all of this means that it matters a lot that this group has acquired so much power, that the concentration of income and wealth at the top has distorted our society, has led us to make bad choices just in terms of the overall state of the economy, as well as unjust choices, choices that hurt ordinary people, even if they may benefit a few people at the top. And we need to try to turn this around. And maybe miss the most important thing is that we still have this tendency to assume that because people have a lot of money, that means that they actually understand the world, that being rich means that you are also wise, and that is very, very much not true. I don't want to romanticize the wisdom of the common man, but the fact of the matter is that if anything, the top point 0.1% has a worse idea about the realities of life and the real impacts of policy than ordinary voters. And anything we can do to curb that influence is going to help make America a better place.
Thanks for that when you made your comment about people being clueless in the social security debate, I was reminded of Larry Fink from Blackstone, he said that we should raise the retirement age because people mostly just sit around in their jobs. But I wanted to ask you've written some really insightful columns about other economic models and other parts of the world and Denmark, for example, I wonder if there's anything we can learn about how some other countries have dealt with their 0.1%?
Okay. The Nordics are a really interesting case. They are living refutation of the orthodoxies of saying that high taxes are enormously destructive, may get you a Presidential Medal of Freedom. But just look at Denmark, just look at Sweden, these are countries that have tax-- far higher taxes than we do. And yet they have, in terms of outcomes, things like prime-age employment rates, they do better than we do. What is true about the point 0.1%, even the Nordics are not that successful at taxing extreme wealth. They make more of an effort than we do, but they do live in a globalized world. And what we've learned, if people follow this stuff, Gabriel Zucman been doing this amazing stuff on tax havens. And a lot of the data, there's this, that the rich are elusive, we actually know as much as we do, which is not as much we should only here thanks to the Panama Papers. And then the Panama Papers integrated. What Gabriel did was he integrated it with information provided by the the Swedish Ministry of Finance, which was willing to supply enough data so that he could do matching. So that's on one hand, saying that the Swedes clearly have a very different attitude towards this, they're actually willing to say that high concentration of wealth is a bad thing. But also what it turns up is that there's an awful lot of offshore hidden wealth on the part of Scandinavians. So there are there-- it's not the Scandinavian point 0.1% is also parking a lot of money in offshore tax havens. So it is hard, however, Denmark used to have a wealth tax and it was effective. They did manage to collect money. It's actually a key part of the of the background behind the Warren Tax Proposal is that in the few cases where wealth taxes have been applied, there was less evasion than you might have have feared. So not perfect answer. The it's probably true that there's been a plutocratic trend even in Sweden and Denmark, but it's nothing like as bad as it is here
Can anyone correct the above paragraph following Transcribeme guidelines?
Answers
Answer:
I don't under stand. It's a story I think
Explanation:
Answer:
When something is distorted, it means that it has undergone significant alteration or confusion to the point where it is difficult to recognise it.
Explanation: What do you meant by distorted our society?
Distortion has an impact on objects like melted crayons, deflated balloons, scratched CDs, and DVDs that no longer play properly.
The issue is that social truths are "soft" rather than "hard," meaning that processes occurring within the observer—both psychological and cultural—color, distort, or even generate them. These result in what might be referred to as fact distortion of the underlying social reality.
A alteration, twist, or exaggeration that alters something's apparent reality is referred to as a distortion. Distorting history is a powerful tool for removing historical events from the public's memory, elevating state-supporting events and individuals, and demonising those who stand in the way of those principles.
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