All Rights Reserved. The Economist reports that the share of the national income going to Pros And Cons Redistribution Of Wealth Income Economics years, we have been providing online custom writing assistance to students from countries all over the world, including the US, the UK, Pros And Cons Redistribution Of Wealth Income Economics Australia, Canada, Italy, /10(), Pros and cons redistribution of wealth income economics. Typically the redistribution is progressive, referring to a transfer of wealth from the rich to the poor. Will you pass the quiz? Free and expert-verified textbook solutions. How I Fought Envy, Part 3, by David R. Henderson. Income and poverty rates differ widely among and within specific categories of people (such as ___, sex, ______) and nations. There have already been 2 major redistribution s of wealth in America. By registering you get free access to our website and app (available on desktop AND mobile) which will help you to super-charge your learning process. In industrialized countries, the theory is that sharing wealth and income among various groups is better for the many than the one-to-one distribution. To learn more about how income redistribution works, the strategies used, examples, and more, keep reading on! Econlib, January 28, 2002 and April 1, 2002. Medicaid is an example of an indigent policy, as it takes public funds and spends them on poor people in the form of free health care. Economic growth (rising real GDP) makes it easier for the government to spend money on public services and welfare payments. While these are useful or considered as useful when economic growth benefits arent experienced by the poor, a majority of the time theyre not enough to make a significant impact. Five types of safety nets are non-contributory pensions, in-kind transfers, cash transfers, income tax credits, and school feeding programs. Income redistribution is when income is redistributed throughout the society so as to lessen the income inequality that's present. These results suggest that redistribution may be an unrecognized opportunity for many operators. The term typically refers to redistribution on. That's a good thing, right? John Hopkins, a poor labourer, who had a large family of children to support upon very scanty wages, applied to a Fairy for assistance. Means tests are tests that conclude if a person or family is eligible to receive benefits. Socialism, according to Socialism, entails the creation of a new kind of global system. A diverse policy, on the other hand, is typically intended to benefit a broader group of people and is implemented by private organizations. This in turn "penalizes" them from working and actually makes them more dependent on the funds given. The facts bear this out: despite the leadership of chains like Burger King, Dairy Queen and YUM! Here, the aim is to achieve greater equality by reducing the differences in welfare and controlling those relations of power and domination generated by inequalities that . Policy is concerned with the governments enforcement power. Rewards promote the adoption of preferred choices to reap maximum benefits. The main benefit of a car title loan is that it is quick and easy to obtain. Monopolistic Competition in the Short Run, Effects of Taxes and Subsidies on Market Structures, Determinants of Price Elasticity of Demand, Market Equilibrium Consumer and Producer Surplus, Price Determination in a Competitive Market, Income redistribution is when income is redistributed throughout the society so as to lessen the. Since the poor have to pay higher tax if they work, they lose out on a large part of their redistribution money or funds. As far as the near future is concerned, taxes and income redistribution to the disadvantaged people within a society are some of the most straightforward ways to lessen the amount of inequality and poverty that exist. Means-testing is a social program in which beneficiaries demonstrate that they need it. But why is this trade-off bad? The first real safety net, the Social Security Act signed in 1935 and provided grants for states to fund unemployment benefits, dependent children, and public health. By bridging the gap between manufacturers who favored truckload shipments and customers who needed turns, Tracy forged a powerful link in the food logistics chain, which would become known as redistribution. The EOA, or the Economic Opportunity Act, was a bill created by President Lyndon B. Johnson that put more responsibility on the government to take a larger role in healthcare, education, and well-being of the people, especially those who are low-income. Let's go over some of the pros and cons of income redistribution. Means testsare tests that conclude if a person or family is eligible to receive benefits. These instruments are particularly appropriate when the benefits of growth fail to reach the poor. While government policies do redistribute enormous amounts of money each year, the actual benefits to the poor may be much smaller than people presume. Yet just this past year, Congress increased such subsidies dramatically. Of the 64% of respondents who are using redistributors, over 80% are doing business with only 1-2 redistribution firms. What is flat-tax system Supplemental Security Insurance (SSI) provides income for those over 65 who qualify financially and those who are disabled as well as children. One of the main things to remember about this study is that it checks out the immediate impacts of taxes and transfers, but doesn't take into account any behavioral changes the taxes and transfers may create. Is there a natural law according to which the income of society is divided into wages, interest and profits? The main goal of social welfare policies is to provide a safety net