The US Is Officially A Banana Republic: The Top 1% Now Own More Wealth Than The Entire Middle Class

[Indeependent]

What were the tax rates for the 1% back then?

The biggest con was to convince Americans that tax cuts for the rich was some kind of good thing...

Trump said it...

Trump told friends at Mar-a-Lago ‘you all just got a lot richer’ after tax bill passed: report

President Trump reportedly told friends at his Mar-a-Lago resort in Florida just hours after he signed the GOP tax bill that they all just got wealthier.”You all just got a lot richer,&#…

thehill.com

This is the scam, call the others elites while you look after the rich elite...

And yet the Indian Business Visas were sent home and US citizens got their careers back.

 

[CowboyTed]

Screw off. Crime is largely a product of poverty. This entire thread is about how our system works to keep people in poverty. We've used our economic and justice system to keep people in poverty largely because people have been pissed they can no longer demand anyone get to the back of the bus.

US are optimistic people and believe one day they will be millionaires and they don't want the government taking there money...

The truth is, it far less likely than they think and less than most of the first world.

Global Social Mobility Index - Wikipedia

en.wikipedia.org

So what they do is they create a class below them e.g. immigrants and tell them they are below you and they want to be ahead of you. They are the reason you are not wealthy.
It's a scam... Look at the countries with the most economic movement...

 

[Indeependent]

US are optimistic people and believe one day they will be millionaires and they don't want the government taking there money...

The truth is, it far less likely than they think and less than most of the first world.

Global Social Mobility Index - Wikipedia

en.wikipedia.org

So what they do is they create a class below them e.g. immigrants and tell them they are below you and they want to be ahead of you. They are the reason you are not wealthy.
It's a scam... Look at the countries with the most economic movement...

Like the Ds & Rs did to Blacks by inviting in the Mexicans.

 

[CowboyTed]

And yet the Indian Business Visas were sent home and US citizens got their careers back.

Not really... Indians are usually sought after to fill shortages in areas like IT... These are jobs that US companies are struggling to fill...

US has close to full employment, kicking out a Software Developer just hurts the economy. By getting rid of them software can't be developed for a company to more competitive...

BTW, eventually companies just hire them in India (or some other country, where multi country employees can work together)anyway and they get all the employment for the IT project, so the US Project manager, Business Analyst, Tester, Architect/Designer,... loose out...

Have any of ye a clue how actual business works these days...

 

[CowboyTed]

Like the Ds & Rs did to Blacks by inviting in the Mexicans.

What crap are you talking about...

Can you show us proof of inviting...
You think that black people are envious of an undocumented Mexican taking a less than minimum wage job?

 

[CowboyTed]

So? Without the ultra rich we wouldn't have smart phones, over night delivery, 4k TV's, international flights and so on. Their thirst for wealth and control is what drives progress. If everything was equal no one would want to dedicate their lives to something to improve it because there would be no need to, nothing to be gained.

Besides those few ultra wealthy are the reasons we have jobs, companies to work at, company financed healthcare, and a lot more. We depend on them for products, services and jobs and they depend on us to stay where they are.

Look at what things Elon musk and Jeff bezos have done and will do. If they couldn't be rich they probably wouldn't want to, and if everyone was equal in status who would bother listening to them? Their wealth made them be listened to.

They aren't some oppressive overlords, they are rich fucks that earned their money. And see my reply below as well.



And that's why you're part of the problem. Because you condone bad behavior, reationalize it and support it.

You condone breaking shit because you have less? Then go get more. No one is stopping you. Bill Cosby was a broke black dude from Philly, aside from the rapings look what he did. Jeff bezos started out selling books in his garage. My doctor came from a broke ass family from south east Kentucky.

You can do more if you want to. Don't like where you are? Man the buss runs everyday. No one has an excuse anymore.

That is one of the stupidest posts yet...

You think money drove the people above... Jeff Bezo didn't really invent anything.

As Elon Musk:
“I really do not have any other motivation for personally accumulating assets except to be able to make the biggest contribution I can to making life multi-planetary.” According to Musk, “that's what really drives me — trying to figure out how to make sure that things are great and going to be so.”

There's one thing that motivates Elon Musk above all else

The billionaire tech titan shares what's behind his immense success.

www.cnbc.com

Real inventors don't do it for the money, they have plenty of that... It is the prestige and ability to crack the puzzle.. Jobs was very similar too..

Thanking the Rich, as said the greatest con on the American people.

 

[Toddsterpatriot]

What were the tax rates for the 1% back then?

What was the share of all taxes that the 1% paid when rates were 70%?

 

[kyzr]

Leona Helmsley spoke the truth "only little people pay taxes"

 

[Dragonlady]

You are a liar.

If you weren't, you'd have been able to post the answers to my questions to prove I'm wrong.

You won't, because you can't. Liar.

You are an idiot. I'm under no obligation to answer your questions. If you have a rebuttal to my post then post it with links but find them yourself.

 

[Dragonlady]

What was the share of all taxes that the 1% paid when rates were 70%?

What share of the wealth of the nation did they own when they paid 70% is the better question. What was the poverty rate?

 

[Toddsterpatriot]

You are an idiot. I'm under no obligation to answer your questions. If you have a rebuttal to my post then post it with links but find them yourself.

Sure thing, liar.

