Income Inequality Truth!

Income Inequality Truth! www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Oh, here's a master the obvious award one income inequality truth.
I can't even believe that this came out from the NBER,
the National Bureau of Economic Research.

Speaker 3 (00:29):
Here's a shocker, everybody.

Speaker 2 (00:32):
The more that you work over your lifetime, the more
you earn. So you got the authors here, one is
from the Federal Reserve Bank of Saint Louis, Vanderbilt and Princeton.
Authors here all these things. They basically go back to

(00:54):
data from nineteen seventy nine to today. They find that
a major detriment of total lifetime hours worked is individual choice.
Some people just prefer to work more, while others they
prioritize o their activities. But that's okay, nothing wrong with that, Okay.

(01:21):
Some choose to work harder, some choose to work longer.

Speaker 3 (01:24):
It is what it is. The paper finds that those who.

Speaker 2 (01:28):
Work more earn more because again this is important too,
they accumulate more skills during the extra time that they work. Again,
I talk about this often with kids and going out
and getting a myriad of different jobs when you're younger,
and treating every single job like a class and you

(01:48):
learn from that job, or even when you own a
small business and all the things you have to learn.
You know how you got to learn how to be
a good marketer you go to I mean, just all
of these things out there. The overlapping effects of the
different references for work and different levels of skills acquisition
count for a hefty share of overall differences in lifetime

(02:08):
earnings and operate independent of other factors such as the
level of education or skills and invigal gains before entering
the labor force. Income inequality, okay, in other words, is
in part a matter of choice rather than intractable economic
or social forces.

Speaker 3 (02:28):
Oh my god, the crocodile tears.

Speaker 2 (02:31):
Coming from the socialists here, there and everywhere. Again, labor
markets are very, very complex, and there's always information that
can be twisted turned.

Speaker 3 (02:46):
We all know when it comes to statistics.

Speaker 2 (02:50):
But when you work harder, you put the time, and
sometimes you don't even look at all of us work.
You look at it more as again, this was personal
betterment to some degree, furthering education throughout your entire life.

Speaker 3 (03:09):
These things add up what's rule number one?

Speaker 2 (03:14):
Rule number one on Markowski's Markowski's Basic Rules of the
Road when it comes to investing, compounding, compounding is the
royal road to riches. And it's not just about money,
it's about everything else. I'm Malcolm Gladwell in his book
and talk to for how many one hundred, how many

(03:36):
hours that you have to put in to become a
true expert in anything you do?

Speaker 3 (03:40):
You know how many layups you have to take?

Speaker 2 (03:41):
How many how many hours of practice do you have
to put in on the guitar?

Speaker 3 (03:45):
All of these different things.

Speaker 2 (03:47):
Okay, yes, yes, there are certain genetics involved with whether
or not you're going to be able to succeed at
something or something else. But this is another thing. What
you need to do is you gotta find out what
your talents are, what you're good at, apply them, work
at them, put the extra hours in. You're gonna do

(04:09):
quite well in life. Watchdog on Wall Street dot Com