Monday, July 11, 2011

Another quick comment

- from a news article that I just read. The top 1% of Americans own 50% of the total American wealth!

This is the largest inequality EVER, and also ANYWHERE - anywhere in the world that is!

To repeat one of my favorite often repeated facts - the income spread now is the biggest that it has ever been, at any time, any where. (And we still want to cut taxes to the rich!)

Oh yes, I forgat to mention it is also widening fast, faster than it ever has.

In case you are not good with math, if 1% of Americans own 50% of all its wealth that means that the other 99% of us have to share the other 50%. And yet STILL, at least 50% of Americans (Just about all Republicans, and even some Democrats!) want to cut taxes to the rich! No one has been able to explain this to me. In fact no one has even tried to explain it to me.

Putting it another way, there are 100 people in a boat, starving, a pizza is delivered, ONE of the 100 people takes half of the pizza. The other 99 people share the other half! Would you be happy with that? Probably not, but you ARE happy that 1% of Americans own half of everything. (And pay less tax than us! They average 16% tax on all their income wheras the average American averages 30% tax on their income! But not only does no one have a problem with that, they don't even want the top tax rate raised!)

I give up.

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