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60s Rammie

Joined: 9/2/14 Posts: 8584
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Poverty rate in U.S.

Looking at the U.S., calculating the number of people living in poverty in terms of money earned can be a bit difficult, primarily because economists differ on where that line should be. Stange that economists differ so much, who would have thought that? Anyway, just scanning through the marvelous invention called the Internet gives estimates everywhere from 12.5% to just over 15% of the population, and it seems to be increasing. And comparing population percentages across countries is dicey due to wildly varying definitions of what poverty is across countries. But that doesn't mean such estimates are not made and that they are necessarily incorrect.

A conclusion I draw from such cursory research is that the U.S. has a shockingly high proportion of its population living below or near the U.S. government's official poverty level for such a "rich" country, which is more of a distribution of wealth issue than anything else.

So what causes this? My answer is that unbridled capitalism as an economic system does produce great wealth but it tends to concentrate it in the hands of too few people. That's because "trickle down" is not a good process to distribute wealth. On the other hand, neither is socialism, which if it is practiced in as unbridled a manner as capitalism produces its own set of undesirable outcomes. But the U.S. is not a 100% unbridled capitalistic economy but it was once, most notably during the days of the "robber barons". That era caused a ton of problems. To me, the question that needs to be answer is what is, to state it in simple terms, the best mix of capitalism and socialism that does the most "good" for the most people. Tough question but one that needs to be well researched and debated. The upcoming election may shed some light on this.t

(In response to this post by RAM Texas)

Posted: 02/09/2019 at 5:00PM


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Current Thread:
Capitalism Without Competition -- RAM Texas 02/09/2019 12:20PM
  I'm sure you believe all of this crap, too ** -- nateDiggsCSU 02/09/2019 5:22PM
  Poverty rate in U.S. -- 60s Rammie 02/09/2019 5:00PM
  The author lost all credibility starting with.. -- le alpe d huez 02/09/2019 1:20PM