The Economics of Inequality Part 2- Tax the Rich!

The video explores income inequality, questioning if the rich are greedy and how to address inequality in the US and globally. It discusses the Occupy Wall Street movement, compares US and global income inequality, and considers solutions like worldwide taxation. The video emphasizes the need for government efficiency before increasing taxes on the rich, suggesting a dedicated commission to eliminate waste.

What factors contribute to the higher standard of living in developed countries?

• Military power and global influence

• History, institutions, work ethic, and luck

• Natural resources and climate

• Population size and density

What was the main slogan of the Occupy Wall Street movement?

• End corporate greed

• Tax the rich, feed the poor

• We are the 99%

• Equality for all

According to the video, what is a common argument made by conservatives regarding taxing the rich?

• It will increase government revenue

• It will decrease the incentive to work

• It will promote social equality

• It will reduce poverty

What is one proposed solution to ensure tax revenue is used effectively?

• Reduce government size

• Privatize government services

• Create a dedicated independent commission

• Increase taxes on the middle class

What concern do people have about paying higher taxes according to the video?

• It will lead to inflation

• It will increase unemployment

• The government might waste the money

• It will decrease international trade