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“As the top 20% earners continue to pull away from the rest, the nation will become dominated by a politically-powerful wealthy class, supported by a debt-ridden working class.”
The rich are getting richer and the poor are getting poorer.
The nation "will" become dominated by politically powerful wealthy?
It already is.
The problem is too many people are misinformed that they have some chance of becoming part of that class, and instead of focusing on balancing things out, they will do their best to throw their poor brethren under the bus to get themselves ahead.
If you were to take every penny of money in the entire USA, divide it equally so that everyone had exactly the same amount of wealth, In a couple of years, the former wealthy people would again be acquiring wealth, the former poor would again be on their way to poverty, and the middle class would again be middle class..
This is largely true except that people will use gaming the system to cheat at making money with out hard work.
Quote:
Originally Posted by Nayabone
One achieves their status and wealth by how hard they work, how ambitious and focused they are, and wether they use their money wisely or blow it all on instant gratification.
This is largely true But again you can take other peoples money by gaming the system. We are headed for the wealth distribution of Mexico. Abject poverty on one end and supper rich on the other and not much in between.
Quote:
Originally Posted by Nayabone
The poor would still squander their money, and the rich would continue to use their money and brains to rise to the top.. If you want to be rich, you can be. If you want to be poor, you will be.
Yes this is largely true but again the rich like to get money with out hard work and the way to do that is to game the system.
Quote:
Originally Posted by Nayabone
Every person born in this country has the same opportunity to get an education and succeed if they wish. Too many people would rather sit on their butts with their hand out waiting for someone else to take care of them.
This statement ignores the reality of the fractional reserve banking system and how it works. What is drive the economic down turn is lack of money. Fix that and the economy will improve. It is not a function of the workers being lazy.
Quote:
Originally Posted by Nayabone
In Hugo Obama's world, he would just continue to take from the wealthy and give to the poor. Then there would be no incentive for the wealthy to work hard and create jobs. At that point we could raise the Cuban flag....
Taking from the wealth and giving to the poor is a really bad Idea. Letting the poor work for more money. That is a better idea.
I am not talking about the Obamanation that is being created. I hate it.
Wealth redistribution Reagan stile needs to be undone or we will be a poorer nation as a result.
Yip it is ea=ither that or have a lot of economic pain over the collapsing debt bubble. One or the other we need assets to go dow to sustainable price levels or wages to rise to suport the asset prices. Take your pick.
Yip We've had asset inflation with out wage/price inflation. We either need asset deflation or wage/price inflation. Take your pick.
If we raise the minimuim wage to 20.00 per hour it will increase the price of every good and service that we now use. If grocery stores have to pay people 20.00 per hour to bag groceries how ill it affect the price of food? The people who currently earn above 20.00 per hour now and are just getting by or struggling would be crushed. They would have less buying power and be reduced to buying only the bare living essentials. It would lead to more foreclosures and more economic turmoil.
The nation "will" become dominated by politically powerful wealthy?
It already is.
The problem is too many people are misinformed that they have some chance of becoming part of that class, and instead of focusing on balancing things out, they will do their best to throw their poor brethren under the bus to get themselves ahead.
That is the dream thta Reagan sold us. Every one can be in the top 1% so we need to make it good for them. Well only 1% can be in the top 1% and 99% are below them. So policies that favore everyone evenly make a bunch more sense than policies that favor one part over the rest. Bottom over the top is as bad as the op over the bottom. Everyone evenly.
Making a killing off of oil price maipulation that ruins the world economy is wrong. That is just one example.
If you were to take every penny of money in the entire USA, divide it equally so that everyone had exactly the same amount of wealth, In a couple of years, the former wealthy people would again be acquiring wealth, the former poor would again be on their way to poverty, and the middle class would again be middle class..
One achieves their status and wealth by how hard they work, how ambitious and focused they are, and wether they use their money wisely or blow it all on instant gratification.
The poor would still squander their money, and the rich would continue to use their money and brains to rise to the top.. If you want to be rich, you can be. If you want to be poor, you will be.
Every person born in this country has the same opportunity to get an education and succeed if they wish. Too many people would rather sit on their butts with their hand out waiting for someone else to take care of them.
In Hugo Obama's world, he would just continue to take from the wealthy and give to the poor. Then there would be no incentive for the wealthy to work hard and create jobs. At that point we could raise the Cuban flag....
Lol. Have you ever even been in reality? You should meet some time.
If we raise the minimum wage to 20.00 per hour it will increase the price of every good and service that we now use. If grocery stores have to pay people 20.00 per hour to bag groceries how ill it affect the price of food? The people who currently earn above 20.00 per hour now and are just getting by or struggling would be crushed. They would have less buying power and be reduced to buying only the bare living essentials. It would lead to more foreclosures and more economic turmoil.
All by itself this is not an untrue statement. However if you flood the economy particularly the consumer economy with money at the same time as you raise the minimum wage then the entire wage structure would tend to inflate. Price/wage inflation to match the asset inflation we've had. And the flood of money should put everyone back to work as well. adding a steep tax to the top end would tend to bring the bottom closer to the top.
That was before Barry added a $3trillion Obama care plan over the next ten years. I am sure the death of both programs will be faster. The addition of Obamacare to medicare and social security obligations is analagous to throwing a lead life preserver to two drowning men.
2. the breakdown for tax revenue is
45% personal income tax
42% payroll tax
7% corporate tax
5% miscelaneous sources of revenue
As pointed out before, 55% of the nation pays no income tax, only payroll tax. What percentage of the tax burden for income tax do you feel is appropriate for the top 20% income earners? 100%? Is that "fair" to burden one class of citizens, while the rest of the nation shirks thier patriotic duty? Should those who pay all the taxes then, out of fairness, be given all the votes in an election?
So... now... tell us again which income segment the millions of job losses have come from while the Obama Admin was busy giving money away to their Wall Street pals?
"The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway"
Obama's Big Sellout : Rolling Stone (http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout - broken link)
There have been many pushing for more emphasis on jobs but unfortunately, they are grossly ignored by the media, the public and Capitol Hill in particular.
"But Mother Jones blogger Kevin Drum wrote that Thoma is actually being too optimistic. An appropriately forceful Congressional response to the crisis -- before or during -- was never in the cards. "There was just too much political resistance from an implacable cabal of Republican ideologues, misguided deficit hawks, and weak-kneed Democrats," Drum wrote."
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