The study found the richest 1% had $110 trillion in wealth
You often hear people say if you took all the wealth of the top one percent, there isn't enough to pay off the debt. They are wrong. Very wrong, as this demonstrates.
But that in no way means anyone is justified in taking that wealth from them. That's the part liberals don't get. But deep in their hearts they know it is wrong to confiscate wealth, and so they find ways to vilify the rich so it feels okay to take from them.
You understand that without a consumer society, a working/spending middle AND lower class, the top 1% would have nothing.
Without government to protect their property, their patents, their copyrights, their interstate commerce -- the top 1% would have nothing.
Without government to organize and create AND maintain an infrastructure, there would be no consumer based economy.
Everyone should pay their fair share. From the 1930's - 1980, the wealthy kicked back into the system that made them rich.
Then came the myth of trickle down economics. Followed by NAFTA and off shore banking and tax havens.
If I can make a billion and get the bulk of it out of the system with minimal taxes and penalties, what incentive do I have to continue to support the consumer-based economy that made me rich? I'm obviously a selfish greedy egoist who cares nothing for my fellow man. Should the U.S. economy collapse, I've taken steps to inure that I'm safe and will survive in comfort while the U.S. and the world digs itself out and rebuilds.
The Walton Kids have a 100 million dollar doomsday shelter. Why? What are they worried about?
With all the money moved offshore by people like Romney, we could rebuild ever school, care for every sick person, house every homeless person, and get the U.S. back on track to paying off the dept.
Those that made billions off our society and economic system feel no obligation to continue to pay their fair share of taxes.
Thus the middle class is getting squeezed like grapes.
