Top 1 percent of Americans possess more wealth than the entire bottom 90 percent

Discussion in 'Politics' started by rdean, Oct 17, 2011.

  1. rdean
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    rdean rddean

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    The 400 wealthiest Americans have a greater combined net worth than the bottom 150 million Americans.

    The top 1 percent of Americans possess more wealth than the entire bottom 90 percent.

    In the Bush expansion from 2002 to 2007, 65 percent of economic gains went to the richest 1 percent.

    More broadly, there’s a growing sense that lopsided outcomes are a result of tycoons’ manipulating the system, lobbying for loopholes and getting away with murder. Of the 100 highest-paid chief executives in the United States in 2010, 25 took home more pay than their company paid in federal corporate income taxes, according to the Institute for Policy Studies.

    Living under Communism in China made me a fervent enthusiast of capitalism. I believe that over the last couple of centuries banks have enormously raised living standards in the West by allocating capital to more efficient uses. But anyone who believes in markets should be outraged that banks rig the system so that they enjoy profits in good years and bailouts in bad years.

    The banks have gotten away with privatizing profits and socializing risks, and that’s just another form of bank robbery.

    http://www.nytimes.com/2011/10/16/opinion/sunday/kristof-americas-primal-scream.html

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    He goes on to cite studies that show "income inequality" keeps the economy from growing. Well, these are simply common sense. Democrats on this board, including me, have been pointing this out for the last few months. The Republicans here keep saying, "Oh, it's because you're lazy and don't know how to work". What a bunch of fools.

    With huge income inequality, you have a lack of demand. That means "no jobs". And look at the AVERAGE Wall Street Job. Well over $300,000.00 a year for producing NOTHING. Just moving money around. Could you imagine if we followed Republicans idea of throwing our money into the stock market? Of all the crazy, insane schemes.

    How many USMB Republicans are sleeping in a bag in the living room of mom's double wide, out of work, who are calling the left, "Lazy, no good communist bums?"

    With this type of income inequality, there is no "Hard work and you can succeed". Because there are no jobs. No way to pay off those loans. Income inequality sucks the life out of the economy. How many of those guys did it, NOT with hard work, but with bought politicians?
     
  2. MeBelle
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    MeBelle Mebellien Mothership © Supporting Member

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    100-1=99, not 90.
     
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  3. California Girl
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    California Girl BANNED

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    Math isn't rdweeb's best subject. He doesn't like his teacher - so it's the teacher's fault that he's an idiot.
     
  4. rdean
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    rdean rddean

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    That's because the top 1% don't own more than the entire 99% of the rest of the country. Only the bottom 90%. 9%, obviously, were left out.

    This is what is wrong with Republicans. For one, they don't know how to read. Second, what ever it is they do read, they imagine it to be something else.
     
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  5. Katzndogz
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    Katzndogz Diamond Member

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    The top 1% is supporting how much of the bottom 90%?
     
  6. California Girl
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    California Girl BANNED

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    I rarely read at your level, dweebie. I graduated kindergarten long ago.... but how is the Cat in the Hat doing these days?
     
  7. rdean
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    rdean rddean

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    Why don't you read the article. Owning something doesn't always mean you are supporting someone.

    You could spend a few minutes "learning" something new. Or not. I suspect not.
     
  8. Mr. Shaman
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    Mr. Shaman Senior Member

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    Sooooooooooooooooo........ :eusa_eh:
     
  9. del
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    del BANNED

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    life's unfair.

    keep it under your hat.


    :eusa_shhh:
     
  10. rdean
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    rdean rddean

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    Who? I stay away from your literary icons. Too strange.

    Hilarious you should mention math. Two things you can't do. Stick with what you know. Now, don't you have some dishes to do?
     

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