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How 90% of American Households Lost an Average of $17,000 in Wealth to the Plutocrats in 2016


#1

How 90% of American Households Lost an Average of $17,000 in Wealth to the Plutocrats in 2016

Paul Buchheit

America has always been great for the richest 1%, and it's rapidly becoming greater. Confirmation comes from recent work by Thomas Piketty, Emmanuel Saez, and Gabriel Zucman; and from the 2015-2016 Credit Suisse Global Wealth Databooks (GWD).


#2

"the public good depends on cooperation. Society fosters individual accomplishment, not the other way around."

By cooperation, we do not mean doing what the 1% orders us to do. "Cooperation" does not mean acting according to their terms.
"Cooperation" does not mean competitive capitalism.
There's no reason why capitalism cannot be cooperative.
In fact there are historical and existing models of cooperative capitalism.
In some African countries there are cooperative fishing villages. Everyone participates, Everyone has a job.
In the Middle Ages, there were Guilds. If you wanted to produce or manufacture something, you had to first become a member of that particular Guild. It helped to keep down unnecessary competition because there's only so much demand for any one good. There are ways for capitalism to be cooperative instead of competitive. We humans must cooperate to make it be so. People must put aside their greed and selfishness.


#3

I thought I was financially doing terrible in 2016! However, I take solace in the idea that I am simply an average American. Good luck to everyone in 2017; we're gonna need it!


#4

When Trump signs off on Speaker Ryan's Social Security, Medicare, Medicaid and other "domestic program" cuts, the % of Murkins losing wealth to the plutocrats will jump from 90% to near 99% and will amount to far more than $17,000 per.

All the FICA money that working Murkins have had withheld from their paychecks will fund bigger corporate welfare programs rather than the 99% getting it back in earned benefits programs.


#5

A Political Party OF the rest of us, BY the rest of us and FOR the rest of us, is the only hope we have, if we are still to work within this Fixed System.


#6

....and, that party will 'not' be the Democratic Party as they are at least 50% responsible for the reason this article was written.


#7

"If there’s one advantage that progressives have going for them at this point, it’s having nothing left to lose."


#8

No one should be allowed to possess a billion dollars, in my opinion!


#9

Yes, the abuser meme, in the article is apropos.
Susan Sarandon used it, in an interview, to describe why she supported Bernie, instead of the establishment Dem choice, comparing it to leaving an abusive boyfriend, "...I deserve more, I'm worth it."


#10

So true. It's a moral outrage. Anybody making over a billion dollars should pay 100% to the government to help rebuild the country.


#11

We are in obvious need of some trickle down by statute.

1) A 2% annual tax on the approx. $20 trillion in wealth of the wealthiest 0.1% would raise about $400 billion next year and more after that. Per Pikkety and Saez the wealth of this group has grown at 6% compounded annually since 1980 so they should continue to get even wealthier even after paying this 2% tax.
2) Adding a top marginal rate of 50% for earnings above the first $1 million earned, taxing all investment income at ordinary rates, and limiting deductions to $100,000 would raise about $200 billion next year and more in future years as this income grows.

That $600 billion is enough to pay each of the approx. 150 million U.S. citizens aged 18 and older $4,000 tax free next year and more per year in future years since the wealth and income being taxed to fund those payments would grow much faster than the less than 1% annual growth in the population.


#12

Defying commons sense


#13

It's not that easy. The super-rich hide their wealth in corps and fake charities like the Gates Foundation and the Clinton Foundation. Those entities are tax free. Since they control who's hired and fired, and who looks at the books, they exert 100 percent control over the non-existent "payouts."

You won't get rid of Billionaires until you get rid of those structures.


#14

No way should even $5 million be held by one person when there are billions of people struggling long hours just to live day to day without basic necessities.


#15

No trickle, but a cap on how how much unfair take, and any amount over a set limit is automatically taxed.


#16

You have my vote. But I would rather that any money over the cap be distributed equally among all citizens instead of giving tax revenues to politicians to squander. And the cap can be set yearly by secure encrypted online referendum. In fact, all laws should have to be approved or disapproved by such referendums.

Online Direct Democratic Party of Tor


#17

To millions of us Social Security and Medicare are the only remaining positive US attributes.

Compromise these programs and millions of us will go without food and medical care. Millions are already getting by on substandard health care as it is.


#18

I would never join a party unless it included a Third Way DNC.

I kid.


#19

Good article with many sources until the last sentence, quoted above. Most of the Americans described have no choice but to let the theft continue. Others are living the "good American life" at such a precarious balance that fear of, or desire to, upsetting this balance in the wrong direction precludes any serious attempts to change things. Our "system" of practically deregulated capitalism no longer works for the vast majority of people (it certainly does not work for most other life) on Earth and is unsustainable for all life on a planet with finite resources. To continue to try and change politics in order to save ourselves, or improve our lives, by using the same worn out methods is like trying to run a race with one crippled leg. It has not and will not work. Thus, the finish line of hope gets ever farther away AND THE REAL "FINISH LINE" draws ever closer.


#20

I just learned a new word for "the rest of us" - the precariat.

Abstract: The world economy is in the midst of a Global Transformation that is producing a new global class structure. A new mass class is emerging – the precariat – characterised by chronic uncertainty and insecurity. Although the precariat is still a class-in-the-making, divided within itself, its elements are united in rejecting old mainstream political traditions.