Forum Post: Top 5 facts about wealthiest 1% of Americans
Posted 13 years ago on Oct. 5, 2011, 8:59 p.m. EST by groobiecat2
(746)
from Brattleboro, VT
This content is user submitted and not an official statement
The Top 1 Percent Of Americans Owns 40 Percent Of The Nation’s Wealth
The Top 1 Percent Of Americans Take Home 24 Percent Of National Income
The Top 1 Percent Of Americans Own Half Of The Country’s Stocks, Bonds, And Mutual Funds
The Top 1 Percent Of Americans Have Only 5 Percent Of The Nation’s Personal Debt
The Top 1 Percent Are Taking In More Of The Nation’s Income Than At Any Other Time Since The 1920s
source: http://thinkprogress.org/economy/2011/10/03/334156/top-five-wealthiest-one-percent/
Thank you for your contribution.
They also pay the vast majority of taxes, donate the vast majority to charity and invest the vast majority into the country. If you want the world to take you serious, stop the rich bashing. Thank god every night that you live in a country where you have a choice and ability to be rich, poor or middle.
Well, it's not about bashing the rich so much as asking them to pay their fair share. When the rich got into trouble--and lord knows the created the trouble that started in 2008, the 99% didn't!--they get a bailout from the Federal government. When the other 99% get into trouble, say from incredibly burdensome, usurious student loan debt, for example, because the country doesn't put education at the top of its lists of priorities, they get sold out.
Get it?
I agree completely with no bailouts, I cannot understand how people can stomach them to be honest, they piss in the face of honest citizens everywhere. I've thought about this a lot though and when poor people get in trouble, the government bails them out with social security? Are they not two sides of the same coin in a way? I'm in favour of the government NOT forcibly reallocating ANYONE'S resources. If they didn't inflate our cost of living, even the lower income people could afford better health care, education would be reasonably priced. The best thing the government could do is to get out of the freakin way
Mmm, I definitely wouldn't refer to social security as a bailout for the poor. My parents, both in their 80s and both republicans who paid into social security all their lives, would also probably disagree.
I do agree that government is part of the problem in so many ways, but saying they just need to get out of the freakin' way doesn't address the issues. Ever since our founding, the government has been involved in the economy in one way or another. And in general, it hasn't been a horrible thing. We won WWII because of it--if the TP had been in charge, we would have lost the war (or, more likely, never gotten involved in the first place). FDR's Work Projects Administration was government involvement, and thank god for it.
If you drive on highways--or get goods delivered for anything... If you've ever visited a national park... If you use the Internet(!)...
That's a government "intervention."
That said, the Wall Street bailout was a tremendous mistake; especially since there were so few ties/binds on the issue, and they keep getting big bonuses. Jon Stewart says it best on think: http://dailybail.com/home/jon-stewart-on-wall-street-bonuses.html
Is government the answer to everything. Absolutely not. But are corporations the answer? No. Corporations are good at making profits, and when there's demand, jobs, but they can't--and shouldn't--be charged with solving social problems (and needs). Currently? They're sitting on a pile of cash--trillions, actually, and they're not spending it on jobs. (and not because of burdensome regulations; it's due to lack of demand -- source: http://www.bls.gov/news.release/mslo.t02.htm).
You have got a well sorted statement, but let me say for the record that the USA did not win world war 2, the nations had been fighting the nazis for years before the us got involved, your army was smaller than belgiums in the 40's. Too many movies skew history. Fdr prolonged the depression with his failed measures. And we are reliving it again today in different bodies. Government has a role, for sure, so do corporations, it's when Both overstep there boundaries you get problems. It's so simple to me, the founding fathers, having observed tyranny laid down a brilliant set of documents to clarify exactly what a government should do. Even with a fight for independence, civil war, the USA grew immensely and was seen as a beacon to all of a nation of freedom. What amazes me today is when the constitution agrees with what people want to hear they stand behind it like there life depended on it, if it doesn't allow them to do what they want, they pretend it doesn't exist,
Okay, I hear you, and yes, the war had been going on for a long time, but the US intervention did help win it with the Lend Lease act, as well as good old American ingenuity--and shared sacrifice* to support the war machine. And I don't even have to tell you what broke the back of the Japanese emperor--the ultimate government project, sadly. If the US hadn't entered the war, it is likely that we'd be spreching Deutch right now.
