"the top 20% to own just over 30% of the wealth and the bottom 40% to own about 25%."
what is america's actual distribution?
The top 20% of wealthy individuals own about 85% of the wealth, while the bottom 40% own very near 0%. Many in that bottom 40% not only have no assets, they have negative net wealth.
of course, to reach this desired level, we must seriously consider increasing taxes on the wealthy. but no, we're not going to raise their taxes. and how will the rich spend their money? not by trickling that down to you and me, fools. to wit (from the journal, no less):
We know the rich have been spending more than any other sector of the economy. But the real risk with the tax cuts is neither hoarding nor buckets of Grey Poupon. It is that the wealthy will invest their excess cash in ways that do nothing for the U.S. economy–either putting it in emerging markets overseas (which they’ve been doing) or investing in gold (which they’ve also been doing). Exporting capital and buying chunks of metal that sit in a safe do nothing to create jobs or stimulate the economy.
warren buffett is basically begging congress to stop the extension of the bush tax cuts:
“The rich are always going to say that, you know, just give us more money and we’ll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.”
fat effing chance, foreal. every dumdum with $10 thinks he's going to be a billionaire tomorrow. raise taxes on his fantasy earnings? no way.
oh yeah, more fallout from this year's elections?
- consumer protection finance bureau? yeah, that's not going anywhere under the weight of endless requests for reports and investigations from the GOP.
- green card lottery? your days are numbered, too.
omg i'm so bummed now.
on a relatively positive note, kanye's new album is as good as everyone says it is. on infinite loop. i need more douchebag*, please!
* quote from pusha t: "A lot of songs were made strictly from conversations. With 'Runaway,' the beat was down, some of the lyrics were down. And we’re having a conversation about us, as men, being assholes sometimes: admitting it, doing what you can do to get out of it, being well-aware that you do wrong and doing wrong anyways. And he's like, 'I like your perspective on this whole thing. I need a verse.' I had to write it four times. He kept begging for 'more douchebag.' That was his chant: 'I need more douchebag!'
He didn’t understand that I was going through a relationship turmoil at the time, out of my own douchebagness. In the verse, I'm really having a conversation with someone: I was in the wrong about something, so I’m saying it, but then I’m trying to ease it, too. And he’s like, 'No, I need more douchebag. No, please — more douchebag.' He’s killing me, he doesn’t even know it. Eventually I’m like fuck it, I'll just go all the way."
also, can we discuss how three separate individuals are credited on this album for "handclapping?" forealz.