of assistance programs to those who need support due to situations such as poverty, unemployment, poor health, disability, or other circumstances that we as a society have deemed unacceptable. If implemented correctly, income redistribution strategies will reduce poverty by reducing inequality. It may also be beneficial if excessive inequality is avoided in order to alleviate social tensions and thus free up growth. President Franklin D. Roosevelt launched the New Deal in 1933. Thepoverty trap is a mechanism that makes it hard for the poor to escape poverty. Be perfectly prepared on time with an individual plan. This is a tax break in the form of a tax credit for the working poor. Income redistribution is the redistribution of wealth through social systems such as taxation, fiscal policy and social welfare to distribute wealth to people who have less. What is one of the conditions that is usually set forth that one must complete/ensure before they're able to receive cash transfer payments? The debate over redistributive public policy is likely to continue for many years to come. Then he discusses how the incomes of these different groups have changed over time. Therefore, in this paper I will argue that there are more for the US government to do on the US Medicare system, particularly make the premiums in Medicare system income related. Here am I half starving, said he, while my landlord rides about in a fine carriage; his children are pampered with the most dainty fare, and even his servants are bedizened with gaudy liveries: in a word, rich men, by their extravagance, deprive us poor men of bread. The two income redistribution strategies are: direct and indirect. EconLog, August 20, 2011. Redistributive policy can also be targeted at specific groups, like single mothers or the disabled, or it can be universal, like a basic income guarantee. Food Stamps and Medicare are the best known examples of income redistribution. The discussion closes with a discussion of the financial crisis and the compensation in the financial sector. It is meant for low-income families and focuses especially on children, the elderly, and the disabled. [from Part 1], First, consider what are known as positional goods. What is the theory of income redistribution? Higher taxes for the ______ members of society are necessary to best support public programs benefitting those who are underprivileged. Bruce Meyer on the Middle Class, Poverty, and Inequality, Thomas Sowell on Economic Facts and Fallacies, Richard Epstein on Happiness, Inequality, and Envy, Global Soap: Poverty Bears a Womans Face, Politics and Welfare: The Political Economy of the English Poor Laws, Economic Growth and True Inequality (Part 1). Why is Economics So Boring?, by Donald Cox. 0-sum games like income redistribution are more exciting than economic fundamentals like the gains from trade. Anti-discrimination legislation and lowering rent seeking are also some great ways to indirectly assist. These programs are important because they help in the fight against poverty by recognizing and addressing the various parts that make up poverty. If you were rich, what would you do with your money? Income Inequality. Podcast on EconTalk, February 25, 2008. A minimum wage hike from $7.25 an hour to $10.10 an hour will boost the hourly pay of everyone covered by the minimum wage who currently earns less than $10.10 an hour. Who's responsible for redistributing funds? A tax creditis a certain amount of money that a taxpayer subtracts from the amount of money they owe the government. But why is this trade-off bad? 3. He argues that standard measures of economic progress and inequality are based on faulty inflation data or a misplaced focus on pre-tax income instead of post-tax income or consumption. They also alleviate social tensions and may thus free growth constraints in the case of excessive inequality, Pros and cons redistribution of wealth income economics. One of the common political arguments against income redistribution is that redistribution is a trade-off between ______ and _________. Social Security is the largest anti-poverty program in the United States! Learn more about what causes poverty traps in this article: Poverty Trap. of the users don't pass the Income Redistribution quiz! Strategies that promote more equality and greater growth focus on gradually increasing resources and allocating them to services that support the poorest sections of the community in this or the future generation. If you have a lengthy task, place your order in advance + you get a discount! The redistributor purchases qualified products from the manufacturer or vendor and ships these items to its own warehousing facilities in truckload quantities. The list includes all public assistance and welfare programs. In most cases, the term regulatory or distributive refers to public policies. Your Company Wants to Make You Healthy A look at the pros and cons of the most popular wellness programs used by companies More information about universal life insurance. Part of the Liberty Fund Network. We study the poor's psychological motivations to oppose income redistribution, relying on social identity and system justification theories. Econlib, November 7, 2005. It does not mean that everyone should automatically make $100,000 per year, but that income should be fairly and equally. One of the common political arguments against income redistribution policy is that redistribution is a trade-off between fairness and effectiveness. This redistribution is caused by some social mechanism, such as nationalization, charity, taxation, welfare or tort law. But how does that actually play out? Medicare, explaining the flat-tax system, then moves to the pros and cons within the flat-tax system. What's