This report by the Business Insider is absolutely fascinating. This shows massive income inequality, not only in the U.S., but around the world. According to this report the global wealth is now $231 TRILLION dollars, with .5% own almost 40% of it.
Now, we all know where wealth is created. It is NOT created on the trading floors of Wall Street. Wealth is created by production, Wall Street is just the investors. Wall Street invests in wealth creation, and when production becomes too expensive in a country, they push the corporation to increase their dividends by outsourcing our jobs.
The fact that half of one percent own almost 40% of all wealth means, the rest of us are not receiving the fruits of our labor. If the economy grows by one dollar, but 40 cents is kept by 0.5% of the population, how does that increase economic growth?
We have been told that by lowering taxes on the wealthiest people, they would “let it rain” on the employees, with raises,bonuses better health insurance coverage or even expand their employment.
What has happened is completely opposite. They have horded it, and consolidated it. They throw it in and out of the stock market, creating booms and busts, bubble after bubble.
Let’s look at the conservative economic package. George W. Bush told us that we needed to lower the top marginal income tax rate in 2000 to 35%. The conservative credit the booming economy from 2000-2007 to the 35% marginal tax rate. Today, that marginal tax rate remains 35% and the Republicans say it’s too high.
My question to them is, three- four years ago, 35% produced jobs, now it’s stifling them. What changed? Please don’t repeat the talking point of regulation either. Obamacare has been blamed time and time again for the stifling of jobs, yet in just the month of September the healthcare industry added 44,000 jobs. That is an industry that is directly regulated by the law.
People of America are working harder, at least those fortunate enough to have a job. They are working longer hours and taking pay cut after pay cut in order to compete with $5 a week salaries of a Chinese or Indian worker.
For every pay cut the American worker takes, that dollar goes to Wall Street, not the CEO, unless the CEO has stock options, which is the case in many instances. This is where you will see most of your wealth accumulation.
I don’t have a problem with the rich being rich or even exorbitantly rich as long as you didn’t get rich by telling employees, working families, to take a cut or outsource their jobs. If you got rich by developing a great business, ran it efficiently and provided a great product or service more power to you. I wish you the best!
If you did get rich by manipulating people, or by destroying communities then I hope you rot in hell!
This is the basis of the protests on Wall Street and around the globe. 99% of us have taken a hit. We have seen our jobs outsourced,pays cut, health insurance costs increase and higher education unattainable. All the while, the 0.5% of the world’s population has continued never to get a “hair cut”. It’s time for them to go to the barber shop, by letting their wealth “rain down” on the employees in America.