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Forum Post: It's the Wealth Gap, Stupid: Why the truly alarming economic trend is not income inequality

Posted 2 years ago on Feb. 13, 2012, 11:03 a.m. EST by GildasSapiens (266)
This content is user submitted and not an official statement

"In recent years, the fortunes of the Romneys and others in their cohort have continued to grow, notably diverging from the majority of Americans still struggling to deal with a slow economic recovery. The Occupy Wall Street protestors stole the media spotlight this past fall by creatively highlighting these discrepancies. President Obama has taken notice and, as reflected in his State of the Union address, is teeing up inequality as a major a campaign theme for the fall. But it is not enough to highlight the gap between incomes of the top 1 percent and the bottom 99. What’s more alarming—and consequential over the long haul—is the growing concentration of wealth.

Recent estimates indicate that the while the top 1 percent earn 21 percent of the nation's income, they possess 36 percent of total wealth. This is especially troubling because while income dictates how well you’re doing today, it is access to wealth (the stock of resources) that creates opportunities down the line. Wealth is the bundle of assets, investments, and savings that can be tapped at will and strategically deployed. Or it can be used to generate passive income, as it does for the likes of Warren Buffett and Mitt Romney. There certainly is an issue of fairness to consider. As long as we tax capital gains and dividends well below the tax rate on earnings gained through work, the rich will have much lower marginal tax rates than the rest of us.

Minority families now own a nickel for every dollar of their white counterparts. There's an additional problem. When wealth is concentrated at the top, there are fewer resources available for everybody else to deploy. And in the aftermath of the Great Recession, we should recognize that the dynamics of inequality have fundamentally shifted."

http://motherjones.com/politics/2012/02/its-wealth-gap-stupid

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2 Comments


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[-] 2 points by jimevanhoe1 (55) 2 years ago

Financial Chaos here in the USA started in the 1908's with Bush & Reagan. They started by destroying Unions, debt spending ( 3.4 trillion ) that was not tied to any real return to the betterment of the Society as a whole, but to their financial backers The Defense Industry. They even bought Reagan's home in Bel-Air, for Ron and Nancy, "the Friends of the President" look it up. G.H. Bush now President continued the destruction through the never ending "Bush Created Chaos", needless Wars, Panama, Iraq, then it all lead to a housing boom and it collapsed, Sound Familiar?!, Clinton got in but sold his sole and "WE the People" to Max C. Chapman Jr. See the visit to Chapman by the Clintons in 1995, this to stop the criminal investigation into "White Water" a real estate deal tied to the Clintons in Arkansas, after that deal with Chapman (the FIXER), Kenneth Starr backed off of the Clintons and said so the next February. But then Clinton got involved with the BLUE DRESS and his impeachment was at hand but in stepped the Republicans again and through Graham of Texas and the Bush Family .... Clinton gave up "We the People" and signed the death seal to "Glass Steagall" more Bush Chaos began than with Goldman-Sachs deliberately destroying the Tech Boom, March of 2000, in order to level the Political Playing Field for G.W. Bush, so he could WIN...he did... and GS and their Board of Directors got what they wanted, the Bill & Melinda Gates Foundation (a director was from this foundation) got Bush to drop the breakup of Microsoft, Intel yes they were on the Board at GS as well, eliminated their smaller competition as did Gates at Microsoft. Further "Bush Created Chaos" was when Alan Greenspan a crony to the Enron Crew , they gave Alan an Award remember and to the Jackson Hole Cheney Criminal Gang, where Greenspan would spend time in the Summer, kept Deregulating Our Financial Industry...now laying wide open to further "Bush Crony Corruption"... through another Needless and expensive war, Wall Street Mortgage Bundling Securities Fraud sold Globally. Add further Drug Cartel money laundering by "Bush Crony bank HSBC" on a massive scale laundering $1Trillion in drug cartel funds globally over the last 10 yrs alone. Destroying Our neighborhoods, our children our relatives our friends our future. THE BUSH FAMILY CREATED CHAOS is absolutely deliberate as is Goldman-Sachs destruction of the Economy their related...see who Dan Cook the III is and you'll then know who pushed the Privatization of Social Security ....Goldman...Cook...BUSH....it is always the same. Designed Chaos........Created Chaos......Deliberate Chaos.....put on to us all "WE the People".......by Bush, Clinton, Bush and now Obama Goldman-Sachs and the Defense Industry..... Here are some facts: THE GREEK COLLAPS IS ABSOLUTELY TIED TO WALL STREET AND GOLDMAN-SACHS…………INVESTIGATING THEIR GOVERNMENT and Institutions and their TIES TO BUYING mortgage backed securities Sold to them by Wall Street creating CHAOS…………. Obama’s ties to corruption = Goldman-Sachs
Goldman-Sachs the company that has put the USA into Recession for 13 yrs out of the last 30 yrs. 1988,89,90,91 & 92; 2000, 2001 & 2002; 2008,09,10,2011 & 2012. * Documented by Matt Taibbi author and writer for the Rollingstone Magazine & Noni Prins, former executive at Goldman-Sachs and myself James P. Evanhoe.
This time October 2008 Wall Street destroyed assets globally, (Greece is just one), that total $82 Trillion Dollars U.S., that is TRILLION and have never been convicted. Even on 60 mins the Head of the FBI investigating these charges was ask by the 60 mins commentator if he, the FBI, were incompetent?
That answer is ABSOLUTELY, the FBI is Totally incompetent as is Obama. OBAMA IS REALLY ONE OF THEM! Obama’s once Chief of Staff, Rahm Emanuel – contract employee to Goldman-Sachs. Obama’s Under Secretary of State, Robert Hormats, Goldman-Sachs International, Vice Chairman. Obama’s COO of the SEC Enforcement, Adam Storch, Goldman-Sachs Vice President of Business Intelligence. Obama’s Chief of Staff for the Treasury, Mark Patterson, Goldman-Sachs Lobbyist. Obama’s Department Director of the NEC, Diana Farrell, Goldman-Sachs Financial Analyst. Obama’s Chairman of the FIAB, Stephen Friedman, Co-COO, Chairman of Goldman-Sachs.
Obama’s Ambassador to Germany, Phillip Murphy, a Director at Goldman-Sachs. Obama’s Chairman of the CFTC, Gary Gensler, Co-Head of Finance at Goldman-Sachs. Obama’s White House Counsel, Sonal Shah, Vice President Environmental Policy at Goldman-Sachs. Obama’s White House Staff, Alexander Lasry, Government Affairs Analyst for Goldman-Sachs Do you have a job or did you get a job from OBAMA or did he give us all a con-job as did Wall Street and Goldman-Sachs destroy OUR Economy as would any terrorist or traitor....Yes that is Treason !
PS: Follow the Money, follow the "Bush Created & Deliberate Chaos"

[-] 0 points by asauti (-113) from Port Orchard, WA 2 years ago

I will be voting for Ron Paul this year, even if I have to write him in, like I did in 2008.

Long Live Liberty!