6.06.2005

Mind The Gap

The folks at DailyKos take a good long look at the NY Times report on the death of the middle class and the rise of the Hyper-Rich... and the conclusion? That the gap between 'rich' and 'poor' isn't just growing but has become punitive on the middle class & poor.

The people at the top of America's money pyramid have so prospered in recent years that they have pulled far ahead of the rest of the population, an analysis of tax records and other government data by The New York Times shows. They have even left behind people making hundreds of thousands of dollars a year.

Call them the hyper-rich.

They are not just a few Croesus-like rarities. Draw a line under the top 0.1 percent of income earners - the top one-thousandth. Above that line are about 145,000 taxpayers, each with at least $1.6 million in income and often much more.

The average income for the top 0.1 percent was $3 million in 2002, the latest year for which averages are available. That number is two and a half times the $1.2 million, adjusted for inflation, that group reported in 1980. No other income group rose nearly as fast.

[snip]

The Bush administration tax cuts stand to widen the gap between the hyper-rich and the rest of America. The merely rich, making hundreds of thousands of dollars a year, will shoulder a disproportionate share of the tax burden.

President Bush said during the third election debate last October that most of the tax cuts went to low- and middle-income Americans. In fact, most - 53 percent - will go to people with incomes in the top 10 percent over the first 15 years of the cuts, which began in 2001 and would have to be reauthorized in 2010. And more than 15 percent will go just to the top 0.1 percent, those 145,000 taxpayers.

The Times set out to create a financial portrait of the very richest Americans, how their incomes have changed over the decades and how the tax cuts will affect them. It is no secret that the gap between the rich and the poor has grown, but the extent to which the richest are leaving everyone else behind is not widely known.

Lots of stuff there... take a look and, as always, decide for yourselves.

1 Comments:

At 7:13 PM, Blogger News Agent said...

The people at the top of America's money pyramid have so prospered in recent years that they have pulled far ahead of the rest of the population, an analysis of tax records and other government data by The New York Times shows. They have even left behind people making hundreds of thousands of dollars a year.

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That is because of globalization and the political money system we use. The international rich boy club is just making easy money by leveraging paper money and poverty against wealth. And they believe what benefits them also benefits America, not that they actually care about international borders when they can pretty much go anywhere they please. So really they are just lying and international capitalism has nothing to do with democracy though we are constantly told otherwise so they can be protected by our military.

Even so, zero sum games based on the lowest common denominator have a way of backfiring. And we may yet see a return to the use of the guillotine in order to deal with these hyper inflated liars who have not only betrayed America, but the entire world and have caused almost all of the political and economic struggles we see daily while blaming the American people for all the ills in the world.

I just wish we could find a better way to live. Maybe humanity doesn’t deserve to exist much beyond this point if we don’t stop making the same mistakes. I know I am at a point in my life where I don’t see a point or purpose. Getting up in the morning and living a minimum wage job with no purpose and no hope isn’t really worth living for. Especially when I will soon have to get a second, and maybe even a third job in order to afford to survive.

At some point it will just be easier to seek revenge and hunt down these thugs that have sold us out and made human beings disposable consumable objects for their glorification. It might not solve anything and I will likely suffer for it, but I don’t have anything really to lose if it becomes much worse.

So why is it that a Chinese persons labor doing the exact same job is worth so much less than an American? The answer is how money is valued and has nothing with the work done, so American labor is priced out of the global market and our dollar has to fall in relation to poor currencies or people have to take a huge pay cut so the rich can maintain the dollar value for their buying benefit. It’s a turnkey system to generate wealth for a few people.

Another thought is if competition forces the lowest common denominator and you always have someone willing to be a slave then in the end everyone ends up slaves because you can’t compete against it. Unfortunately though the only solution I know of in history has been either violence or a break from civilization in some manner, and typically combinations of both.

 

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