 

[Toddsterpatriot]

What share of the wealth of the nation did they own when they paid 70% is the better question. What was the poverty rate?

We don't have a wealth tax.

 

[CowboyTed]

What was the share of all taxes that the 1% paid when rates were 70%?

I think you are making my case... The rich were't that rich back then... Are yu saying the top 1% should be paying the same even if they are worth way more?

What do we think started in the 1980s?

 

[Indeependent]

You are an idiot. I'm under no obligation to answer your questions. If you have a rebuttal to my post then post it with links but find them yourself.

How does one rebut a fiction?

 

[Toddsterpatriot]

I think you are making my case... The rich were't that rich back then... Are yu saying the top 1% should be paying the same even if they are worth way more?
View attachment 679437

What do we think started in the 1980s?

They weren't as rich and they paid less of the total income taxes.

Was that your point?

 

[whitehall]

Whatever the number is, there is no middle class in a banana republic and there is no way a common person could legally become wealthy as they can in the U.S. The alleged wealth disparity argument used by the sneaky socialists has nothing to do with a banana republic. A banana republic happens when the current administration uses gestapo tactics to punish and incarcerate the previous administration and the media becomes the propaganda agent of the administration. My point is that the U.S. has become a banana republic but not for the reasons stated in the post.

 

[Mashmont]

The US Is Officially A Banana Republic: ​

The Top 1% Now Own More Wealth Than The Entire Middle Class​

The US Is Officially A Banana Republic: The Top 1% Now Own More Wealth Than The Entire Middle Class

In some ways, we sympathize with Neel Kashkari's fake "concern" about the unprecedented we...

austrian.economicblogs.org

Summary:
In some ways, we sympathize with Neel Kashkari's fake "concern" about the unprecedented wealth inequality that has emerged in the US in recent years and which has resulted in a slow, methodical and relentless destruction of the US middle class ... or rather make that precedented because there was another time when the top 0.1% had amassed as much wealth and it was just before the Great Depression. After all, who hasn't seen charts such as these showing the tremendous divergence in income earned by America's Top 1% at the expense of the middle and lower classes: Or that the top 10% now own 70% of all the US wealth, the same as the middle and lower classes combined...... up 10% from the 60% of wealth they controlled at the start of the century.
~Snip~
It's not just stocks that have benefited the super rich: housing has too. While a generation ago, the middle class held more than 44% of real estate assets in the country, it is now down to 38%. The pandemic generated a boom in housing values that has benefited most those who owned real estate in the first place. It also led to soaring rents this year, which hurt those who can’t afford a house. The self-feeding loop was yet another source of wealth transfer for the wealthier.
So the next time someone abuses the popular phrase "they hate us for our [fill in the blank]", perhaps it's time to counter that "they" may not "hate" us at all, but rather are making fun of what has quietly and slowly but surely become the world's biggest banana republic?
And it has not Russia, nor China, nor any other foreign enemy to blame except one: the Federal Reserve Bank of the United States.
Full story here

Comment:
Historically, bad shit ensues when this is sustained. Given a fed-up heavily armed populace, well....
The 18th century French banker and philosopher named Richard Cantillon noticed a phenomenon that when new money was issued by the king/government, it always flowed first to those closest to the source - the rich, powerful and connected.
He wrote called ‘An Essay on Economic Theory,” and his basic theory was that who benefits when the state prints a bunch of money is based on the institutional setup of that state. In the 18th century, this meant that the closer you were to the king and government power, the more you benefitted. The rich received “new money” first, often on beneficial terms. The further away you were, ie) average workers, the more you were harmed, due to inflation and debasement.
Money, in other words, is not neutral. This general observation, that money printing has distributional consequences that operate through the price system, is known as the “Cantillon Effect.”
The solution is simple. Break up Amazon and apply the law to politicians that have become multi-millionaires by insider trading.

In a banana republic, the bulk of the wealth is owned by the leftwing dictators. We aren't there yet, but we are getting there. How else could bimbo actress AOC be worth $30 million in such a short time?

 

[Toddsterpatriot]

In a banana republic, the bulk of the wealth is owned by the leftwing dictators. We aren't there yet, but we are getting there. How else could bimbo actress AOC be worth $30 million in such a short time?

Whatever her networth is, it's too much, but I haven't seen a credible source for $30 million.

 

[Mashmont]

Whatever her networth is, it's too much, but I haven't seen a credible source for $30 million.

Alexandria Ocasio-Cortez Net Worth 2024: Salary & Husband

As of 2024, American politician, Alexandria Ocasio-Cortez’s Net Worth is estimated to be $10 Million. Check out Alexandria Ocasio-Cortez’s Salary, and Income.

caknowledge.com

 

[Dragonlady]

How does one rebut a fiction?

Are you saying the economy hasn't crashed 3 times in the past 40 years????? Or that wealth didn't start "trickling up" when Reagan was in power????

Every chart, every graph and every statistic from 1980 to date shows this steady trajectory of wealth rising to the top, and that increase in wealth is accelerated with every tax cut and every crash.

These are proven facts that Republicans continue to ignore, and worse, they lie about them. Tax cuts DON'T create jobs. Tax cuts DON'T pay for themselves.

And yet here you are claiming that the current wage and wealth inequities are a "fiction". Or worse, that Democrats caused them.