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But on Tuesday, the argument was made by an unexpected source: Standard & Poor's (S&P), a Wall Street firm providing ratings and analysis on stocks and bonds, issued a report pointing out economic disparity's role in "dampening US economic growth."
They also slapped Aaa ratings on all those lovely housing bonds, so not like they are the ultimate authority. Not saying I agree / disagree with the report, but many people, especially the left, have blasted the rating agencies since the financial crisis, and rightfully so. But we can't now turn and use their word as gospel bc it fits the argument.
Some in the GOP seem to love to attack the President for 'creating class warfare' by bringing inequality up in the public sphere. However, like it or not, he's right. We're a very unequal country compared to other developed countries. We have one of the highest GINI indexes in the OECD as a matter of fact. Like I said, this is merely a fact, it's not like he just pulled this stuff out of thin air to **** off the right.
Some in the GOP seem to love to attack the President for 'creating class warfare' by bringing inequality up in the public sphere. However, like it or not, he's right. We're a very unequal country compared to other developed countries. We have one of the highest GINI indexes in the OECD as a matter of fact. Like I said, this is merely a fact, it's not like he just pulled this stuff out of thin air to **** off the right.
I agree with him that it's a problem. What I don't agree with is that taxing the "rich" or giving the poor a bunch of handouts will solve the problem.
Moreover, it's ironic that this problem has greatly worsened since he's taken office. Why in the world does he have any credibility on this issue?
Income inequality, for the most part is an outcome, of the centrally controlled hierarchical corporate system model, the economy operates under. It has been blatantly obvious the elite are benefiting from the pyramid system, more so everyday. They readily admit it.
Look at all the signs. One can only leverage so much. Institutional investors have been heavily investing in apartments, for example for awhile, but rents are far outpacing wages, like everything else. So whether it be ETFs or derivatives one can only siphon and leverage so much before they have such a great imbalance it pops/implodes.
It is all converging to the kicking of the can upto the penthouse. How do you think people will react to finding their pension funds stuffed with debt? Detroit has been a very interesting show.
Some in the GOP seem to love to attack the President for 'creating class warfare' by bringing inequality up in the public sphere. However, like it or not, he's right. We're a very unequal country compared to other developed countries. We have one of the highest GINI indexes in the OECD as a matter of fact. Like I said, this is merely a fact, it's not like he just pulled this stuff out of thin air to **** off the right.
Quote:
Originally Posted by joeymags
They also slapped Aaa ratings on all those lovely housing bonds, so not like they are the ultimate authority. Not saying I agree / disagree with the report, but many people, especially the left, have blasted the rating agencies since the financial crisis, and rightfully so. But we can't now turn and use their word as gospel bc it fits the argument.
Obama is also in favor of more bailouts and more deregulation for the big Wall Street banks who put together those fraudulent bonds and created the financial crisis. His biggest campaign donors are Citibank and Goldman Sachs. Their former execs are in his cabinet. Obama likes to talk about it, but doesn't actually do anything to reverse the trend of wealth inequality.
When you bring in tens of thousands of unskilled, uneducated illegal immigrants each year, the bottom is going to remain a constant. The only way to then close inequality is to bring down the top. That's no way to run the country. We should stop taking masses of the worlds poorest and unskilled, and focus on raising the skills of the bottom, this pushing everything else upwards.
Oh, and OP should have linked to a better source than Mother Jones.
Giving "handouts" allows govt more wealth through investment of funds and liability accounting practices.
This chart on the site is interesting. Had to chuckle at deceased people being listed. Older data.
Note it says "taxpayers". Wonder if non-tax payers were included if it would look different?
NON-TAXPAYERS GROWING SAY IRS | Frank Calio's Blog (www ...
quote: In all, 18,783 people filed U.S. tax returns with adjusted gross incomes of at least $200,000 and used legal deductions, exemptions and tax credits to avoid owing any U.S. income taxes. That represents 0.43 percent of high-income taxpayers, the biggest percentage of non-payers in an IRS study that includes date going back to 1977.
I often feel that the 1% isnt the issue, its the .1% (they have 50% of the income and FAR more of the wealth).
I agree that Mother Jones is a horrible source.
But what is the solution? People talk about taxation not being the solution, but to be honest theres not much else thats going to have a real affect on this. And the wealth concentration has serious effects on our economy. The longer we take in resolving this, the more painful the solution is going to end up being.
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