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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 368.29+0.6%Nov 7 4:00 PM EST
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pak73
From: marcher10/2/2022 10:39:21 AM
1 Recommendation  Read Replies (1) of 217585
 
billionaires' hostage...
reich:

"...between 1989 and 2019... the richest 1% of families increased their share of total national wealth from 27% to 34%. Families in the bottom half of the economy now hold a mere 2%.
...How do the ultra-wealthy justify their wealth and their low tax rates? By using three myths – all of which are utter rubbish.

The first is trickle-down economics.
...For more than 40 years, as wealth at the top has soared, almost nothing has trickled down. Adjusted for inflation, the median wage today is barely higher than it was four decades ago
... the super-wealthy don’t create jobs or raise wages. Jobs are created when average working people earn enough money to buy all the goods and services they produce, pushing companies to hire more people and pay them higher wages.

The second myth is the “free market”.
...Even if they’re being rewarded, there’s no reason why the “free market’ would reward vast multiples of what the rich were rewarded with decades ago. The market can induce great feats of invention and entrepreneurship with lures of hundreds of thousands or even millions of dollars – not billions.
...the ultra-wealthy have rigged the so-called “free market” in the US for their own benefit. Billionaires’ campaign contributions have soared from a relatively modest $31m in the 2010 elections to $1.2bn in the most recent presidential cycle – a nearly 40-fold increase. What have they got for their money? Tax cuts, freedom to bash unions and monopolize markets and government bailouts. Their pockets have been further lined by privatization and deregulation.

The third myth is that they’re superior human beings.
They portray themselves as “self-made” rugged individuals who “did it on their own” and therefore deserve their billions.
...Bupkis. Six of the 10 wealthiest Americans alive today are heirs to fortunes passed on to them by wealthy ancestors. Others had the advantages that come with wealthy parents.

Jeff Bezos’s garage-based start was funded by a quarter-million-dollar investment from his parents.
Bill Gates’s mother used her business connections to help land a software deal with IBM that made Microsoft.
Elon Musk came from a family that reportedly owned shares of an emerald mine in southern Africa.

...there is no justification for today’s extraordinary concentration of wealth at the very top. It’s distorting our politics, rigging our markets and granting unprecedented power to a handful of people.

theguardian.com
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