Fox Business
Expand
Browse All Video
Watch Live

You're watching...

U.S. Incomes Down or Flat in 49 of 50 States

Details

  • Description

    AEI’s Arthur Brooks on the recent studies about income in America.

  • Duration 4:06
  • Date

Clips

Also in this playlist...

Varney and Co.

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Two major headlines that tell the income story in America -- off.

The income of the typical US family.

Felt -- was flat in 49 of the fifty states last year that's -- going into the Wall Street Journal.

And then -- this seven of the ten richest counties in America located in the DC metro area.

Three of them have a median income above a 100000.

Dollars that's half the people might more on the other half make less than a 100000.

Is this what the president means by redistribution.

They -- the company from Washington is often -- he runs the American Enterprise Institute ought to welcome back.

This I find and or -- while I -- -- I go to private sector job look.

It seems to me that this is the ugly face of redistribution.

Yet the people and we the people are getting Laura.

But the people who from the government right there in DC but doing pretty well.

Yeah we know I live in that company town.

-- one of those counties that you just mentioned demand and let me tell you there a lot of derivative industries not just people work for government people work for law firms and lobby for off -- lobbying organizations.

They're doing just fine -- and that's actually how corporate bureaucracies for the state its bureaucracy.

Masquerading as capitalism works -- what we're going toward a system quite frankly Stewart that that is based around three very large institutions big government.

Big corporations.

And big unions and if that's what we want that's what we're getting my guess is most Americans don't like that idea so much.

I don't think they do but it's if you look at the polls I'm not so sure about -- but look let me move on to this.

-- as well as we've got this big government big corporations big unions we're running up the debt -- awful sixteen trillion you know this story.

While the other night on Letterman.

The president said he's not concerned.

About sixteen trillion dollars with the debt what's your response to that.

My response to that is that at some point we're going to have to recognize.

That's standard keynesian economics which has been embraced by this president in this administration.

Simply isn't working an end point of fact it hasn't worked for a long time.

-- it became his -- never worried about debt in they say that we get more debt to stimulate the economy we'd -- a little bit from the future.

But it's almost -- an exercise in futility and you've talked about this new thought about this a lot and -- talked about on the shelf.

And it and it's it's true -- and so of course he's not very word about a little bit of debt that's what he's racking up a little bit of that year after year after year and -- have to pay back early for kids are.

Is just a shock to me as someone who emigrated to the united -- have -- many many years ago it's a shock to me to see America become so bureaucratic.

I think that's the overriding that way that I look at America today not -- most income redistribution but the bureaucracy.

It so sick now it's so huge I'm astonished that we've got to this level.

It's amazing you know one of the things that's really holding people back.

And we talked about that affect the unemployment rate is not markedly.

Getting better -- on the contrary it's getting worse especially when you look at frustrated workers.

Those people who really vulnerable in the bottom 20% of the income distribution no one of the things that's really interest thing about recessions in the past and America.

Unlike other countries is it when people become chronically unemployed in the bottom half of the income distribution -- when they tend to turn toward their own.

Ideas for creating businesses you see an explosion of low income entrepreneurship after about nine months -- the income for added income -- -- of that idea employment force.

That's not happening this time and we have to ask ourselves what's going on and there's there is an answer -- policy uncertainty to be sure but more to the point.

It's harder and harder to get out from behind this bureaucracy to start a business and that's especially true.

If somebody doesn't have a brother in law -- a consultant and somebody down the street with a lawyer and accountant.

In a poor people bottom 20% just can't open a barber shop for a landscaping business the way that they would have which -- brought the economy back in past years.

You got it right again the author of -- American Enterprise Institute Cummins is again place we need your advice -- well okay we're thank mr.

Load More