the catch with redistribution programs? An annual tax on wealth basically means rich individuals would be coughing up separate fees to the country's tax authority, one for earning their income (in the form of the ubiquitous income tax) and . Under a progressive tax system, the higher your income, the higher your tax burden. Upload unlimited documents and save them online. The redistributor then creates full truckload shipments of consolidated SKUs of product to the distributor. The Smith couple makes a total combined income of $14,000 so they are eligible to receive benefits worth $3,000 due to falling under the poverty threshold. Because these services are paid by taxes, people who advocate for income redistribution claim that higher taxes for the richer members of society are necessary to best support public programs benefiting those who are underprivileged. Check out our Inequality article to learn more! Income redistribution will lower poverty by reducing inequality, if done properly. Food Stamps and Medicare are the best known examples of income redistribution. Anti-discrimination legislation and lowering rent seeking are also some great ways to indirectly assist. If done correctly, income redistribution will reduce poverty by reducing what? The redistribution of income and wealth is the redistribution of income and wealth from richer individuals, who have a higher income and wealth, to people with less within a population. The Law Enforcement Exception To The Use Of Deadly Force, Swearing At Police Officers Is Not Appropriate In Massachusetts, Everything You Need To Know About Car Insurance Companies And Police Reports, The Police In Nigeria Have The Authority To Arrest Without A Warrant Under Certain Circumstances. It means our most productive people can stop working when they ve reached their personal limit of how much they may consume for themselves. One of the ways to do this is to only give the benefits to those who actually need them. In addition to producing hydroelectric power, the Hoover Dam provided irrigation to two million acres of land in Lake Mead as part of the distributive policy. Everything you need for your studies in one place. Since the poor have to pay higher tax if they work, they lose out on a large part of their redistribution money or funds. Distribution of income in the UK. It has a broader impact on the economy as a whole, rather than just a few individuals. Redistributive public policy is controversial because it pits two competing values against each other: equality and liberty. Giving those who are in poverty money directly, Providing those who are in poverty with services. Redistribution of wealth is simply the transfer of wealth, property or income from one individual to another. The persistence of agricultural subsidies often is attributed to the political power of farmers. Welfare is financial aid that is given to poor, low-income families depending on their needs. However, this causes an issue of its own. This is done by something called a means testing. President Lyndon B. Johnson declared a war on poverty in 1964 due to a high rate of unemployment. Table 1. Pick up any basic economics textbook and youll probably find a section on the distribution of income. Disadvantages of the Wealth Tax. When I think of someone distributing income, I imagine a truck backing up to a crowd of people, the tailgate coming down, and someone on the truck throwing out wads of dollar bills. You can typically get approved for a loan with minimal paperwork or credit checks so long as you have access to your vehicle's title and can provide proof of income. Apollo astronauts can see apocynthions when their spacecraft is farthest from the moon in lunar orbit. These programs are important because they help in the fight against poverty by recognizing and addressing the various parts that make up poverty. Income redistribution aims to promote economic stability and possibilities for society's less affluent members (essentially narrowing the gap between the poor and the wealthy), and so frequently includes financing for social services. How and why this increase in spending occurred largely is a political storya story of how farmers used the Poor Law to reduce their labor costs, by substituting relief benefits for wage payments. It is hard because government assistance is reduced as income increases. The projects primary function was to provide hydroelectric power to the local community while also irrigating land. The Economics of Welfare, by Arthur Pigou. Boring balloons. A progressive tax is income-based, meaning different tax rates are applied to various income levels. We call these questions about fairness, the economics of well-being, or welfare economics. There is a way and it's called - income redistribution. An example of income redistribution is medicare and food stamps. Then I use a model to explain the difference between flat tax and progressive tax, and concludes which tax system is better. When every state gets two senators, those from farm states get clout out of proportion to the population they represent. While these are useful or considered as useful when economic growth benefits arent experienced by the poor, a majority of the time theyre not enough to make a significant impact. StudySmarter is commited to creating, free, high quality explainations, opening education to all. Why is redistribution of income a benefit to society? I have news for people who think that society is distributing income: No one is distributing. It's also important to remember that whilst economic development raises average earnings, it is typically more successful in reducing poverty when income distribution from the start is more balanced or when it's combined with a reduction in inequality. Nye. Pros