Rise of the Super-Rich Hits a Sobering Wall

Discussion in 'Politics' started by Indigo_Girl, Aug 23, 2009.

  1. Indigo_Girl
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    Indigo_Girl Rookie

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    Rise of the Super-Rich Hits a Sobering Wall

    By DAVID LEONHARDT and GERALDINE FABRIKANT
    Published: August 20, 2009
    NY Times



    The rich have been getting richer for so long that the trend has come to seem almost permanent.


    They began to pull away from everyone else in the 1970s. By 2006, income was more concentrated at the top than it had been since the late 1920s. The recent news about resurgent Wall Street pay has seemed to suggest that not even the Great Recession could reverse the rise in income inequality.


    But economists say — and data is beginning to show — that a significant change may in fact be under way. The rich, as a group, are no longer getting richer. Over the last two years, they have become poorer. And many may not return to their old levels of wealth and income anytime soon.


    For every investment banker whose pay has recovered to its prerecession levels, there are several who have lost their jobs — as well as many wealthy investors who have lost millions. As a result, economists and other analysts say, a 30-year period in which the super-rich became both wealthier and more numerous may now be ending.


    The relative struggles of the rich may elicit little sympathy from less well-off families who are dealing with the effects of the worst recession in a generation. But the change does raise several broader economic questions. Among them is whether harder times for the rich will ultimately benefit the middle class and the poor, given that the huge recent increase in top incomes coincided with slow income growth for almost every other group.
    In blunter terms, the question is whether the better metaphor for the economy is a rising tide that can lift all boats — or a zero-sum game.

    http://www.nytimes.com/2009/08/21/business/economy/21inequality.html

    Edited for copyright policy - KK
     
  2. Cold Fusion38
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    Cold Fusion38 SUPER GENIUS

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    Yeah I'm all busted up for dem po rich people.
     
  3. Indigo_Girl
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    Indigo_Girl Rookie

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    coldfusion:

    ...with all the Swiss Banks, and offshore banks giving up their secrets to the IRS, we can look forward to many wealthy people who have stashed their untaxed millions in foreign banks will now have to pay taxes owed, penalties, plus having their names published toooooo. Oh the futility of it all.

    The US government will be very rich after the wealthy pay their back taxes, penalties plus universal health care for the poor. Da Dems have it all if we can get da black guy to focus a little more, and get rid of Rahm, Geithner, and a few others we can get America back to nearly normal.
     
  4. Cold Fusion38
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    Cold Fusion38 SUPER GENIUS

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    The problem is that the Swiss banks are hiding behind their rules and trying to deny just that very info.
     
  5. Indigo_Girl
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    Indigo_Girl Rookie

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    coldfusion:

    It is my understanding that the Swiss and United States have come to an agreement as to names, addresses and balance of accounts. We are still in negotiation with offshore banks as we speak.

    Many wealthy US citizens who have Swiss accounts have already capitulated in regard to the IRS and have agreed to pay their back taxes and penalties. I am waiting for Halliburton, Big Oil, Pharmaceuticals, Cigna etc to give it up on their off-shore accounts also. It is gonna happen unless President Obama breaks a deal and calls it "negotiation".....
     
  6. veritas
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    veritas OBKB

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    The problem is that it takes all the less rich people together to make the rich people rich, and the well is dry. How freakin rich do they have to be? They got all of Bush's tax breaks and we got no jobs and bogus financial instruments and a $60T pile of CDS. How many yachts does one need?
     
  7. CrusaderFrank
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    CrusaderFrank Diamond Member

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    The rich give Libruls class Envy while Sarah Palin gives them penis envy
     
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  8. Oddball
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    Oddball BANNED Supporting Member

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    ....as the foul stench of schadenfreude permeates the room.
     
  9. concept
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    concept Evil Mongering

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    So if it were up to you, you would cap their wealth?

    Lets run with this, what's your cap? How much should we let them make through their own hard work before we take it and spread it around?


    :lol:
    Amazing.
     
  10. concept
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    concept Evil Mongering

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    What?

    Why aren't any libs here calling you out for this racist comment?
     

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