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1% of Americans Control 40% of America's Wealth: They Call The Shots! Joseph E. Stiglitz, a Nobel Peace Prize economist wrote for Vanity Fair, May 2011, that 1% of Americans control 40% of the nations wealth for the 1%. He predicts the trend will only continue, and as it continues, the lower 99% of American’ the underlings, will continue losing ground to the overdogs. Couple these predictions with the news that “Hundreds of people remained gathered in New York’s financial district Sunday as part of the “Occupy Wall Street” demonstration called for by Adbusters, Anonymous and other anti-corporate groups. Wall Street itself was cordoned off and police blocked the entrance to the New York Stock Exchange. The demonstrators aim to call attention to the “economic occupation” of moneyed interests and big banks. Those who showed up Sunday were far fewer than the crowd of 20,000 the organizers hope to see camped out in lower Manhattan over the coming months. Read on. What’s your take? Of The 1%, By The 1%, For The 1% “Americans have been watching protests against oppressive regimes that concentrate wealth in the hands of an elite few. Yet in our own democracy, 1% of the people take nearly a quarter of the nation’s income-an inequality even the wealthy will come to regret”. Stiglitz goes on to explain economists long ago tried to explain away the vast inequities in the 19th century by” the marginal productive theory”, e.g. higher incomes result fromgreater production and contributions to society, a theory that has always been cherished by the rich. Stiglitz offers, It’s validity remains thin, especially in light of the corporate executives who helped bring on the recession of the past 3 years---whose contribution to our society, and to their own companies, have been massively negative, yet they went on to receive large bonuses. In some cases, companies were so embarrassed about calling such rewards “performance bonuses”, they felt compelled to change the name to “retention bonuses”. He points out that those who have contributed great positive innovations to our society, from pioneers of genetic understanding to the pioneers of the Information Age, have received a pittance in comparison to those who brought our economy to the brink of ruin. In a nutshell he advises growing inequality is the flip side of diminished equality of opportunity, monopoly of power & preferential tax treatment for special interests. The more divided a society becomes in terms of wealth, the more reluctant the wealthy(who controls 40% of the wealth at this time) become to spend money on common needs. The rich don’t need to rely on government for parks, education, medical care, or personal security…they can buy all these things for themselves. They worry about strong government, especially one that could use it’s powers to adjust the balance of wealth, and invest for the common good. I was surprised at his statement “The top 1% may complain about the kind of government we have here in America, but in truth they like it just fine: too gridlocked to re-distribute, too divided to do anything but lower taxes. Lowering tax rates on capital gains, which he reports is how the rich receive a large portion of their income, has given the wealthiest Americans close to a free ride, such tax breaks he contends have been bought and paid for by the financial industry itself. Given the power of the top 1%, Steglitz wonders why it should surprise anyone that a tax bill can’t emerge from Congress unless big tax cuts are put in place for the wealthy. The world is a book and those who do not travel read only one page: St. Augustine |
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9/20/2011 5:31 pm |
If you, like me, are in the middle of the middle class, your tax rate is 32%. If you're in that upper 1%, your tax rate is 14% according to Warren Buffett. Just because you have silenced a man does not mean you have changed his mind.
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9/21/2011 3:01 am |
I once was invited to attend a sporting event in a Luxury Box complete with padded arm chairs, catered snacks, a soda and beer cooler, private bathroom and televisions. In an Arena that seated 15,000 people there were about 25 such suites. As I looked down at the people in the stands I began to feel some envy creep in over the fact that the owner of the suite could afford such privilege. Then I thought the guy that does my lawn or cleans out my gutters, or the cleaning lady that comes in every other week may feel the same way about me. That is why I treat each with dignity and respect. I will go out of my way to do something extra for them on occasions just to let them know how much I appreciate them. I have found that most people are like that. Some are not but what goes around comes around.......Have a nice day.... Its time to start reading the Bible, It will scare the Hell out of you...
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Bob, Your absolutely correct, those figure are misleading. Amazing how easily we see the distortion when we're were not in agreement, and coversely how the distortions mirror a perfectly clear picture when we are in agreement.
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60min. That's the old way of thinking....... The new way is that when your life is based on taking advantage, then you think that giving is being taken advantage of.
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9/21/2011 6:43 am |
If I provide incorrect information I am but too eager to correct it. I am about providing factual information that people can use to decipher through much of the incorrect information provided here by some. I wish it were the same for certain Tea Partyers on this site. Bob is correct here. It is not Vanity Fair's error, but mine in speed reading oversight. Vanity Fair stated "Joseph E. Stiglitz, a Nobel Prize winner for economics". Rich1937 quotes: Just because they have Nobel prizes along with Al Gore, doesn't mean anything as they will bestow that on anyone now." Rich sounds like the fox and the sour grapes. I don't recall but 2 recent or even distant Republican lawmakers being awarded the Nobel prize except for Theodore Roosevelt in the early 1900s and Kissenger, who was not elected but appointed (I am sure if I am in error you or Bob will correct me, even if you don't correct your own information). Since you state the Nobel committee will bestow a prize on anyone now, does that mean none of the recent presidents, including the bunch that are running are considered "no one"???? I mean, I know a lot of people feel that way! The world is a book and those who do not travel read only one page: St. Augustine
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9/21/2011 6:47 am |
If your income is on a w-2 form you are screwed. People with millions in income get the breaks. Tax on investment income can be lower than tax on personal labor. Some condone tax that would take food off a family table rather than have a person with a million dollar salary give up a tax break. Those who control the wealth do it by buying politicians in EVERY political party. It is simply done through lobyists and campaign donations. ALL politicians talk a good line to voters but answer to those who pay them through donations, book deals, business deals, vacations, etc. Look at the number of working class voters versus the number with millions in income-----------If politicians answered to THE PEOPLE---there would be something other than a dictatorship of the proletariat (working class). YES it IS a class struggle and many who would benefit argue against what would be to their own benefit. Go Figure. One term limits would reduce but not eliminate the corruption.
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9/21/2011 6:50 am |
Thank all of you for your comments. There is a lot of information out there, some downright intentionally biased and misleading. Those who wish to be informed to make the better decision on their behalf will dig beneath what is put out there to get the real story. Most people on this site are not spring chickens, bring a lot of experience to the table, many also bring a lot of exposure to different cultures, different countries, different governments and the basic services of different countries. I always wonder why someone tries to cram something down my throat, rather than offer me the opportunity to assess a variety of facts to come to my best conclusion. You should wonder too. The world is a book and those who do not travel read only one page: St. Augustine
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9/21/2011 7:25 am |
In spite of what the knuckle dragging flat earthers say, they can not escape the fact that historical data shows that they have had an ongoing attack on the middle class of this country. The data shows that the middle class is and has been in decline both in earnings and in standard of living. It's truly amazing how these goofballs try to distort the facts, yet they are never able to dispute factual information with any thing other than ad hominem, innuendo and bald faced lies. I think that a good number of them use a fortune teller make up things on the fly.
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Your observation is correct - isn't that the story all over the world except Communist China where 1% control the lives of the other 99%, Sunshine ?? Many thanks for sharing this - have a great day.  "To fight the darkness do not draw your sword, light a candle" - Zarathustra
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9/22/2011 1:06 pm |
If you, like me, are in the middle of the middle class, your tax rate is 32%. If you're in that upper 1%, your tax rate is 14% according to Warren Buffett.
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