Nine Pictures of the Extreme Income/Wealth GapMany people don’t understand our country’s problem of concentration of income and wealth because they don’t see it. People just don't understand how much wealth there is at the top now. The wealth at the top is so extreme that it is beyond most people’s ability to comprehend.
If people understood just how concentrated wealth has become in our country and the effect is has on our politics, our democracy and our people, they would demand our politicians do something about it.
I'm not going to disagree that there is a huge concentration of wealth. However, I will disagree that those wealthy people could ever pay off the national debt. Every single American, rich and poor, could put every dollar we have in a bucket and we still would not have enough.
nevertheless, I'm not so worried about what others have, as I am more worried about what I have and the opportunities to grow what I have.
Captain Downer...
Sorry you hate others for being successful. If you hate the American Dream so much, move to a different country.
The American Dream: WC Must Be Asleep Because He Thinks The Dream Is Real.
WC's conservatives got what they wanted (regression to the 1920s), and everybody else sucks hind .
Last edited by boutons_deux; 02-15-2011 at 09:07 AM.
So if we give these people tax cuts then they'd consider giving us jobs right? Or.... bring back the jobs they sent to India in the early 2000's?
There is a reason why 90% of the wealth is carried by the top 10%... they keep it that way (the drawback of capitalism). It's been this way for more than a century! The U.S. government is democracy heavily influenced by aristocracy.
Anyway, even knowing this before reading the article I found some of it shocking. 400 people account for HALF of the wealth?! My God. Even Egypt had a better distribution of wealth and they just overthrew their government.
What percentage of people in the us are millinaires? About 3 million, or 1% of the population.
What percentage of people in the us are billionaires? About 400, or 0.00013%.
No, you misunderstood that statistic. 400 people have as much wealth as the poorest 50% of the population (so according to the pie chart, they have ~2.5% of the wealth).
Granted, that's still a lot.
So a few people own most of the wealth..and you want to give them tax cuts... 'for job creation'... funny thing is though the economy went into the tank after GW Bush passed his tax cuts...
Poor people in our country are wealthy compared to poor people around the world. Most have car, cable, A/C and food.
honest question. I'm not going to attack you. What is the purpose of the federal income tax?
Business is driven by a cost control and quality standards. India provides cheap labor for mostly menial jobs, which doesn't seem to affect the quality enough to chase away American Shoppers. Foreign businesses are doing the same thing. Shop for a website programmer and you'll find there are really inexpensive foreign options.
so the question becomes, do I save money by employing a foreigner or do I become an altruist in the face of stiff compe ion?
we are not all going to be equal, but capitalism raises the standard of living of the poor. China is a perfect example. However, in a capitalistic society a lot of people will always want more and be dissatisfied with what they have, so you'll always hear a lot of ing and complaining about what someone else has.There is a reason why 90% of the wealth is carried by the top 10%... they keep it that way (the drawback of capitalism).
our poor is upper middle class in Egypt, so it's relative.It's been this way for more than a century! The U.S. government is democracy heavily influenced by aristocracy.
Anyway, even knowing this before reading the article I found some of it shocking. 400 people account for HALF of the wealth?! My God. Even Egypt had a better distribution of wealth and they just overthrew their government.
Last edited by 2centsworth; 02-15-2011 at 11:17 AM.
Wild Cobra's true American dream: One man owning every single piece of land and stock in the entire country, and everyone else in food shelters. It's the dream, people! The dream! There is nothing wrong with that dream, no matter how many people starve to death! Because an esoteric ephemeral idea is more important than an 8 year old getting medical treatment for a potentially fatal condition! It's the dream, people! It matters more than human beings!
So I guess all those companies in Europe that are doing fine despite being CLOSER to India are just magic pixie dust, then?
No, you'll hear ing and complaining because other countries in the world are doing it far better and more effectively than we are despite not having anything close to our GNP.we are not all going to be equal, but capitalism raises the standard of living of the poor. China is a perfect example. However, in a capitalistic society a lot of people will always want more and be dissatisfied with what they have, so you'll always hear a lot of ing and complaining about what someone else has.
So that's the standard we're going by now? We're comparing ourselves to dictatorships to make us feel better about our financial situation in this country?our poor is upper middle class in Egypt, so it's relative.
The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
16th Amendment
Amendment XVI
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.
I don't know if there is one purpose for the federal income tax. Generally speaking it provides to the govt income to do what is necessary to keep the govt operating.
You're lost in the conversation. India was given as an example by another poster. You could use China if you would like. The complaint is that we have a trade deficit. I would argue the trade deficit is a net positive than negative. nevertheless, are you saying the average salary in Europe is higher than the US? Or you just "FEEL" Europe is better than the US.
If they are so much better why do we have the largest Economy in the world by a long shot? Why do most countries us the American Dollar for their international transactions?No, you'll hear ing and complaining because other countries in the world are doing it far better and more effectively than we are despite not having anything close to our GNP.
What are they doing so much better besides draconian cuts in en lement spending?
Again, Egypt was used as an example by the other poster. I pointed out the foolish comparison.So that's the standard we're going by now? We're comparing ourselves to dictatorships to make us feel better about our financial situation in this country?
By that logic, compare under-performing U.S. students to the average teen in Afghanistan--we're ing geniuses!
no, you have proven US students are stupid.
Come on, bible boy, you can do better than that.
I can respect all of your reply except for this bit. Basically you're saying "hey, we have it good so who cares?" I wonder what percentage of the top 10%'s wealth it would take to allow for twice as many people to attend college. Little things like that can go a long way. Imagine how many more doctors and engineers would be around if college wasn't so expensive. Or how about health care? Cancer patients would get the treatment they wouldn't afford and so on. I'm not saying that it would help everyone, but maybe if the top 20% owned 80% of the wealth things would be better for a lot of people.
the reason I ask is because I think raising or lowering taxes should have an impact on the Average American. I'm not sure how raising taxes on the wealthy, though I'm not necessarily opposed, would affect me and everyone else. I don't think we should levy taxes to punish success, but if it would create more jobs to raise taxes on the wealthy then I'm all ears.
All the other stuff, military, ss, etc are all being paid and we are in no danger of not paying those bills.
I appreciate that you see the cost of higher education is way too high. In fact, I've argued and have provided evidence that the cost of higher education has reached bubble status (here). Evidence suggest that the explosion in the cost of higher education coincides with government subsidies. It makes sense, easy to raise prices when someone else is paying for it.
Nevertheless, I'm way more interested in how to help the lower classes become financially independent. At this point, I don't see the connection between taxes/punishing the wealthy and me becoming financially independent.
And, all experts agree, this is exactly WHY it happened.
This just in...
Some people unfairly brilliant.
Sort of like the deficit being an Obama problem right..And, all experts agree, this is exactly WHY it happened.
I keep hearing that lowering taxes always works..did it?
Sort of like the deficit being an Obama problem right..
There was already a deficit when he became president, but he's definitely not helping.
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