The Rich, Like A Black Hole, Sucking In The Wealth1% of American own 20% of the wealth, the rich saw their wealth quadrupled in the last 30 years while everyone else’s has stayed the same or poorer. I suspect these facts are even more lopsided throughout the rest of the world. Upward mobility has all but stopped (the ability to move from poor or middle class to rich), never before in history of the US has it been harder to "make it". Hard work, perseverance, and a little good luck...often get you nothing; You lose your job, your home, your family and your health.
Unions are all but broken. The middle class (the best consumers and drivers of the economy) are dipping into savings just to pay the bills and healthcare. They have no money to spend to revive the economy
In a time of hardship, when all are being asked to pitch in and help, the rich have the most to give, the money not being spent to just survive...and they are not going to give ANYTHING if they are not forced or coerced to do it.
It is not a crime to be rich, but it should be criminal that there are in place government policies and tax rules that protect the rich from paying their share, at a cost to everyone else. 1% of the US are millionaires, more than 50% of congress are. Who do you think they really represent? And I suspect congress is not investigating how we created laws to protect the rich only because they are complicit.
Most of the wealthy get their money as Capital Gains. They pay 15% on that. Little of their wealth is "income". They also have tax shelters (ironically enough Warren Buffet who is touting the rich pay their share continues to make much of his money providing tax shelters to the rich).
My brother worked hard, broke thru and became a millionaire, but he pays NO taxes, I worked a drudge job and I pay 28%. He uses corporations to shelter his money and was eligible to get grants (that I could not qualify for because I make too much money) for both his kids to go to college, got Cash For Clunkers and took advantage of Hybrid car rebates. I still drive my POS 1998 Saturn and could not afford to do either program. Many rich and many obscenely wealthy corporations pay no tax because they are sheltered or listed as "Job Creators". Exxon Mobil made 549 Billion profit over the last 5 years and shed 11,000 jobs and paid almost no tax (they did get a few billion given to them by the government though to help with growth). Walmart owner has 21 billion dollar fortune but just cut health care for half its work force. Now the Government (your taxes and mine) has to cover them if they become ill. The government (you and me) also provides them food stamps because they make too little from their job.
The rich are feeding off the poor and cannot stop, feel no remorse, no guilt. They are proud to have inherited money and used it to take even more, passing wealth down thru generations creating a ruling class with ever more money, ever more resources.
"People are hungry, they have no bread"
"Let them eat cake then".
It is the American Dream turned dystopia.
Leporid 56-60, M 1 Response 2 Nov 6, 2011