PeakTrader.com

[administrator]

PeakTrader said...

An excellent computer engineer working at a big tech firm in Silicon Valley may become a millionaire before he's 35.

However, an excellent english teacher working at an average school may never become a millionaire.

So, it seems, there should be progressive income taxes and some redistribution of income, although the federal government is out of control spending over $1 trillion a year more than it has.

------

Philip said...

PeakTrader - An excellent computer engineer produces services and products worth much more to someone than the value placed on the English teacher's output.

If I work excellently at digging holes and filling them up again in my backyard, should I also be a millionaire before the age of 35?

------

PeakTrader said...

Philip, if you're excellent in english and want to be the best, should you go into computer engineering?

------

SteveH said...

PT, There already is a redistribution ongoing to the tune of over $2 trillion a year. That amounts to per capita annual payments to individuals of almost $7,500.

------

mike k said...

"Philip, if you're excellent in english and want to be the best, should you go into computer engineering?" PT

Only if you value financial success over other considerations. But you alone should make that choice. As a society we have already put a premium on computer engineers relative to english teachers and no one is forced to do either.

------

Scott Drum said...

No one gets wealthy simply by being excellent at something. One gets wealthy by doing something that others find valuable.

------

Ken said...

Peak,

"However, an excellent english teacher working at an average school may never become a millionaire...So, it seems, there should be progressive income taxes and some redistribution of income, although the federal government is out of control spending over $1 trillion a year more than it has."

This doesn't follow at all. Note you completely ignored the fact that a quality writer can make millions, even billions (JK Rowling).

People get paid the value the create in the world. English teachers don't add as much value as a computer engineer on average.

------

PeakTrader said...

Given some of the responses to my statements, it seems, many people don't value a liberal arts education enough, including philosophy or logic and math, along with english (given prior its and it's).

------

PeakTrader said...

Morganovich says: "it amazes me that people cannot grasp this basic notion: people pay for value."

Obviously, that's not always the case.

Some people need to hire a tutor.

------

PeakTrader said...

Fortunately, Dr Perry is giving free english lessons too.

------

Article on Inequality - Stanford University

http://www.hoover.org/publications/policy-review/article/123566

------

http://www.blogger.com/comment.g?blogID=28997633&postID=1646855399539842586

------

PeakTrader said...

“The Lost Decade of the Middle Class: Fewer, Poorer, Gloomier” since 2000 is a political statement not an economic one.

The lost decade began when the economy peaked in Dec 2007 and worsened substantially and unnecessarily under Obama.

In 2001-07, U.S. living standards improved at a much faster rate, in part, because the U.S. consumed up to $800 billion a year (or up to 6% of GDP) more than produced in the global economy.

Also, the U.S. economy became much more efficient after the quick and massive creative-destruction process, mostly from 2000-02. So, less effort was needed for a higher standard of living.

******

It should be noted, over the past three decades, there was massive immigration to the U.S. of mostly poor people from Third World countries, which would lower median income, although living standards of poor immigrants were raised.

******

Moreover, I may add, there's an "unfairness" of poor countries being forced to invest in rich countries, e.g. the U.S..

The U.S. budget should be balanced over each 10 year period, i.e. spending equals taxes over each one decade period.

------

http://www.blogger.com/comment.g?blogID=28997633&postID=7487379050390784353

------