The Nonsense of Austerity [James Livingston, PBS - 3/6/13] - http://www.pbs.org/newshou...
Mr. Papola clearly believes that your consumption of goods is justified only by your prior production of goods. ... Effort and reward -- work performed and income received -- are transparently aligned in this austere moral sequence, but, alas, it has nothing to do with the world as it exists. For no one can demonstrate an intelligible or morally justifiable relation between work performed and income received -- not since outputs started increasing without any measurable increase of inputs, around 1910. - Mitchell Tsai
US Population growth since 1940 1.2%/year, but US Spending growth on Social Security since 1940 14%/year, Medicare since 1970 11%/year, Defense since 1940 7.4%/year. - Mitchell Tsai
[Picture] Annual Income share of the US Top 1% http://en.wikipedia.org/wiki... - Mitchell Tsai