Victory in our time!
They said it couldn't be done, they said that people in a "Democracy" would never allow it to happen but, in the past 5 years we have actually taken 15% of the income AWAY from the bottom 90% of American wage-earners and re-distributed it to the top 10% and, since there are much less of them, it has boosted their incomes by 115% over the same period!
In the words of the great Winston Churchill (as redefined by the Conservative Bible): "Never was so much taken from so many for so few." As you can see from the chart above, the Reagan Revolution successfully reversed years of gains for the average American and began shoveling all of the economic gains to the top 10% for the last 30 years but only in the last 5 has this policy gone into overdrive as we actively TAKE the money from the bottom 90% – and look how rich it makes us!!!
As noted by Zero Hedge:
"Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President’s policies are growth-suppressive. In the absence of the Fed’s moneyprinting and ZIRP, the economy would either be softer or actually in a new recession."
Of course, if you are in the top 10% (family income over $160,000) and don't feel 125% richer, that's because you are lazy enough not to be in the top 1% (family income over $1,000,000) who are, according to a new study by the ECB, much richer than previously thought.
Rather than holding 30% of the total household wealth in the US, as is often cited, the top 1% actually have more like 37% – over 20% more money than previously estimated while the top 5% (family income over $3M) hold over 60% of America's wealth. Of course, it's obvious that the people with greater incomes are able to accumulate more wealth. After all, how much "wealth" can we expect a family of 4 to accumulate when they are living with the bottom 90%'s average income of $29,840 (every Dollar counts when the figure is that low!).
396 Americans (the top 0.000001%) have $1Tn, 2.3% of America's wealth. That still leaves $49Tn the other 309,999,604 of us but the top 3.1M take 37% of it ($18.5Tn) and another $18.5Tn goes to the next 31M people to round out the top 10% leaving just $12Tn for the bottom 279M people or $43,000 each compared to 1,225,806 for the average top 10%er, 5,967,741 for the average Joe in the top 1% and all of them are just a little jealous of the 396 guys who have an AVERAGE of $2.5 BILLION, EACH!!!
Since no family can actually live very well in America on $29,840 a year, the bottom 90% tend to go into debt in order to get luxuries like cars, homes or college educations. They borrow this money from the people who have it, the top 1%, and they pay the top 1% interest and that is how more and more money siphons up from the bottom 99% to the top 1%.
Lowering the tax rates on investment income insures the top 1% gets to keep the wealth that is transferred to them without having to "give back" unless they choose to.
IN PROGRESS
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This entry was posted on Thursday, August 7th, 2014 at 7:05 am and is filed under Immediately available to public. You can leave a response, or trackback from your own site.
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