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Wealth Distribution Perspective

Rich People Live Here

Image by amanda farah via Flickr

A site appropriately named Too Much posted an eye-opening article over the weekend called “How Billionaires Could Race To Our Rescue”.

To give an idea of what has happened to all the money in this country since the Reagan era:

The ten richest Americans on the new Forbes list carry, all by themselves, a combined net worth of $270 billion, more than the inflation-adjusted net worth of the entire initial Forbes list back in 1982.

The article also contains this staggering nugget:

A 15 percent “wealth tax” on all personal assets over $1 billion would this year raise $145.5 billion, more than enough to cover the entire $140 billion budget shortfall America’s 50 states are facing in the current fiscal year.

This is a beautiful idea…that is ridiculous in its naiveté. These billionaires obtained their exorbitant wealth through things other than generosity and civic-mindedness.

To be fair, there are those who are wealthy who have the idea of giving back to the country.

In response to “Ferris Bueller” punchline Ben Stein’s televised whine about the horrible injustice of ending the tax cuts for the very rich, Linda McGibney had a great piece on the same CBS Sunday Morning show a week later.

In part, her response is:

Mr. Stein, there are Americans who qualify for this tax increase under the proposed plan who don’t feel “punished” by it. We feel it is our duty in hard times to help the rest of America…

And:

I have always understood that the “haves” were greedy. This is the first time I’ve heard one of them express it out loud so openly.

But the idea of waiting for the wealthy to bail America out because of their innate sense of patriotism is folly.

Part of the problem the Democrats face is their own inability to articulate the issue in historical context.

The tiny minority of rich people in this country are wealthier than they have ever been. Everyone else is a lot poorer. The gap widens by the minute. This happened because of tax and economic policies that allowed the rich to send jobs overseas, and allowed the wealthy (who wrote the policies in the first place) to pay less and less in taxes.

Starting with Ronald Reagan, the tax burden was lowered until disaster struck. Reagan skipped out of town, leaving George Bush Sr. to clean up the mess (and to responsibly break his “no new taxes” pledge).

Clinton had some luck restoring balance, and surpluses resulted. The wealthy were still rolling in dough, and the middle class was stronger during the Clinton years.

Then Bush took over. His policies were an economic disaster by any measure.

But the super rich will not countenance a return to the modest taxes of the Clinton years.

From their limousines and multimillion dollar homes, they view the programs that help working Americans as “government waste”.

They want to take away education, Social Security, health care and other services from the rest of us.

So they can keep more of their money.

For decades the wealthy right has decried the spectre of “class warfare” at the mere mention that they should, perhaps, pay their fair share.

Maybe it’s time to show them what class warfare really looks like.

After all, we outnumber them.

Update: This guy running for Robert Byrd’s West Virginia Senate seat is the poster child of the unpatriotic wealthy.

http://www.msnbc.msn.com/id/32545640

Visit msnbc.com for breaking news, world news, and news about the economy

-Chris

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September 28, 2010 - Posted by | Debt, Deficit, Democrats, Health Care, Health Care Reform, History, Politics, Republicans, Tax Debate, Wall Street | , , , , , , , , , ,

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