Quoting Lord Xia, reply 53
Well, what other modern nations in the world have a high minimum wage and high taxes for the top earners? What is their economy like? Level of unemployment? Are the people in those nations suffering?
Their standard of livings are far below that of the United States. But they have less wealth inequality.
If getting rid of wealth inequality is the goal, there are ways to do that- you can literally just take from one group to give to another to give the illusion of equality. But in the long-run, you simply equalize the misery.
I prefer taxes to regulation because regulation leads to gamification. [/quote]
Not true on equalizing misery. Money is a normal good, and therefore has declining marginal utility.
There is more misery from a person making $1,000,000 and nine folks making $10,000, than ten folks making $109,000.
(this is not saying that a pure socialistic distribution of wealth is a good thing- just that marginal net social benefit is maximized with the second income distribution and minimized with the first)
The standard of living isn't that much lower in Western Europe compared to the US, and you also have to look at the value of the safety nets.
At a certain point, money does become less valuable.