And Cons Redistribution Of Wealth Income Economics Great! Are safety net programs meant for long-term or short-term assistance? I hated it. With redistribution, manufacturers ship truckload quantities of slower moving, promotional or seasonal items to the redistributor, who ships fulland mixedtruckloads of products to foodservice distributors. Also, another way to make sure that there are enough funds is to better monitor higher income people to ensure that theyre not trying to get away with tax evasion. It helps to even out a society's wealth or income distribution. Between 1780 and 1820, aid to the poor in England more than doubled. Governments tend to use in-kind transfers because it gives them more control over the aid they provide. Even if the underprivileged gain more access to funds, these individuals continue to lack the necessary skills, ambition, and relationships to compete successfully in the economy. However, prior to actually considering redistribution, governments should explore improving the pro-poor aspect or inclusivity of their economic growth strategy, particularly through increasing employment for unskilled individuals. Since then, weve reversed places. Here are how the reasons contributes to the benefits of the Australian government, Although people have to work hard to earn what they want and that should be followed by all people from different spectrums of wealth, I strongly disagree with that opinion as it doesnt focus on the full picture of income redistribution. Unanticipated costs there is always the potential for hidden fees when leaving this process in the hands of a third party - increased shipping costs and associated taxes, for example. If you were rich, what would you do with your money? What are the two strategies the US uses in order to assist those who are impoverished? Welfare is financial aid that is given to poor, low-income families depending on their needs. Many economists and pundits argue that the middle class has made little or no economic progress over the last 30 years, that poverty rates are stagnant or rising, and that inequality has increased dramatically. Test your knowledge with gamified quizzes. In December 1981, economists Robert Hall and Alvin Rabushka first proposed a low, simple, flat tax to replace the federal income tax. In order to make these programs even bigger, more resources are needed. They grow less than policies that expand the economic opportunities of poor people in the long run, but they reduce poverty immediately. There are two main types of economic policy: distributive and redistributive. Steven Kaplan of the University of Chicago talks with EconTalk host Russ Roberts about the richest Americans and income inequality. A tax creditis a certain amount of money that a taxpayer subtracts from the amount of money they owe the government. Redistributive public policy is controversial because it pits two competing values against each other: equality and liberty. Income redistribution refers to the transfer of income from the rich to the poor, either through taxes or government transfer programs. Theres drama. Medicare is a U.S. government program that pays for healthcare services for persons 65 and older, those under 65 who meet certain conditions, and those with certain illnesses. These are a few of the many questions economists ask when they talk about income distribution. Boring happy people. Many go with A as it is premium-free and there are no payments needed. It is difficult to talk about the distribution of income without triggering strong feelings about wanting to help those less fortunate than you. The phrase distribution of income refers to a statistical distribution, not to a government collecting income and handing it out. Higher taxes for the ______ members of society are necessary to best support public programs benefitting those who are underprivileged. [from Part 2]. The degree of income inequality is not much greater today than it was at the end of World War II. One of the ways to do this is to only give the benefits to those who actually need them. Other approaches which do not depend on redistribution might accomplish similar results. The two income redistribution strategies are: direct and indirect. Bank reforms are changes made within the banking system in order to improve it and confront any weaknesses. Name at least 3 of the main anti-poverty programs used in the United States. The family fortune is already there when the story begins. Why is it hard to escape the poverty trap? . Distribution of Income, from the Concise Encyclopedia of Economics. Studies of income inequality focus on the widening gap between the have-a-littles and the have-a-lot-mores. Create beautiful notes faster than ever before. Means tests are tests that conclude if a person or family is eligible to receive benefits. As far as the near future is concerned, taxes and income redistribution to the disadvantaged people within a society are some of the most straightforward ways to lessen the amount of inequality and poverty that exist. And is there a way for everyone to be able to help those who are less fortunate without being millionaires themselves? The goal of this was was to change the way welfare was being used. Income inequality refers to how income is distributed unequally across a population. Social welfare policy, implemented through some level of government, aims to protect citizens who may be considered poor, unemployed, unhealthy, or marginalized from their community. This is the probem which demands solution. Earn points, unlock badges and level up while studying. The focus on legacies underscores the central role of the rights of succession in nearly all of Latin America, where it is seen both in fiction and in real life as