Comments by "Mark Welch" (@markwelch3564) on "Garys Economics" channel.

  1. ​ @PragmaticAntithesis if it doesn't tax the rich, then it wasn't really a tax the rich policy!
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  2. I prefer Gary being in a position to call out bad economics in any party that pushes them. Picking a side in politics limits your credibility when criticising policy Let's keep Gary where he can hammer all sides if they have poor policies!
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  3. If you set fire to an orphanage, they'd be more worried about the loss of property than the orphans...
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  4. So true. Next time, we need buyouts, not bailouts If the public funded it, then the public should own it!
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  5. @Sonney O'Brien  problem with most of those more intangible assets is they are unpredictable and high risk. For every megastar, there are hundreds, maybe thousands who don't make it Whereas you buy a house, especially under a government that is biased heavily to benefit property owners, that's predictable and low risk That's why rich people buy houses rather than sponsor artists and musicians!
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  6. ​@milkboccle The country is becoming a life support system for landlords and shareholders, at the expense of anything productive It's not just bad for the individuals who haven't had opportunity to grow their wealth, it's hollowing out the whole country
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  7.  @candorsspot2775  so what you're saying is we can't trust private capital, as they have been proven to be unproductive investors, and we need to look at more state investment instead?
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  8.  @RussellTurner  pretty sure it affects everyone. Tax policy is everyone's business for starters!
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  9. ​ @garyb455 how much wealth are they extracting, if their tax bill is £644 million!
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  10. I am watching the ZDF documentary, and one thing just struck me - I've now seen more of Burnley (where my mum was born) on a German documentary than I can remember seeing on UK TV Something is wrong with that, I think!
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  11.  @jamespaul6315  Knowledge is a big part of the solution. The status quo depends on ignorance. Without that ignorance, the status quo is unsustainable
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  12. ​ @RussellTurner are you trying to say the government doesn't change anything?
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  13.  @dtz1000  if you hope to retire in the future, then we need immigration. Without immigration there won't be enough workers to keep the country working
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  14. ​ @wakey87 two points - one is that society is definitely under strain from a shortage of workers. Excessive hours is far to common, because they are so stretched thin The other point is while official immigration is low, there are a growing number of foreign workers classified as "long term guest workers" - basically immigrants in practice, but kept off the official figures through administrative fudging
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  15. @candorsspot2775  private capital has had 40 years to get it right. How long do we do the same thing yet expect a different result?
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  16. ​ @warrenchu5752 only if we vote for parties that put their big donors first. We need to vote for parties that have grassroots support instead
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  17.  @scallamander4899  it means 50% + of people get most of what they want, rather than 30% getting everything they want at everyone else's expense. It's a healthier balance in politics
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  18. I'd love to see a socialist meritocracy, where there's a baseline nobody drops below, and the most talented and diligent get positions of power and responsibility We are a long way from this ideal 🙁
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  19.  @Purewalite  depends how progressive it is, and where the exceptions are. Obviously this isn't a policy proposal, if I suddenly became appointed to world king I'd get experts to cost and analyse it, but I'd propose things like an exemption for your primary residence. Alternatively, we go full revolutionary and socialise all housing. Probably to big too soon, but we need that honest and open conversation, and to start taking the safest steps as soon as possible so we can start to shake out the second order effects and respond to them
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  20. ​ @ColaSpandex I want to see it done through governmnent, but more regionally and locally, rather than all in high chambers The important thing is to do it democratically, so it works to give communities more productivity rather than giving a narrow few maximum wealth
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  21. Call his bluff then, and join the call for a wealth tax!
