I think it could be argued that this recent set of highs and lows were artificially high and low given the various manipulations.
Artificial how? It actually happened, an lots of people lost a lot of money via markets or job loss.
Is it wise to "allow"? You come from the supposition that we can do something about the cycles without negatively effecting growth. Many Progressives have tried over the years...and failed to do that. I don't think the fluctuations are harmful as a whole, and if people took the steps to save during good times and not pretend that it would be forever, they would be fine during the short periods of bust.
Failed how and when? Though I do wish people were better about saving for lean years.
Why is a wealthy American any less entitled to keep their own property than a poor person? Americans are Americans and we should all keep what we earn, and what we own.
Agree. My comment was in reference to policy makers when they are trying to sell tax cuts to the public. It is totally acceptable to be self-interested and try to keep as much of your own money as you can, especially from the government. I get it from wealthy folks, they can be seen as "golden geese", but I will never understand how poor people can vote this way (while accepting whatever hand up/out is available).
What is your evidence that we are not? We shall see if the Bush tax cuts expire. My prediction is a stock market "correction" followed by more economic stagnation and high unemployment as businesses, most of whom file using personal income tax rates. If I'm a business and you sock me with an extra 5% taxes, I probably am not going to hire.
This is part of the problem with the curve, there is little if any agreement about its composition (midline v right shifted). Originally, it was supposed to be 70%, now were at ~35% for the top. Are we saying it's now a leftward curve. Conservatives will want to race to the bottom, while liberals will go the other way (though nobody will suggest even going back to 70%)
That article seems to indicate that education plays an important part in mobility.
Thus, it's not so simple, i.e. US vs Europe.
Higher education is heavily state subsidized in the UK. So maybe that has an effect?
Heck, we should have universal housing, burial insurance, food, water, education, money, retirement, life insurance, and anything else that folks deem a right.
And someone else to pay for it. Cause I'm oppressed.
Healthcare is different. It's one of the few markets that does not obey supply and demand economics. If you don't buy in and I do, the price goes up despite lower demand. If you don't buy a house, and I do the price is unchanged. If we both decide not to, the price will go down for next guy because the demand has decreased.
We do have universal retirement, it's far from perfect but it's there.
Also, burial insurance is a bad analogy because the cost of a burial is rather predictable, constant, and a one time cost. As opposed to the cost of health care, e.g. one may need to have a nail put in for a femur fracture v another who develops a cancer with a long but treatable course. It's not apples to apples.
BTW, apparently the framers weren't too concerned about passing mandates requiring citizens to enter a market against their will:
Militia Act of 1792
"...And it shall at all time hereafter be the duty of every such Captain or Commanding Officer of a company, to enroll every such citizen as aforesaid, and also those who shall, from time to time, arrive at the age of 18 years, or being at the age of 18 years, and under the age of 45 years ...enrolled and notified, shall, within six months thereafter, provide himself with a good musket or firelock, a sufficient bayonet and belt, two spare flints, and a knapsack, a pouch, with a box therein, to contain not less than twenty four cartridges..."