Democratic Primaries
Related: About this forumBernie Sanders on target saying 3 richest have as much wealth as bottom half of all Americans
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Many Americans make a good income, have some savings and investments, and own a nice home. But they also have debt, typically from a mortgage, credit cards or other bills. The result is that even some people with relatively healthy incomes, as well as many poorer people, have a negative net worth the more technical term for wealth.
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University of Michigan sociology professor Fabian Pfeffer, whose research specialties include wealth inequality, was among a number of economists and wealth inequality experts who told us the federal figures used in the study are the best for assessing wealth in the population. He told us that the wealth gap is much greater in the United States than in other Western industrialized nations.
Pfeffer said the top 5% hold more than 70% of all net worth in the United States. Thats compared to 44% in Australia and Sweden, and lower figures in other comparable nations.
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The latest available figures indicate that the total wealth of Gates, Bezos and Buffett was $248.5 billion, exceeding the total wealth of $245 billion of the bottom half of Americans.
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https://www.politifact.com/truth-o-meter/statements/2019/jul/03/bernie-sanders/bernie-sanders-target-saying-3-richest-have-much-w/
primary today, I would vote for: Undecided
katmondoo
(6,457 posts)primary today, I would vote for: Joe Biden
jalan48
(13,870 posts)primary today, I would vote for: Undecided
stonecutter357
(12,697 posts)primary today, I would vote for: Joe Biden
Uncle Joe
(58,365 posts)It's in the OP.
primary today, I would vote for: Undecided
George II
(67,782 posts)primary today, I would vote for: Joe Biden
stonecutter357
(12,697 posts)primary today, I would vote for: Joe Biden
Hoyt
(54,770 posts)bottom 50%, it would be about $1675 per person. Now that assumes the moment that wealth was taken, the value of paper wealth wouldnt drop like a rock, for them and everyone else who owns a house, a few shares of stock, even a used car. It also assumes companies would continue to operate and pay people, which is questionable. Point is, bottom half would have little wealth left and likely see no improvement.
I agree wealth needs to redistributed and taxes increased substantially. But this kind of Sanders BS is why trump or any other GOPer would win in a landslide.
primary today, I would vote for: Joe Biden
Turin_C3PO
(14,004 posts)not to necessarily redistribute the money but to create a system where these scenarios dont arise in the first place. How to do that? I dont know and its not an easy problem to fix.
I usually dont defend Sanders but I think hes just pointing out the massive problems with the system we have now.
primary today, I would vote for: Joe Biden
crazytown
(7,277 posts)giving people a easier path up the ladder - child care, pre-k, tuition free community college, and lifting student debt off lower & middle income graduates?
primary today, I would vote for: Undecided
Hoyt
(54,770 posts)At some point Sanders, et al, are going to have to level with people. We are all going to have to pay more for healthcare, climate change, jobs, bolster Social Security and other safety net benefits, education, infrastructure, deficit and debt reduction, and a lot more
The wealthy should pay more, we should slash the military budget, etc. But, everyone but the poorest, are going to have to pay.
primary today, I would vote for: Joe Biden
crazytown
(7,277 posts)primary today, I would vote for: Undecided
Hoyt
(54,770 posts)primary today, I would vote for: Joe Biden
crazytown
(7,277 posts)If you have a 30 year mortgage, it's a negative for about 20 years.
primary today, I would vote for: Undecided
Uncle Joe
(58,365 posts)Bernie's proposals and policies are long overdue medicines for our ailing society.
The true bull shit economic propaganda against the poor, vulnerable and middle class has been going on since the days of Reagan and Trump is a direct, inevitable result.
If current dynamics are not reversed, we will have future Trumps and they will be worse, that's the way I see it.
primary today, I would vote for: Undecided
crazytown
(7,277 posts)Yes, but we can't rely on an FDR administration to steady things any time soon. One thing that has impressed me is the new economic bill of rights, but the we are going to need the equity of new deal all over again.
primary today, I would vote for: Undecided
Uncle Joe
(58,365 posts)primary today, I would vote for: Undecided
crazytown
(7,277 posts)Something like the GI bill would go a long way, not to mention an Eisenhower era top tax rate
primary today, I would vote for: Undecided
Uncle Joe
(58,365 posts)primary today, I would vote for: Undecided
Hoyt
(54,770 posts)reduced, but Sanders messaging is aimed at people who are going to take it without thinking further.
Rather than BS, maybe Sanders should tell us exactly how hes going to reverse equality with tax rates on each income level, cost of healthcare, childcare, education, climate change, bolstering Social Security, infrastructure, etc., along with the chances of acceptance by voters and enactment.
Im for all that stuff, but Id like to see someone lay it out, rather than just vilifying the rich.
primary today, I would vote for: Joe Biden
Uncle Joe
(58,365 posts)primary today, I would vote for: Undecided
Hoyt
(54,770 posts)I think most people realize those two tax cuts were foolish.
primary today, I would vote for: Joe Biden
femmedem
(8,203 posts)They could see the dentist, fix or maintain their vehicle, take some community college classes, buy back to school clothes for their kids, get a good interview outfit or spend a small part of it on a date. They could put a security deposit on an apartment. They might be able to save a little bit for a rainy day, but most of the money would circulate a few times before it ended up back in the top three's pockets.
You are correct, I think, that there would be unintended consequences. But I wouldn't underestimate what $1675 would mean to someone who is poor. Look at LadyFreedomRidesAgain, for example, selling anything she can in order to get dog food and tp while she waits for disability to kick in now that she isn't able to work. It would be a miracle for her.
primary today, I would vote for: Joe Biden
Hoyt
(54,770 posts)So, for $1675 short-term gain, the entire USA economy would shut down because no one would invest in a country that takes all wealth. Plus, the $1675 would probably be 50 cents at best as soon as the paper representing wealth is dumped on the market.
Like it or not, most of us work for companies in this country, and in other wealthy countries.
primary today, I would vote for: Joe Biden
maxsolomon
(33,345 posts)with his wife.
So stop being unfair to him!
primary today, I would vote for: Undecided
crazytown
(7,277 posts)Mae West
primary today, I would vote for: Undecided