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  22. ​ @_melts I am in that 50k+ group, and I am happy for you to tax me more if you're fair, and also tax people a lot more if they have a lot more 🙂
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  23. So far, it looks like Labour are slowing the rate of inequality growth, but I am not convinced they have a plan to actually reduce inequality
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  24. ​ @rickknight3823  history shows that high taxes on wealth leads to strong economies - eg the American New Deal Cutting tax is a disaster - eg Liz Truss The historical precedent is clear
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  25. Maybe they are already here, but hidden and scattered amongst everyone else Would you consider three or four people sharing a one bed flat to be shanty town conditions? Because such conditions have existed for decades, and are only getting more common
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  26.  @lukaszplonka3857  but a lot of the inflation is caused by resource scarcity. When there's resource scarcity, massive wealth imbalance lets a minority outbid and monopolise those scarce resources, and thus push prices and inflation higher
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  27. ​ @claudiocravo5941 rebalance the tax burden or look at how it is spent - why or? Why not both?
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  28.  @quillo2747  we need to provide for people starting their retirement If we don't, we can all look forward to having to work til we die, and I don't like the sound of that!
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  29. ​ @maximemeis2867 design and engineering are making more than the child labourers, but they aren't the billionaires either
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  30. @bobhill4364  again, a discretionary commodity that people could stop buying if they don't like what's offered Why won't you talk about essential commodities like food, power and medicine?
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  31. ​ @iankelly8666 your definition says "all" - we're not suggesting all, merely the natural monopolies that go horribly wrong if left in the hands of someone unaccountable to the people who use that service
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  32. The real question is "who owns the bar?"
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  33. ​ @scallamander4899 it would make sense - if you need a coalition representing more than 50% of the population, you can't play to 30% of the population in a way that burns bridges with the other 70%
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  34. There will always be a lack of substantive responses. Expect them to be honing their whataboutism and personal attacks as we speak!
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  35. ​ @FreaksSpeaks that sounds like a good incentive to not overvalue your assets to me!
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  36. Don't need a compass to drop downwards 🙁
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  37. ​ @MCDONALD6969 problem is we end up with no social mobility, and an idiocracy where the important descisions for society are made by people who's greatest achievement and "talent" was "being born lucky"
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  38.  @MCDONALD6969  I'm going to guess you did that 30-40 years ago? It's a very different economic climate now
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  39. ​ @kevinsyd2012 we could tax people in equity if they can't pay in cash Then we'll collectively own a bunch of assets if we don't get the cash. Either we have money to pay for services, or we have assets to make money and pay for services Either way services get paid for 🙂
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  40.  @2msvalkyrie529  so a small elite living in opulent luxury, while the majority of the population struggles to cover the cost of living? Am I talking about North Korea, or the UK? 🤔
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  41. Nah, the reason big construction firms don't build houses we can afford is because they make more money selling houses to rich people The market won't fix that without active government intervention
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  42.  @terencemichaels  could you start them on something like Gary's channel? This could be considered documentary/analysis, and sneak past the preconception that they don't need new news as they think they've already got news covered
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  43. but that is what Bob is doing, by oversimplifying the whole tax system down to just income tax
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  44. Labour left to their own devices won't be worth much, but I do believe Labour would engage with Unions and other grassroots organisation better than the Tories ever will Vote Labour, but don't stop there. Organise elsewhere and support campaigns that advocate for the changes Labour won't make if allowed to hide unchallenged in the Westminster bubble
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  45. ​@Deborah Curtis there have been quiet revolutions, and they tend to end much better than the violent, noisy ones 🙂
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  46. @Bercilak de hautdesert I am nor seeing any entrepreneurialism or craftsmanship here - just someone who has snatched the bag of sweets and thinks giving a tiny handful to everyone else counts as 'sharing'
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  47. ​ @warrenchu5752 we're not taking on "unlimited" numbers. We're taking on the right amount to cover the difference between the large amount of people retiring, and the smaller group of people growing up and starting work
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  48. @quillo2747  warehouses, deliveries and cleaning still needs to be done if the wider economy is to be successful. You might not get rich doing those jobs, but the country suffers if they're not done
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  49. Yep, the exact timing was unpredictable, but experts predicted they would happen at some point. Unpreparedness was incompetence mixed with corruption
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  50.  @bobhill4364  I would ask if the people in her crew and running the venues have a livable wage. If they're struggling, then something is broken Swift would be popular without those crews, but can't monetise that popularity without them. They are essential to Swift being a commercial success, so deserve a decent wage
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