something I’m going to work my hardest to make happen.
I want to reform the tax code so that it’s simple, fair, and asks the wealthiest households to pay higher taxes on incomes over $250,000 – the same rate we had when Bill Clinton was president; the same rate we had when our economy created nearly 23 million new jobs, the biggest surplus in history, and a lot of millionaires to boot.
It is my view that if society was doing the right thing with respect to you, [and there were] programs targeted at helping people rise into the middle class and have a good income and be able to save and send their kids to school, and you’ve got a vigorous enforcement of anti-discrimination laws, then I have confidence in the black community’s capabilities to then move forward.
There are 11 states in the United States that in the last 50 years instituted an income tax. So I looked at each of those 11 states over the last 50 years, and I took their current economic metrics and their metrics for the five years before they put in the progressive income tax… Every single state that introduced a progressive income tax has declined as an overall share of the U.S. economy.
I’m going to insist on making sure that we’ve got decent funding, that we’ve got enough teachers, that we’ve got computers in the classroom, but unless you turn off the television set and get over a certain anti-intellectualism that I think pervades some low-income communities, our children are not going to achieve.
We were giving advice for the single-worst idea to come forward from a group that’s been rife with them, it would be this: The idea is this: Let’s make the tax code of America better for very rich people; let’s give substantial tax relief to the richest people we can find. Forget about the person making $40,000 a year and paying Social Security payroll tax. Forget about all those other people paying income tax; we’re here to give tax relief to the richest 2% of America.
During these unstable times, let go of any fear or insecurity in your emotions. Look for new ways that you can be rewarded for your efforts. Believe in yourself and your ability to create new streams of income. Rather than continuing in a season of fear, let this be a time to transition into a season of creative success!
While society cannot provide employment for its members, the production/work/income nexus has to be abandoned as a justification for our present parsimony to the unemployed. An assumption cannot be used to justify making second-class citizens of those who are unfortunate enough to constitute living proof of the inaccuracy of that assumption.