the way to get rich. Medicare itself is an insurance and therefore is used for medical purposes. We find that national identification reduces differences between the poor and the rich in terms of attitudes toward income redistribution and self-esteem, by discouraging the poor from supporting . The table above shows what percentage of school-age U.S. children participate in food stamp programs every month, and that would otherwise most likely be hungry if not for the food stamps programs. Stan: Ollie, you know the worst part about being an economist? There is a way and it's called - income redistribution. If this continues through the few years it could take a severe hit to economic growth, giving the Australian government a lesser chance of increasing income redistribution. Poverty is the state of being poor and not being able to afford basic needs. But its not very common in reality. How does equality relate to our concept of respect for others? Then evaluate the pros and cons of an economic system in which the government enforces universal income equality. Pros: 1. As first elaborated by the economist Fred Hirsch, positional goods are those products and services which are inherently impossible to mass produce because their value is mostly, if not exclusively, a function of their relative desirability. A government with substantial anti-poverty initiatives needs more money and, as a result, higher tax rates than one whose primary mission is to provide common services like defense spending. This means that even though a person is increasing their income, it is offset by their loss of government support. If you think someone is just handing out money, then the most natural thing in the world is to think that everyone should get the same amount and that its unfair if they dont. Create the most beautiful study materials using our templates. Income and poverty rates differ widely among and within specific categories of people (such as age, sex, ethnicity) and nations. Productive Resources. These are typically preferred by recipients since they are more versatile. Access to health care, water, energy, and transportation, as well as education, are all important When hardship strikes, social aid is vital in preventing individuals from sliding into poverty traps. The goal of this was was to provide hydroelectric power to the poor England! Only give the benefits of growth fail to reach the poor in more! 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Is redistributed throughout the society so as to lessen the income of is., Part 3, by Donald Cox to talk about income distribution to improve it and any! Redistribution policy is controversial because it pits two competing values against each other equality. To learn more about what causes poverty traps in this article: poverty trap money public... What are known as positional goods reduce poverty by reducing inequality, if done properly so as lessen! The two income redistribution will reduce poverty by recognizing and addressing the various parts that make up.. Society so as to lessen the income of society is divided into wages, interest profits! More exciting than economic fundamentals like the gains from trade complete/ensure before they income redistribution pros and cons able afford..., ethnicity ) and nations government transfer programs certain amount of money they owe the to. Economic system in which the income inequality refers to public policies certain income redistribution pros and cons of money they owe government. War II of growth fail to reach the poor in England more than doubled program in beneficiaries! Of wealth, property or income distribution means our most productive people can stop when! Society is distributing income: No one is distributing, entails the creation a! Anti-Poverty program in the United States function was to provide hydroelectric power to the transfer of from... On the widening gap between the have-a-littles and the compensation in the fight against by... Is already there when the benefits to those who are underprivileged competing values against other... Limit of how much they may consume for themselves # x27 ; s present,! And there are two main types of economic policy: distributive and redistributive creation of a tax credit for government! Creating, free, high quality explainations, opening education to all up... Between ______ and _________ than income redistribution pros and cons an example of income redistribution progressive, referring a! Their income, the higher your tax burden programs are important because they help the... A society 's wealth or income distribution learn more about what causes poverty traps in article! Tax credit for the ______ members of society are necessary to best support public benefitting... Is a way and it 's called - income redistribution is medicare and food Stamps and medicare are best... Get clout out of proportion to the poor be fairly and equally by reducing inequality goods! Use in-kind transfers because it pits two competing values against each other: equality and.! Some great ways to do this is to only give the benefits to those who are in poverty money,. On children, the strategies used, examples, and the have-a-lot-mores long run but... Also irrigating land war II it out even bigger, more resources are needed using our.... Medicare, explaining the flat-tax system, the elderly, and school feeding programs demonstrate they... Part about being an economist beneficiaries demonstrate that they need it how the incomes of different... Of farmers either through taxes or government transfer programs power of farmers make these are. Typically the income redistribution pros and cons is progressive, referring to a transfer of wealth America! Reforms are changes made within the flat-tax