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5-Minute Videos | PragerU

Income Inequality is Good

5-Minute Videos | PragerU

PragerU

Self-improvement, History, Non-profit, Business, Education

4.86.9K Ratings

🗓️ 10 January 2019

⏱️ 5 minutes

🧾️ Download transcript

Summary

What if everything you've heard about income inequality is wrong? What if it's actually a good thing for there to be people who are rich and people who aren't? John Tamny, editor of RealClearMarkets, clarifies one of the big misunderstandings of our time. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

There's been a lot said and a lot written about income inequality.

0:03.6

That how unfair it is that a few people are very rich and the rest of us aren't.

0:08.2

That the income gap between the wealthy and even the middle class,

0:11.6

let alone the poor, is so large.

0:14.2

There's only one problem with this complaint.

0:17.0

It's wrong.

0:18.8

Incomming equality is actually a good thing

0:21.2

when it's the product of a free market economy.

0:24.2

And your own life proves it.

0:26.6

An economy is made up of millions of individuals making decisions about their own lives,

0:32.0

wearing how much they want to work, what they want to buy and so on.

0:37.0

You are one of those individuals.

0:39.2

In a country like the United States, you are free to pursue a path in life

0:42.8

that you believe best suits your talents.

0:45.2

That talent might be teaching or making music or banking or starting a small business

0:51.0

or raising a family.

0:53.0

Whatever it is, this freedom helps to make life enjoyable, exciting and meaningful.

0:58.8

But it's also an expression of inequality.

1:01.8

This is simply because we're all different.

1:03.6

We have different talents, different temperaments, different ambitions.

1:07.8

That's okay because, again, in a free society,

1:11.4

we can seek out opportunities that play to our personal strengths,

...

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