A discussion on truth, beauty, the American way, humor, intelligence, love, stupidity and where we are today
Friday, January 25, 2013
Quote of the day
"The real median wage is only slightly higher now than it was 30 years ago, even though the economy is twice as large. The only people whose means have soared are at the very top, because they’ve received almost all the gains from growth. Over the last three decades, the top 1 percent’s share of the nation’s income has doubled; the top one-tenth of 1 percent’s share, tripled. The richest one-tenth of 1 percent is now earning as much as the bottom 120 million Americans put together.
Wealth has grown even more concentrated than income (income is a stream of money, wealth is the pool into which it flows). The richest 1 percent now own more than 35 percent of all of the nation’s household wealth, and 38 percent of the nation’s financial assets – including stocks and pension-fund. The richest 400 Americans have more wealth than the bottom 150 million put together. The 6 Walmart heirs have more wealth than bottom 33 million American families combined.
So why are we even contemplating cutting programs the middle class and poor depend on, and raising their taxes?
We should, instead, tax the vast accumulations of wealth now in the hands of a relative few."