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Uncle Joe

(58,365 posts)
Wed Jul 3, 2019, 05:21 PM Jul 2019

Bernie Sanders on target saying 3 richest have as much wealth as bottom half of all Americans



(snip)

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.

(snip)

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. That’s compared to 44% in Australia and Sweden, and lower figures in other comparable nations.

(snip)

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.

(snip)

https://www.politifact.com/truth-o-meter/statements/2019/jul/03/bernie-sanders/bernie-sanders-target-saying-3-richest-have-much-w/

If I were to vote in a presidential
primary today, I would vote for:
Undecided
25 replies = new reply since forum marked as read
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Bernie Sanders on target saying 3 richest have as much wealth as bottom half of all Americans (Original Post) Uncle Joe Jul 2019 OP
I have heard that many times already katmondoo Jul 2019 #1
Outrageous. Keep repeating. jalan48 Jul 2019 #2
Are you doing the millionaires and billionaires thingy ? stonecutter357 Jul 2019 #3
Politifact is. Uncle Joe Jul 2019 #4
Nah, we don't complain about the millionaires or 1% anymore. Wonder why? George II Jul 2019 #20
Some of my best friends are millionaires , And i love every one of them . stonecutter357 Jul 2019 #21
Sounds like a lot. But if you took every penny of that $249 Billion and gave it to the Hoyt Jul 2019 #5
I think the point is Turin_C3PO Jul 2019 #6
How about a wealth tax crazytown Jul 2019 #10
Warren's 2% wealth tax is already spoken for, child care. Hoyt Jul 2019 #12
My text of my reply address that nt crazytown Jul 2019 #14
Not exactly, because Warren will need another tax for free college, and college debt forgiveness. Hoyt Jul 2019 #19
It Is net worth :- crazytown Jul 2019 #7
The highest wealth inequality since the roaring 20s and we know how that turned out. Uncle Joe Jul 2019 #9
"we know how that turned out" crazytown Jul 2019 #11
Or better yet the equity of World War II. Uncle Joe Jul 2019 #13
And knock on wood, without the War crazytown Jul 2019 #15
Most definitely without the war. Uncle Joe Jul 2019 #16
But, not that much higher than Germany, UK, etc. The equality needs to be Hoyt Jul 2019 #18
The smart and conscientious ones know what's going on. Uncle Joe Jul 2019 #22
They probably will give up the last two tax cuts without whining. Hoyt Jul 2019 #25
$1675 per person with nothing or next to nothing would be an amazing boost to them. femmedem Jul 2019 #23
Yeah, the unintended consequences would leave lots of tens of million out of work. Hoyt Jul 2019 #24
Bezos just had to split his pot of gold maxsolomon Jul 2019 #8
"I'm not a gold digger, I take diamonds" crazytown Jul 2019 #17
 

katmondoo

(6,457 posts)
1. I have heard that many times already
Wed Jul 3, 2019, 05:27 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

jalan48

(13,870 posts)
2. Outrageous. Keep repeating.
Wed Jul 3, 2019, 05:28 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

stonecutter357

(12,697 posts)
3. Are you doing the millionaires and billionaires thingy ?
Wed Jul 3, 2019, 05:34 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Uncle Joe

(58,365 posts)
4. Politifact is.
Wed Jul 3, 2019, 05:38 PM
Jul 2019

It's in the OP.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

George II

(67,782 posts)
20. Nah, we don't complain about the millionaires or 1% anymore. Wonder why?
Wed Jul 3, 2019, 06:14 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

stonecutter357

(12,697 posts)
21. Some of my best friends are millionaires , And i love every one of them .
Wed Jul 3, 2019, 07:34 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Hoyt

(54,770 posts)
5. Sounds like a lot. But if you took every penny of that $249 Billion and gave it to the
Wed Jul 3, 2019, 05:40 PM
Jul 2019

bottom 50%, it would be about $1675 per person. Now that assumes the moment that wealth was taken, the value of paper wealth wouldn’t 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.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Turin_C3PO

(14,004 posts)
6. I think the point is
Wed Jul 3, 2019, 05:43 PM
Jul 2019

not to necessarily redistribute the money but to create a system where these scenarios don’t arise in the first place. How to do that? I don’t know and it’s not an easy problem to fix.

I usually don’t defend Sanders but I think he’s just pointing out the massive problems with the system we have now.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

crazytown

(7,277 posts)
10. How about a wealth tax
Wed Jul 3, 2019, 05:51 PM
Jul 2019

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?

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

Hoyt

(54,770 posts)
12. Warren's 2% wealth tax is already spoken for, child care.
Wed Jul 3, 2019, 06:00 PM
Jul 2019

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.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

crazytown

(7,277 posts)
14. My text of my reply address that nt
Wed Jul 3, 2019, 06:03 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

Hoyt

(54,770 posts)
19. Not exactly, because Warren will need another tax for free college, and college debt forgiveness.
Wed Jul 3, 2019, 06:13 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

crazytown

(7,277 posts)
7. It Is net worth :-
Wed Jul 3, 2019, 05:46 PM
Jul 2019

If you have a 30 year mortgage, it's a negative for about 20 years.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

Uncle Joe

(58,365 posts)
9. The highest wealth inequality since the roaring 20s and we know how that turned out.
Wed Jul 3, 2019, 05:51 PM
Jul 2019

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.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

crazytown

(7,277 posts)
11. "we know how that turned out"
Wed Jul 3, 2019, 05:58 PM
Jul 2019

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.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

Uncle Joe

(58,365 posts)
13. Or better yet the equity of World War II.
Wed Jul 3, 2019, 06:02 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

crazytown

(7,277 posts)
15. And knock on wood, without the War
Wed Jul 3, 2019, 06:06 PM
Jul 2019

Something like the GI bill would go a long way, not to mention an Eisenhower era top tax rate

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

Uncle Joe

(58,365 posts)
16. Most definitely without the war.
Wed Jul 3, 2019, 06:07 PM
Jul 2019
If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

Hoyt

(54,770 posts)
18. But, not that much higher than Germany, UK, etc. The equality needs to be
Wed Jul 3, 2019, 06:09 PM
Jul 2019

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 he’s 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.

I’m for all that stuff, but I’d like to see someone lay it out, rather than just vilifying the rich.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Hoyt

(54,770 posts)
25. They probably will give up the last two tax cuts without whining.
Wed Jul 3, 2019, 08:43 PM
Jul 2019

I think most people realize those two tax cuts were foolish.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

femmedem

(8,203 posts)
23. $1675 per person with nothing or next to nothing would be an amazing boost to them.
Wed Jul 3, 2019, 08:23 PM
Jul 2019

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.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Hoyt

(54,770 posts)
24. Yeah, the unintended consequences would leave lots of tens of million out of work.
Wed Jul 3, 2019, 08:41 PM
Jul 2019

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.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

maxsolomon

(33,345 posts)
8. Bezos just had to split his pot of gold
Wed Jul 3, 2019, 05:47 PM
Jul 2019

with his wife.

So stop being unfair to him!

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

crazytown

(7,277 posts)
17. "I'm not a gold digger, I take diamonds"
Wed Jul 3, 2019, 06:08 PM
Jul 2019

Mae West

If I were to vote in a presidential
primary today, I would vote for:
Undecided
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