Do you understand any of this PJ? There is the objective and then there is reality. You Reagan guys no longer live in reality. You live in the past. You remind me of the French...wanting to dig a ditch around their country to protectect them from Germany.
http://dailybail.com/home/stockman-t...l-madness.html
This lamentable prospect is deeply grounded in the policy-driven transformation of the economy during recent decades that has shifted income and wealth to the top of the economic ladder. While not the stated objective of policy, this reverse Robin Hood outcome cannot be gainsaid: the share of wealth held by the top 1 percent of households has risen to 35 percent from 21 percent since 1979, while their share of income has more than doubled to around 20 percent.
The culprit here was the combination of ultralow rates of interest at the Federal Reserve and ultralow rates of taxation on capital gains. The former destroyed the nation’s capital markets, fueling huge growth in household and business debt, serial asset bubbles and endless leveraged speculation in equities, commodities, currencies and other assets.
At the same time, the nearly untaxed windfall gains accrued to pure financial speculators, not the backyard inventors envisioned by the Republican-inspired capital-gains tax revolution of 1978. And they happened in an environment of essentially zero inflation, the opposite of the double-digit inflation that justified a lower tax rate on capital gains back then — but which is now simply an obsolete tax subsidy to the rich...
Only if you are in the top 1%. Glad to hear you are doing so well from that piss poor movie actors actions.
Right about what? That " the share of wealth held by the top 1 percent of households has risen to 35 percent from 21 percent since 1979, while their share of income has more than doubled to around 20 percent.''
Originally Posted by WTF
I don't see the purpose of your Stockman article posting....
I haven't fact checked your numbers...I will agree with the 1% of earners having 20% of the income; of course, they do pay 40% of the income taxes....
Didn't Mr. Reagan want you to keep more of the money you worked hard for rather than taking it from you by force and giving it to some else? Nobody has been able to explain to me what moral justification exists for them to get your money....
The wealthy don't get to just take income and wealth from other people...they have to provide goods and services to people at acceptable prices...you provide numbers I have not fact-checked, but you just assume they got what they have because they stole it...
perhaps you can clarify some of your point by sharing with us how globalization played into your numbers, or even social mobility [certainly the top 1% of earners are not the exact same people as the top 1% from 10 years ago]
the financial speculator/backyard inventor comment is laughable...the backyard inventor never gets off the ground without the financial speculators! HA! HA! HA! HA! HA! HA!
I also love those "loaded" terms: FINANCIAL SPECULATORS...sounds so evil and dirty [doesn't mom and pop saving for retirement belong to the financial speculator class?]....BACKYARD INVENTOR...sounds so innocent and wholesome...HA! HA! HA! HA! HA! HA! HA!