Well, regarding FDR, there are arguments on both sides about the economy, but without doubt, the WPA actually did help create jobs. There's no controversy in saying that.
Regarding the Constitution, yes, amazing authors; filled it with great ideas, but it's all about interpretation. It's not, i think, that people want to pretend that the Constitution doesn't exist, it's more than the right tends to have a more conservative interpretation than the left does.
Here's an example. So, the 2nd amendment was aimed, so to speak, to ensure people could fight against government tyranny. Okay, great. But what's happened with a strict, laissez faire adherence to that amendment--with minimal government intrusion--is that we're less safe. Today, in the US, there are over 100,000 deaths and injuries in the US every year due to gun violence. That's completely insane. So, it's not the Constitution, per se, it's how its ideals are implemented. Who cares about gun shows and background checks so that criminally insane people can't shoot members of congress in the head!? Well, not folks who think that's not the province of the government because it somehow violates the 2nd amendment. As a progressive, I think it makes sense to regulate guns at least as much as we regulate driver's licenses or voting registration cards--and that's just not happening today. I know I won't change your mind, but that's just one example of the division.
I agree that both government and corporations shouldn't overstep their bounds, but traditionally, it's been the government that helps enforce those boundaries (and as a former government employee, I know how incompetent they can be). But they're no more incompetent than the people who run corporations--they're all people. And the 2008 meltdown is my ultimate proof: left to their own devices, the corporations won't govern themselves if there's profit to be made. (Again: low hanging fruit here, Credit Default Swaps--talk about Ponzi schemes...).
Tax rates on the wealthiest are the lowest in many years. In times of privation, those who are doing the best, should share more of their wealth. It's not called socialism, it's called *egalitarianism." It's about emphasizing the community over the individual--something our country isn't terribly good at. According to the non-partisan PolitiFact, in general, if you're a wealthy CEO or hedge fund manager, tax rates are he lowest they've been in years [source: http://tinyurl.com/6dvgrgk]
I think Elizabeth Warren says it best: http://youtu.be/htX2usfqMEs No one gets rich alone. She's right.
On class warfare and the social contract:
"I hear all this, ‘Well, you know this is class warfare, whatever...’ --No! There is nobody in this country who got rich on his own. Nobody. You built a factory out there? Good for you, but I wanna be clear: you moved your goods to market on the roads the rest of us paid for. You hired workers the rest of us paid to educate. You were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn’t have to worry that marauding bands would come and seize everything at your factory and hire someone to protect against this, because of the work the rest of us did.
"Now look: you built a factory and it turned into something terrific or a great idea, god bless! Keep a big hunk of it! But part of the underlying social contract is you take a hunk of that pay forward for the next kid who comes along."
Elizabeth warren is an idiot. Quoting her makes your argument look stupid.
LOL. Not too big on the whole irony thing, I see...
Not at all, I hate ironing. It's a woman's job
Hmph, I figured they owned more than half the countrys stocks. The rest of them must be owned by the top 1% of other countries.
The top 1% for the most part do jobs average people can't do. the jobs that pay 1 million a year require special skills. Can you play major league baseball? turn $10,000 into 100,000? the answer is probably no. That doesn't mean average people all live in misery. Most people still have good jobs that pay decent money.
Noamisrich, keep up the excellent work, it's good to see a light of sense in a sea of stupid.
And why is it that the wealthy businesses that provide us with goods that we want get demonized, but athletes who earn $10mil per year and STILL go on strike because it's not enough get of scot free? Doesn't make any sense to me
How do you turn $10,000 into $100,000? Are they running a money-laundering operation? Or maybe they're part of this Federal Reserve issue running about?
