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A Cure for Excessive Wealth Disorder

A Cure for Excessive Wealth Disorder

Chuck Collins

The U.S. is suffering from excessive wealth disorder.

This isn’t your parents’ inequality influenza, but a more virulent strain of extreme disparities of income, wealth, and opportunity.

Just 400 billionaires have as much wealth as nearly two-thirds of American households combined. And just three individuals — Jeff Bezos, Warren Buffett, and Bill Gates — have as much wealth as half of all U.S. households put together.

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If only we had a political party or some sort of political apparatus that represented the 99% … oh well …

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These are great ideas. The problem is getting the politicians to listen to the people they supposedly represent. Money from wealthy donors(bribes) buys lots of influence as favors when writing legislation that increases their wealth and power. A maddening circle that doesn’t allow average citizens their say. Corporate media is complicit in this as propaganda arms from each party. CNN, MSNBC, the democratic and Fox the republican. Same with the major print rags, NT Times and Wa Post. Progressive candidates aren’t given a fair shake because the established institutions won’t let them. They are owned by wealthy shareholders that hate progressive actions that help average folks. the only way forward is to expose your buddies to progressive ideas and show how the establishment hurts them. I’ve been anti-establishment since the late 60’s, the hippies had the right idea, yea! Time to fight back, again, this time in the 21st century.

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We do- but they are not represented much nationally- the Green Party.

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Nobody needs or deserves that kind of wealth. That is obscene.

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Don’t forget the Freaks Olhippy. Hippies and Freaks had the right idea.

"Power to the People."

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It’s only about fairness, nothing to do with spending. The reason is that Taxation for a federal monetary sovereign government is simply not used as revenue. ONLY a federal monetary sovereign government creates all the money it needs through spending to buy its debts, It’s debts come from Congress appropriations bills. To pay for them it deficit spends beyond the tax level which creates the money supply ans extinguishes the same debts at the same time. All government spending goes into the non government sector and thereby becomes useful and necessary assets for the private sector to grow the economy and for employment etc. Government deficits equals privare sector assets.

" Some presidential candidates are stepping forward with bold ideas. Senator Elizabeth Warren’s wealth tax idea is a courageous step in this direction. She’s proposed a 2 percent annual tax on wealth over $50 million, with a 3 percent rate on wealth over $1 billion."

–The article is profoundly offensive. That’s courageous??? In fact, it follows the Democratic party playbook of always aiming to do the LEAST you can get away with on an issue while providing the party with some kind of fig leaf.

Where are the authentically courageous proposals to claw back the multi-trillion dollar theft of taxes owed by the rich along with the wages suppressed and stolen through the total corruption of Congress after Congress after Congress? Where are the references to one of the simplest precepts of contracts, that that which is gained through fraud may not under any circumstances be kept?

The entirety of the $170 billion Walmart fortune was accrued through the suppression of unions and through a perversely low minimum wage bought by the rich through 50 years of open bribery, yet we lack even one politician at just the state level across the United States calling for recuperative economic justice, never mind at the federal level. What a woefully lost nation.

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Cuckoo… Cuckoo… Cuckoo…

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Right, because when the pirates of the 17th century fought for their freedom from government regulation and got out from under the thumb of the king, the enslaved humans that they bought and sold under the libertarian rubric of “free trade” were strictly voluntary. No government whoring, #amirite?

And let’s not forget that the wealth those small-r republicans amassed from genocide enslavement and grand theft continental built this great democratic republic! Who’s to say what is too much wealth, huh? How simple of a question can i ask?

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Not necessarily, but there is the reality that insufficient taxes comes at the expense of adequate public goods and societal well-being.

And, of course, when you look at the uber-rich, their wealth does, in fact, come at the expense of their workers. The less paid in wages, the greater the net income for the business owner and senior management.

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With no government there is no law and order. Without law and order should we expect the corporate world to play nice, and denounce their excesses? And if wealth doesn’t come from productivity, where then?

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Not only at the expense of those workers, but at the expense of the ecology and all of society. “Externalities” in econo-speak. Any cost they can dump on others, they do. Kill the Amazon rainforest, greed-crazed billionaires only do that because of a whoring government, right @OHANCAP? Give thirty million people asthma, “no private business could ever take advantage of a lung without that lung’s permission,” #amirite?

Sorry, i’ll calm down.

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I forgot who was credited with the quote but “behind great weath lies a great crime.”

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No, don’t do that.

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Hey, what say we really “run government like a business” and charge those making more than, say, 10m a year from OUR 38 trillion dollar national and international infrastructure (without which no one gets rich nor stays rich) a 94% top marginal rate?

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A society creates a surplus but what good does that do? If it goes just to the wealthiest who place it all in paper assets, nothing gets built and it goes to no use, literally. Since 2009 when the US household net worth stood at $48 trillion it now in 2019 stands at $104 trillion. The average federal budget during those ten years was about $3.5 trillion. So wealth grew by $56 trillion while the entire federal budget spent about $35 trillion. “Too much wealth” means that the lower and middle earning workers and families experience low incomes. The “average weekly earnings of production and nonsupervisory workers”, says the Bureau of Labor Statistics, was higher in 1964 than in 2019, 55 years of a wage freeze. The average “disposable income” tripled from $14,000 to over $48,000 during the same 55 years. So, the economy triples per capita average, but 80% of the workers had a wage freeze, the top one percent tripled its income. Good for society? Of course not. See Thomas Ferguson on who donates money to campaigns, at INET.org. I think about a third of all campaigns came in amounts greater than $10,000. And now, to top off this long comment, from an article I wrote: “The report “The New Gilded Age” from the Economic Policy Institute states (page 12) that “between 1973 and 2007 the income of the bottom 99 percent of families grew much more slowly (by 15.4%) compared with the top 1 percent, whose average income grew by 216.4% [tripling]. As a result over half (58.7 percent) of all income growth in this period landed in the hands of the top 1 percent of families.” The Washington Center for Equitable Growth, in this article “A Tale of Two Countries” roughly replicates this finding.” My blog, “Economics Without Greed, Part Two” http://benL88.blogspot.com

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thanks for the INET link