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'Time to Redistribute Wealth': The 1% Thriving While 78% Living Paycheck to Paycheck


#1

'Time to Redistribute Wealth': The 1% Thriving While 78% Living Paycheck to Paycheck

Jake Johnson, staff writer

Top CEOs may be thriving, but most American workers are drowning in debt, saving little, and living paycheck to paycheck.

That's according to a new report by CareerBuilder, which found that:


Bernie Sanders, Nation's Highest Profile Socialist, Once Again Voted Most Popular
#2

I lived and worked in Mazatlan, Mexico where the poverty is unbelievable for the average Hispanic. But what many forget, is very, very few have any access to credit. And my point is this: when you hear the lie that Americans have one of the highest standards of living in the world it is a chimera, a facade, because if you eliminated 99% of the credit in America, America would not look much different than Mexico! ,


#3

I’m dying to hear the plans for “Redistributing the wealth”.

The yearly average Obama administration deficit was 1200 BILLION dollars. $1,200,000,000.
That was just the deficit, not the entire budget by a long shot. 10 trillion dollars borrowed in 8 years.

Forget higher taxes, if everything owned by Warren Buffet, Mark Zuckerberg, John Kerry, Bill gates, Jeff Bezos, et. al., was 100% confiscated, it wouldn’t pay for one years Obama deficit, much less the budget itself.
Not one years deficit. Then what?

“Screw the rich bastards!”, you say. OK, now they’re gone, everyone’s happy.

So what? Everyone here wants to massively increase government spending to “give” everyone free healthcare, education, etc.

A one time, full confiscation would give everyone a few bucks. Once.
After government, the far from frictionless engine of re-distribution, takes its share (Hint: think lawyers and class action law suits).

Then what?
Yes, these CEOs are paid outrageously.
Yes, the Bush and Obama admins poured money onto their friends at the banks, auto makers, insurance companies, etc., like crazy until even they couldn’t spend it fast enough.
Yes, it’d feel good to see these guys brought down.

But none of us will see ANY tangible benefit from that, so don’t pretend.
Just sayin’.


#4

When the government and corporate bonds come due, you will be still on the line as a tax payer.

That’s what you are failing to mention.

This phony money system will then be knocked for a few more dead bodies and munitions manufacturing.


#5

The making of things, which most average people do to earn their food in a respectable fashion, no longer has a place in American Society.

Being narcissistic fascist on the other hand…


#6

In order to “redistribute the wealth” requires ending the capitalist economic system and transitioning to a socialist economy that is organized to provide a universal minimum standard of living for all.

Capitalism intrinsically creates the many crises that have created the economic inequality, ecological devastation, unending wars for power, profit, and totalitarian control of the planet.

So-called “Progressive” measures, which try to ameliorate capitalism through regulation, taxation, reform, etc, eventually fail as corporations corrupt politicians of both parties to minimize and eliminate taxes, block reform efforts, and move overseas to maximize profit. U.S. and nation-state based capitalism has become a globalized capitalist economic system.

How to end capitalism? Some anti-capitalist, socialist perspectives:

Richard D. Wolff rdwolff.com weekly Economic Update radio program.
Democracy at Work for worker managed co-operative economics.
World Socialist Web Site daily international socialist news perspectives
Climate and Capitalism Ecosocialism or barbarism: There is no third way.
Monthly Review An Independent Socialist magazine


#7

i would just like to thank the republican party and let me not forget the Democratic party, for allowing me to exist among the most 3 offal presidents of modern america.

  1. ronald raygunn who started all this shit

  2. g h w bush the 2nd, dumbest mother fucker ever

and

3 the orange nuclear bomb scumbag

well its been great. see you later


#8

esper –

Thank you – great post –

And I’ve picked up your comments/links to read as soon as I get a chance.

:slight_smile:


#9

Cogent post. Richard D. Wolff sees the economic picture as well as anyone else I have heard. Thanks for the links.


#10

True.
The phoney money has to collapse at some point and it ain’t gonna be pretty.


#11

Yes, confiscation works so well… Look at Zimbabwe, the USSR, East Germany, Venezuela to name but a few…


#12

Here is the deficit by year for the eight Obama Administration budgets (billions)
2010 $1,294
2011 $1,295
2012 $1,087
2013 $679
2014 $485
2015 $438
2016 $585
2017 $443 (projected)
average = 626.5
So your figures are about double of the actual numbers (especially if you take into account the fact that the deficits are smaller from Obama’s second term).

Next the total wealth of U.S. households is about 80 trillion dollars with the top 10% owning about 3/4 of that (60 trillion) and the top 1% owing about 40% (32 trillion). The top 10% are basically households with over a million dollars in net wealth. Thus, it would take just a 1% wealth tax on millionaires to bring in the $600 billion dollars that is our current deficit.


#13

Agree with Shantiananda - Richard D. Wolff is as good as it gets right now.

With this I must disagree - not only disagree - but this:

Purpose and challenge are essential to the human being - and it is hard to find the words to express how necessary are the day to day things which we the working class do - how essential these jobs are.

Compared to these jobs - the rest of society appears frivolous - which is very close to the truth I think.

This is why natural disasters work to bring people back, instantly - to their old tribal selves.

Never, ever, discount the work of the worker.

In fact, now that the fossil fuel party is winding down, and not growth but contraction becomes the rule - we are all going to have to celebrate the basic virtues again - thrift, honesty, and egalitarianism.

In this way Trump is a blessing, for it is highlighting what we have all become - and it sucks.


#14

“54 percent of minimum-wage workers say they have to work more than one job to make ends meet.”

Let’s here more about the lazy poor from right-wing talking heads.


#15

Although we are not quite at the tipping point yet, situations such as this have given rise to revolutions.


#16

I think that #3 is dumber than #2.


#17

Next time you decide to pull numbers out of your ass at least have to courtesy to wipe them off.
However, the one number you did forget to mention is that the interest on the national debt made up for much of the yearly debt accumulated. Of course all of this means nothing, as this is paper money we are talking about, money loaned to ourselves in good faith that we would someday at least try to pay back.


#18

Yes, I think you have the correct concept. It looks like Mexicans are in poverty renting and barely getting buy on very little money. But it is all relative to their own economy. Americans look like they are much richer, but everyone has debts to buy houses, cars and other things that are part of our lifestyle. How much are we in debt and what are the monthly payments we must pay. We have what can be called middle class poverty because by the end of the month and paying all of those bills, Many of us are living on a tight budget to just get by. Especially with kids and family involved.


#19

More to your point, according to the 2010 census the average American was working almost 49 hours a week. That’s the most in the industrialized world.
Lazy Americans indeed. We are a nation filled with stressed out, over worked people that make less than their parents did, are taking record amounts of psychotropic drugs and anti depressants, and oh yes, are armed to the teeth.
What could wrong?


#20

Debt has a lot of negative impacts - such as driving up the price of all things. With limited debt there is less ability to bargain things up - like houses. Debt adds a false cost to almost everything. We need to consider the implications and it would help to simplify. Unfortunately, the USofA is like a runaway train going 200mph without brakes. People don’t have the time or will to slow down and think things through. And those who think are dangerous to the culture. It is not a pretty picture.