Hard work and wise investment
Yup, like the Fortune 500 CEOs ... I guess? They work their asses off to get money to pay their board members who sit on their asses.
A wise investment may include a house for the average worker, but the banks have rules that might let you only receive a sub-prime mortgage with a variable interest, where the banks can raise the interest level to suit their needs.
I think it's disrespectful to assume that board members sit on their asses, if you can steer a fortune 500 company to profitability in these times, you deserve to be rewarded. A house isn't an investment, if you think one is, especially with a loan, then you should change your name to "guaranteespoverty"
Well, I don't own a house. And the car that I own is a junker, which is falling apart because money (from jobs) is scarce.
Yes, but rewarded to what extent is an issue. Would you think that it's fair for them to instantaneously raise their rates on people to give those people bonuses?
Kudos on your lifestyle. If you don't have debt, you cannot be controlled. No I don't think it's fair to raise rates to give bonuses, but variable rates are something to be decided BEFORE signed on the dotted line, and most people I know won't even read it if it gives them what they want right now.....
Nonsense! Most of these people have earned their fortunes the old fashioned way! They've inherited it! Special skills like what? Coupon clipping, champagne bottle opening, caviar buying? Get real.
Rubbish, look through any countries rich list and 70% of them used their parents poverty as motivation to suceed
Nonsense! Read Kevin Philip's ( a Conservative) books on this topic. Most of the great wealth in this country is inherited.
Have YOU ever taken everything you own and invested in something you believed would make you wealthy? I think not. Many of these people have done exactly that, and many of those have lost that bet only to come back and try it again. Those that succeed, employ people like you and me! The wealthier they are the better as far as I am concerned. Do you all really believe that if some wealthy person had made less money in their life, you would magically have more? That is the dangerous thinking in this country right now.
Amen, I've done those things and good to see an educated person stand up for hard work, investment and taking a chance in life. Kudos for your post kind sir
See new comment; not entirely true.
Richest guy we all know, Bill Gates, did not inherit it. He made it.
Not totally true. He was born into a very wealthy family. His Mom was on the board of IBM at the time he got his offer from them. How do you think that door opened? You think IBM just meets with nobodies and gives them a million dollars offer? Get real Gates was a privileged kid not some poor guy with a dream. That he become the world's richest guy by being a ruthless monopolist is true. Again, in a free market , not the crony capitalist system we really have that might have never happened either.
See new comment; not entirely true.
he made it by buying DOS 1.0 from a poor basterd for 1k and making a huge business out of it. he didnt have any skills but got lucky in having his hand on the property rights of the first software to be delivered along with personal computer mass production. thats the story of bill gates.
Yeah it's that easy to become the worlds richest man. He made it happen, give the man whose work you use to insult him some credit and don't post rubbish
i just explained you how he made it happen.
Yes, the world thanks you for your stunning insight, I will update his wiki page now. Jackass.
reality comes in hard at times when you want to adore the wealthy and powerfull for their superhuman nature.
Yes it does, my respect for people of accomplishment has blinded me to the reality that everyone should be average
your error is making their accomplishment a part of their superior nature and not a part of the workings of society. it is the same fetishism that makes you say someone deserves a 1000 times the wage of another one because "he earned it". you are like a priest of the old times declaring that the favour of god is upon the successfull.
I never said they had a superior nature, umm you are getting into some freaky shit there. Steve jobs is worth more than 1000 times what I am, do I think he deserves it? YES! He created products millions of people want! He f-ing does earn it. Forums for fetishes Re on a different website ie: Www.leathercladdonkeys.com
he never created a product, fool. he is the human face of a brand. he might check on products that other people developed, that is his right as a business owner. and he did so with his first product, apple 1 designed by steve wozniak. whats skills then if not a superior human nature? it is either training or that.
I think there are some people who would disagree there and yes we all have Wikipedia.
I know you clicked that link too...
sure i did, but i already knew what i would find there, just looked up a name.
Ha I knew it!