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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Broken_Clock who wrote (94301)2/17/2009 7:12:26 AM
From: Dan33 Recommendations  Read Replies (1) of 116555
 
Re: please explain how one man, one town, one nation, all of humanity....can spend more than he/they have earned or worked for in order to induce prosperity

The problems we're seeing are from people having been over or under compensated for their past contributions (or lack of contributions).

Mortgage brokers, CEO's, and retired auto workers have been overcompensated. Most wage and salary workers have been undercompensated.

What if we paid Broken_Clock $10 trillion per year for being so smart, helpful, and just generally wonderful and paid every other person in the country 1 cent per day because we've decided that's all they've earned.

What would happen to the general economy? (hint, it's sort of what's happening now)

IMHO, some guy busting his or her butt to keep a MacDonalds running smoothly is worth a lot more than than a bank CEO who runs his bank into the ground making bad loans to boost his quarterly bonus.

But which one took home the most in each of the past 10 years?

Most wages and salaries were underpaid during the past decade and it's wrecked the economy. We need to reverse that and return some of the earnings that should have been paid, but weren't.

Retroactive FICA tax holiday.
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