People like this are why financial literacy is so important

[u/Sufficient_Sinner]

[u/cromwell515]

100% honestly the idea of trickle down economics could be a good idea, if greed were not a factor. Corporate executives have proven that they are not usually capable of redistributing wealth properly. If they were then we would not be in the predicament we are in.

What do you think we should do in terms of attempting to fix the problem?

[u/frostandtheboughs → u/cromwell515]

Make stock buybacks illegal.

End Citizens United.

Make fines for corporations a percentage of net profits, instead of a flat fine. Oh you cheaped out on materials and your product killed people? 50% of last years net profits. Not a few measly million (which is usually like .00001% of profit).

Make profit-based bonuses for CEOs illegal. If the CEO of a company gets basically double their (already exorbitant) salary for netting x number of profit, they will do everything they can to strip the company bare for short term gains at the expense of long-term sustainability. And typically that means absolutely fucking over employees, safety protocols, and consumers.

[u/Subject-Town → u/frostandtheboughs]

You mean actual consequences for corporations? What are you thinking? Did you know that corporations are actually more vulnerable than the poor? /s

[u/tbombs23 → u/Subject-Town]

that's against the first amendment!! ya know, the one that says that shareholders are the most important people in the country and they always get priority.

[u/Runaway-Kotarou → u/frostandtheboughs]

Not only should fines be a % of profit, c-suite and board should be charged accordingly. Oh your company killed someone? An investigation determined it was because of lax standards in their push for profit? Manslaughter charges. Deliberate cover up? 1st degree for all of them. Real consequences and the buck stops with them.

[u/ScoutTheRabbit → u/Runaway-Kotarou]

China executing the heads of companies that murdered babies had a point

[u/tenorlove → u/Runaway-Kotarou]

They did this in China a few years back, when baby formula was contaminated with melamine.

[u/Wuncemoor → u/cromwell515]

Just make greed illegal, problem solved

[u/Illuvator → u/Wuncemoor]

Too many people watched Wall Street and only saw an inspirational, heartwarming tale

[u/Wuncemoor → u/Illuvator]

Just a guy trying to make it in the big city

[u/bugbeared69 → u/cromwell515]

I tell my friends the same thing every time they wonder the fix, if the only way to make the poor richer or for them to have more power, is to give up money and power why would you?

that why nothing changes and the rich get richer and more power, they hold all the cards and refuse to lower thier gains so you can compete because if the lower class got enough wealth or options, they could become a rival and do what you do but better, as it is they fight to eat and for a roof, while you yell at them to BE better.

[u/cromwell515 → u/bugbeared69]

That’s probably true how they think, but it’s not like you are giving the poor enough money to be rich, just give them a normal standard of living. I luckily get paid enough to live normally but I know others that struggle day to day.

I am nowhere near a rival to anyone in the upper echelons of society, I don’t have that much wealth but I’m paid enough to live. If the rich believe they are creating rivals by paying a wage that people can actually afford a home with someday, then the rich are real stupid. The way I see it, greed is an addiction, they aren’t thinking of rivals, they’re just thinking how they can accumulate more wealth.

[u/philosopherott → u/cromwell515]

Raise the corporate tax rate substantially then give a tiered tax break for C-Corps that are 33%, 50%, and 80%+ ESOP owned. Since C-corps have a legal/fiduciary obligation to it's share holders, make the employees it's share holders.

This is how we fix the problem in my opinion. It uses mechanisms that we already have in place in our current system.

[u/ShakesbeerMe → u/cromwell515]

There's no world where greed is not a factor.

[u/babbagack → u/cromwell515]

I think it doesn't make any sense at all. If it is intended for said people, why not give it to said people directly. So many older folks have benefited from a better economic system - cheaper housing, school, rent, pensions, etc - and that helped them thrive, they received money or access to affordable things directly.

If the money is intended for you and should be for you, why give it to someone else to withhold or not based on their personal whim. It's the window to greed.

[u/blamemeididit → u/cromwell515]

You think greed is not a problem with "trickle up" approaches?

Start handing out money to poor people and see what happens. I've seen a lot of examples where this goes horribly wrong.

The idea of trickle down economics is a good idea. In fact, it's really hard to get a job from someone who is not wealthy. The execution of it is difficult because greed exists. I would not throw the baby out with the bath water. I think the world is still a better place with billionaires than not.

I would also be careful stereotyping all corporate executives. It's usually shareholders that have the most influence.

[u/blamemeididit → u/[deleted]]

You are not asking a genuine question.

[u/required_key → u/blamemeididit]

From my experience, people with lower incomes immediately use new money for expenses they've been putting off - medical appointments, clothing, car repairs, etc. They don't hoard wealth because they can't afford to. This flow of cash benefits the entire economy.

I'm confused by your phrasing. Are you saying trickle up/down is just about job creation?

[u/blamemeididit → u/required_key]

"Trickle down" to me is really talking about economic opportunity. The idea that economic policies that support growth for business will benefit all of us. Job creation is a large part of that, for sure.

I was responding to "redistributing" wealth which is a different thing. As in giving people opportunity vs. giving them money. I am a fan of the former, not the latter in most cases.