We have the greatest wealth inequality in human history. Fifty eight individuals have as much wealth as 3.3 billion. That is billion with a ‘’b’’. In the United States three men have as much wealth as 160 million. The One Percent have convinced DT voters and the mainstream media that black people, immigrants, stock market and banking regulations, liberals, environmental protections (which DT calls restrictions) and homosexuals are responsible for their stagnant incomes and downward social mobility.
Hopefully, the Democratic Party will ask people to wake up. Impose a world-wide billionaires tax. Make rich individuals and major corporations pay taxes like they did when Ike was president. As a child in the 1950s, I remember prosperous times.
For more detail, see Thomas Hartman’s thoughts below.
Sincerely,
Ed
You could call it the disaster of pothole economics: all across America, roads, bridges, water systems, schools, and other vital public infrastructure have been underfunded and neglected ever since Reagan popularized the idea of “austerity” among Republicans.
In order to pay for the second most massive tax cut for the morbidly rich in history (Reagan cut the top tax bracket from 74% down to 25%), his administration cut spending on education, housing, roads and bridges, and pretty much every other aspect of America’s infrastructure. George W. Bush did the same thing, and Donald Trump tripled down on the scheme.
The result was a $51 trillion transfer of wealth — over a mere forty-three years — from the homes, retirement accounts, and savings of average working families into the money bins of the extremely wealthy. Thirty-four trillion of that transfer show up as our national debt, which was a mere $800 billion ($0.8 trillion) when Reagan first came into office and started this scam.
President Joe Biden and his Vice President, Kamala Harris, ran the first administration of either party to significantly repudiate Reagan’s neoliberalism by injecting trillions into rebuilding our nation (over 35,000 projects) while raising taxes on rich people and corporations to pay for it.
| The Biden-Harris Record | The White HousePresident Biden and Vice President Harris ran for office on the promise to move quickly to deliver results for w… |
The result was immediately visible, just like in the 1940s, 1950s, and 1960s: we now have the best economy on planet Earth with unemployment lower than any time since the 1960s (and lower than any time in history for women, Blacks, and Hispanics). Inflation has been at or below 0% for the past two months and is annually running around 3% (Reagan never got inflation below 4.1% in his entire 8 years); all across America we’re putting our rural areas, towns, and cities back together.
For the past forty years, Republicans and their administrations have focused almost entirely on taking cash away from working class people and handing it off to the billionaires who own and finance their party. At the top of the list of ways they did this was a series of five tax cuts for the morbidly rich and big corporations adding up to over $30 trillion since 1981.
But they’ve also been cutting spending to compensate for their tax breaks for the billionaire class: They blocked extending the child tax credit this year, throwing millions of American children back into poverty. They’ve fought lifting the cap on Social Security taxes so people making over $168,600 will begin paying on all of their income (millionaires and billionaires currently pay only a tiny fraction of the percentage to support Social Security that the rest of us do).
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