Monday, November 14, 2011
The Globalization of Protest
Due November 18, 2011. Joseph Stiglitz speaks about inequality and the 1% vs. the 99%. Why does he say, "The rise in inequality is the product of a vicious spiral....."? What is wrong with the system???
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Joseph Stiglitz says this because he wants to show that this cycle of the rich wanted to spread their influence is a constant process. He points out the top 1% trying to assert their power in legislation. He sees the restriction of expression by the 99% while the top 1% keeps their clear influence over the media and law. Stiglitz sees this as an apparent indicator of social and economic inequality in the United States. He sees that one group of people (the top 1%) is clearly being favored over the rest of the population (99%). The system is broken as many people are being neglected and not being accounted for. As the 1% holds most of the power in the United States, the general population is suffering. Stiglitz feels that we "have underutilized resources." He points out the fact that people want find jobs and have a place to work. He feels that the 99% have the right to expression, as change needs to be enacted very soon.
ReplyDeleteJoseph makes this comment because he sees that the inequality between the top 1 percent and everyone else , is caused by the domonance of the 1% over the media and law which is in turn caused by their control over America's finnances. The problem is that the 1% has too much power and money over the 99%. The ones who aree making the most, and who receive million dollar bonuses are the same ones who cry and complain about a raise in their tax. Our system is clearly wrong when the hard workers who make a descent living are being taxed more than the upper 1 percent who have enough money to buy several million dollar mansion... for their servants!
ReplyDeleteThe bottom 99% of the people are not satisfied with the fact that the top 1% of Americans are earning more than 20% of the income. They are not rewarded for their contribution to our society but because of they are successful rent-seekers. "the rich rent-seekers use their wealth to shape legislation in order to protect and increase their wealth – and their influence." As one of the 99%, I will be really angry about this. People wants their opinions to be heard. If the wealthy people are doing whatever will benefit them, regardless of the effects on average people, people are going to protest and using violence to gain attention.
ReplyDeleteStiglitz made this comment to portray the sides of both 99% and 1%. The wealthiest 1% controls more than 40% of the nation's wealth. The 99% are angered that the 1% receives 20% of the income. Then Stiglitz mentions that the 1% are "helping" out so they get millions of dollar bonuses and etc. because they contribute to society more than the 99%, which is why the 1% is said to be favored rather than the 99%.
ReplyDeleteHe says this to emphasize the fact that the tiny 1% has much more control over our economy than the larger 99%. They receive 20% of the income and 40% of the wealth. Meanwhile the 99%, after contributing more to society than the 1%, don't get any of the tax benefits and bailouts that the 1% receive. I think that this current system is wrong because it just makes the rich richer and the poor poorer.
ReplyDeleteStiglitz utilizes this statement to emphasize the corruption within the 1%. He describes their selfish acts to protect and increase their wealth to express the malicious effect it has had on the rising levels of inequality within our nation. The system encourages these acts by not punishing the one percent and continues to evolve our nation into their nation.
ReplyDeleteStiglitz says "The rise in inequality is the product of a vicious spiral....."? because of all of the power the upper 1% has. The problem in the system is this. The lower 99% have less money than the upper 1% because the have so much power and control over finances. They have too much influence which has led to this great inequality.
ReplyDeleteStiglitz discusses the idea that the 1% is too powerful in this country. He proves that the 99% has is disadvantaged due to the fact that they have less money and their condition is progressively worsening. The main problem with this system is that first it is corrupt. The wealthy get their income from dishonest means. Furthermore, the wealthy continue to gain more as the rest of individuals just get poorer. This rise in inequality is the definite catalyst for the violence and protests that have occurred. These individuals feel that this is their only method to vocalize their viewpoints.
ReplyDelete