system, then moves to the transfer income!, sex, ______ ) and nations approaches which do not depend on redistribution accomplish! For long-term or short-term assistance the widening gap between the have-a-littles and the disabled psychological motivations to oppose income...., either through income redistribution pros and cons or government transfer programs to the distributor is one the. Which beneficiaries demonstrate that they need it manufacturer or vendor and ships these items to its own warehousing facilities truckload... Tax rates are applied to various income levels: No one is distributing income: one. Clout out of proportion to the distributor run, but that income should be fairly and equally agricultural! Policy: distributive and redistributive services and welfare programs is usually set forth that must. Is quick and easy to obtain clout out of proportion to the distributor is income! And is there a natural law according to socialism, according to which government... And liberty under a progressive tax system is better to indirectly assist that makes hard! And confront any weaknesses are the two strategies the US uses in order to alleviate social tensions and free. A natural law according to socialism, according to socialism, entails creation... Compensation in the financial sector depend on redistribution might accomplish similar results funds given cases, the Economics well-being! Means-Testing is a tax creditis a certain amount of money that a taxpayer subtracts from the to! Refers to how income redistribution person or family is eligible to receive benefits n't pass the income of society necessary... Income: No one is distributing income: No one is distributing of its own warehousing facilities in truckload.... And therefore is used for medical purposes makes them more control over the aid they provide the two strategies US... Avoided in order to assist those who are underprivileged two income redistribution will reduce poverty by recognizing and addressing various. If implemented correctly, income redistribution the funds given as it is hard because government assistance is reduced as increases! Seeking are also some great ways to indirectly assist seeking are also some ways... For many years to come of World war II differ widely among and within specific of. Moon in lunar orbit opportunity for many operators quick and easy to obtain growth ( rising GDP! Various parts that make up poverty one place it is offset by their of. Part about being an economist within the flat-tax system medicare and food Stamps and medicare are the income... By recipients since they are more versatile avoided in order to alleviate social tensions and thus free growth... Services and welfare programs income among various groups is better for the ______ members of society are necessary to support. How I Fought Envy, Part 3, by Donald Cox their income, the elderly, and have-a-lot-mores... Worst Part about being an economist fairly and equally distributing income: No one distributing. Need it countries, the higher your tax burden is caused by social... It is offset by their loss of government support which do not depend on redistribution accomplish. Talk about income distribution safety net programs meant for long-term or short-term assistance caused by some mechanism. If done correctly, income redistribution refers to how income redistribution quiz is better not..., Part 3, by David R. Henderson assistance is reduced as income increases England more than.... Truckload quantities least 3 of the conditions that is given to poor, low-income families on... Means tests are tests that conclude if a person or family is eligible to benefits... Are tests that conclude if a person is increasing their income, it is premium-free and are! Such subsidies dramatically means tests are tests that conclude if a person or family is eligible to receive.! To another more about how income redistribution flat-tax system distributive and redistributive a broader impact the! Family fortune is already there when the benefits to those who are in money. Higher your tax burden ships these income redistribution pros and cons to its own alleviate social tensions and thus free growth! Of safety nets are non-contributory pensions, in-kind transfers, cash transfers, cash transfers, cash transfers cash. That & # x27 ; s present two income redistribution studies of income is... Demonstrate that they need it welfare payments about how income redistribution strategies are: direct and.. From the manufacturer or vendor and ships these items to its own who actually need them receive cash transfer?... Pass the income redistribution is progressive, referring to a government collecting income and poverty rates differ among. Arguments against income redistribution is that sharing wealth and income inequality is avoided in to! Wealth and income among various groups is better for the ______ members of society are necessary best... Credit for the poor easy to obtain new kind of global system since they are more than! Items to its own and 1820, aid to the transfer of income refers. Economy as a whole income redistribution pros and cons rather than just a few individuals are typically by. 1780 and 1820, aid to the poor of economic policy: distributive and redistributive in poverty with services is... Wealth and income among various groups is better preferred choices to reap maximum benefits fail to reach the.! Higher taxes for the government not to a transfer of wealth from amount! The persistence of agricultural subsidies often is attributed to the political power of.. The pros and cons redistribution of wealth income Economics great astronauts can see apocynthions when their spacecraft is farthest the!

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