Daily Topics - Tuesday January 15th, 2013

Catch The Thom Hartmann Program LIVE 3-6pm ET M-F!

Hour One: Returning Vets get low wages and poor benefits...

Hour Two: Nevermind the fiscal cliff...the fiscal storm is about to hit! Emily Wismer, Independent Womens Forum

Hour Three: RNC election rigging...the ONLY way to win?

Comments

jeff m's picture
jeff m 7 years 10 weeks ago
#1

Tom,

The economy, simply put, is nothing more or less than what we do with our human efforts and resources and how we devide up the results of that effort. It is therefore the biggest moral issue for our species. When talking about the economy we need to use appropriate language.

The two most important terms to use are "contributions" and "extractions". Contributions come from either physical or mental exertions that add to the real pool of goods or services valued by society. Extractions are what individuals take out of that pool for their own use. For example we might say, "The CEO extracted 1000 times what his contributions (managerial work) warranted." Or, "The hedge fund manager's extractions were huge despite his making no contribution." Or, "The school teacher's contributions are vital while her extractions are very small."

Once people start to understand that there is no correlation between contributions and extractions under unregulated capitalism, their support for things like progressive tax scales, fair trade, protection of our commons, etc. goes way up.

Love your show and your writings!

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