The RICH are destroying AMERICA

 

The RICH are destroying AMERICA

The facts are clear – income and wealth in America have shifted to the top 10%.  The numbers mean the US Economy will decline and the rich will cloak off all growth.

But the wealthy help America, the right-wing nut-jobs, Tea Baggers and the Republicans scream.  This statement is a LIE.

The new numbers from the US Dept of Commerce and a study by the New York University professor, Edward Wolff, show the wealth and income gap in America between the wealthy and everyone else is growing and putting America at risk.

First the numbers; in 2009 the top 1% of Americans owned 36% of all wealth in America and took over 25% of all income.  The top 10% owned 90% of all financial assets.  That means the bottom 90% of all Americans controlled just 10% of financial assets.

The gap in income went from the top 1% taking just 10% in all US income in 1970 to taking over 25% in 2009.  Why is this important?  As fewer and fewer people control more of the total amount of money and wealth in America, the vast majority has less to spend in the economy.  Each millionaire and billionaire that gets richer takes money from others to grow their wealth.

Every one billion taken out of the economy by Warren Buffett as he grows his wealth means 25,000 jobs that pay $40,000 per year are lost.  Will Warren buy an additional 25,000 pairs of shoes; will he buy 25,000 additional cars, 25,000 additional homes with his new found $1 billion? No!

So as Warren and Bill Gates and the others get richer, everyone else gets poorer and the numbers prove this is happening.

Wages in America have fallen over time leaving most American workers with less to spend on products and services that drive the US economy.

The RICH are killing America, making it poorer and making the lives of most Americans worse than they were 30 years ago.  If you have children this is terrible news for them.  They will be less likely to be able to make a middle class living and to have a middle class life style.

In fact the income and wealth gap is much larger in America than in any western democracy in Europe and Canada.  The reasons are simple.

1.   Extremely low income taxes on the rich; the top 1% made on average $7.4 million and paid just 22% federal income tax rate or %1.6 million in taxes.  The taxes in the other western democracies average twice this amount.

2.   Low unlimited capital gains tax of just 15% allowed over 100,000 wealthy people with income of over $10 million to pay just a 15% tax

3.   25 people that made over $1 billion paid just a 15% tax rates thanks to the Republicans, less than a fireman married to a nurse.

4.   An immoral cap on the Social Security tax (FICA) for the rich that allows most rich people to avoid paying the FICA tax on 95% of their wages.  For example Brian Williams makes a salary of $10 million and pays FICA tax on just $103,000 of that.  The Wal-Mart workers and 80% of other Americans pay the FICA tax on 100% of their wages.

5.   A growing federal debt, now at $12 Trillion, that drags down economic growth caused by under taxing the wealthy

6.   Lack of funding for public education that reduces the skills of the American work force and puts us at a disadvantage with the other western democracies – public education in Canada and Europe is far better than in the USA

We have to make changes soon if we want to save America.  Warren Buffett and his friend at Goldman Sachs are in a war against the middle class and we need to act now.

Buffett bragged in the New York Times, “Yes there is class war, my class (the rich), are making war and we are winning.”

We must do the following:

1.   Increase income taxes to 50% on all income over $150,000 per year

2.   Tax net wealth over $2 million at 5% per year (many countries in Europe has these taxes NOW)

3.   Put a lifetime limit on capital gains tax treatment of $5 million

4.   Cut military spending by $300 billion and close 500 of our over 1,000 foreign military bases

5.   Provide funding to all public schools so all American children get a good education and can contribute to our economy

The fate of America is in the balance.

Matthew 22:39-40 

39"The second is like it, YOU SHALL LOVE YOUR NEIGHBOR AS YOURSELF.'

40" On these two commandments depend the whole Law and the Prophets."

Matthew 7:12 GOLDEN RULE -

 

12 “Therefore all things whatsoever ye would that men should do to you, do ye even so to them: for this is the law and the prophets.”

John 14:15 “If ye love me keep my commandments.”