Saturday, February 20, 2010

Shhhh... the richest 1% Have Captured America's Wealth

I suppose the free marketeers could argue that had we actually had a free market, this wouldn't have happened. My response is that there has never been a free market and that the belief in such a Neverland has blinded even conservatives to the trickle up, that was supposed to be a trickle down.

The Richest 1% Have Captured America's Wealth -- What's It Going to Take to Get It Back? | | AlterNet
Paul Buchheit, from DePaul University, revealed, "From 1980 to 2006 the richest 1% of America tripled their after-tax percentage of our nation's total income, while the bottom 90% have seen their share drop over 20%." Robert Freeman added, "Between 2002 and 2006, it was even worse: an astounding three-quarters of all the economy's growth was captured by the top 1%."

Due to this, the United States already had the highest inequality of wealth in the industrialized world prior to the financial crisis. Since the crisis, which has hit the average worker much harder than CEOs, the gap between the top one percent and the remaining 99% of the US population has grown to a record high. The economic top one percent of the population now owns over 70% of all financial assets, an all time record.



Anonymous said...

Tax avoidance, tax laws in favor of the wealthy and well advised, an ill informed populace...

A 21th cent. feudal society?

How about?

...a flat federal/state flat tax on private property and a flat federal/state tax on all purchases? Eliminate capital gains and salary taxes? Reward saving. Tax those who need property protected and those who consume.


Note: I like Ron Paul tax ideas. Some other ideas are too...

Free Lunch said...

JPenterman -

Thank you for shilling for the rich. I hope you got paid for it. They can afford it.