ECONOMICS: Do “the poor stay poor, the rich get rich”?


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Leonard Cohen – Everybody Knows

Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows that the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That’s how it goes
Everybody knows

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Hmm, not so sure that “poor stay poor, the rich get rich” is accurate here in America. There are economic studies that show tremendous movement between the financial strata. WHile there are some people who are born poor and die poor, but that’s not cast in concrete like in some countries. And, rarely does a “family fortune” survive three generations.Also, how does one explain the immigrants from Asia and India who arrive with nothing and wind up with thriving businesses in a few decades. #Tom Woods

Ep. 298 Income Inequality: Non-Solutions to a Non-Problem
4th December 2014
Tom Woods
Nineteen ways income redistribution harms society.

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