Super Wealth and degradation of Society
The landscape for the middle class began to change during Regan. In 1980, the first year of Regan, the top tax rate was 70%. By the time he left it was down to 38.5%. If you go back to 1963 you'll see that the top tax rate was 91%.Source Did this tax rate prevent people from becoming wealthy? Rhetorical of course. That trend continued until Bush who got the rate down to 28%. Did that make the middle class wealthy? No. As a country we have less money in the bank than many other first world countries. We are #28 in personal savings compared to countries with higher tax rates. So lowering tax rates haven't given us more money in our pockets.
What did lowering the tax rates do for personal income for the average? Chart Here is what I take away from this chart. Between 1950 and 1970, personal income in 2004 dollars rose by 47%. Between 1980 and 2000 that number rose by a paltry 12%. and it dropped between 2000 and 2004. What changed? Union Membership declined from 24% to 13% during that same time. Union Busting was one thing Regan was known for. You can see what the results are from the stats in this paragraph.
So what's wrong with being super wealthy? Aren't they good for society? They create the private plane industry, yachts, estate managers, etc. These are precisely the problems. There is a finite amount of money. If there is a group taking and hording the pile, there is less to spread out for education, income for the middle class. If you can simply invest it worldwide, the money isn't spent manufacturing products here, it goes to companies that are cutting our financial throats outsourcing jobs in manufacturing and service to the lowest bidder. Picture the Waltons with a net wealth of approximately 80 billion dollars. What do they produce? How many jobs do they provide that you can raise a family on? How many 30 million dollar jets do they have where that money could be put to use creating jobs. Estates? Art? Cars? Yachts? etc etc. and the rate of the transfer can't be ignored either.
The super rich see a 16% growth and pay us .6% less. That's Laissez Faire at it's best.
It doesn't take a rocket scientist to see where this is going. There are many uninformed people out there ignoring the sign posts. There is even a guy here that speaks of morality with a straight face and how we need less government. How long will the Tea Party march with signs and then go back to their two jobs to make just enough? How long will they be the pawns of the super rich like Murdoch? Only a fool wouldn't see what is happening. If you are a tea partier or a Fox News supporter buying the rhetoric, what would it take for you to see the big picture? You are a group with foot on the floor driving toward the cliff chanting about how great you are. Reminds me of the O'Doyles and you don't want to end up like them do you?
Tags: Decline of Middle Class, Laissez Faire, Morality, Reaganomics, Wealth
Replies to This Discussion
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Permalink Reply by Rob on -
I think you fail to understand what money truly is...money is a symbol of material value. It is not merely a means to suppress the poor or empower the wealthy. Fundamentally, money is a tool for measuring the value of goods and services between a producer and consumer. Money facilitates the exchange of goods and services.
Socialism, anarchy, and communism all require that everyone act contrary to their own self interest. If we all do that then these systems work, but who really believes that would ever happen. Capitalism, on the other hand, functions best when people pursue their own self interest...in Capitalism, rational self interest is a virtue. If I may paraphrase Ludwig Von Mises: People do not work togethor because they love each other, but because it is in their own self interest. Basically, your drive to pursue your economic interest forces you to interact with others on their terms.
I am not saying that Capitalism is perfect, nor that government should not have an economic role. Government should protect consumers and even workers from force, fraud, and coercion.
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Permalink Reply by elaine kilshaw on -
Of course their god must be rich, for the rich always look after their own.
The poor are needed to be put away in a box to be forgotten and out of sight.
Sarah Palin is a joke amongst my friends in the UK, My mind would be changed if I saw these people in South Africa and living in a shanty town..helping those less fortunate.
Still that would be a good fairy story.
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Permalink Reply by Jon Heim on -
a millionaire can actually apply for unemployment if they loose their source of income, while most of the middle class actually need it, and cant get it....now THAT is messed up.
anyway, there is such a gap between the upper class and middle class that the middle class might as well be called the lower class.
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