Soaking the rich doesn’t work

[Tom Joad]

Originally Posted by whell

Gotta have economic growth before you have money to peel off of it to fund health care Tommy. So, economic growth should be the top priority to fund whatever you want: health care, social services, an evil military that conquers, rapes and pillages, whatever.

But you keep putting that cart before the horse, if you want.

Any economic benefits that have occurred due to tax cuts for the rich have all gone to the rich. As a result we now have in this country a wealth distribution that any third world Banana Republic Dictator would be proud of. An economy that only works for a small percentage at the top is doomed to fail. The rank and file workers bees are tapped out. When you get to the point where the rich are trying to squeeze more blood out of what are now turnups, the whole thing will collapse.

[whell]

Originally Posted by Tom Joad

Any economic benefits that have occurred due to tax cuts for the rich have all gone to the rich. As a result we now have in this country a wealth distribution that any third world Banana Republic Dictator would be proud of. An economy that only works for a small percentage at the top is doomed to fail. The rank and file workers bees are tapped out. When you get to the point where the rich are trying to squeeze more blood out of what are now turnups, the whole thing will collapse.

While I don't disagree that the economy overall is working well for the relative minority, where you and I may differ is where that minority is. I think it's working great for lobbyists and the "inside the beltway" crowd. Witness the per capita income growth of DC and surrounding states. That's the banana republic stuff IMHO.

[bobabode]

Love - 40 Joad.

ps Please shrink that pic of the drone Mike. I hate having to side scroll.

[Tom Joad]

Originally Posted by whell

While I don't disagree that the economy overall is working well for the relative minority, where you and I may differ is where that minority is. I think it's working great for lobbyists and the "inside the beltway" crowd. Witness the per capita income growth of DC and surrounding states. That's the banana republic stuff IMHO.

That's not all it's working for:

http://abcnews.go.com/Business/incom...ry?id=14817561

The income of the richest 1 percent in the U.S. soared 275 percent from 1979 to 2007, but the bottom 20 percent grew by just 18 percent, new government data shows.

The Congressional Budget Office (CBO) released a study this week that compared real after-tax household income between 1979 and 2007, which were both after recessions and had similar overall economic activity.

While the income of the richest 1 percent nearly tripled, increases were smaller down the economic ladder. After the 1 percent, income for the next highest 20 percent grew by 65 percent, much faster than it did for the remaining 80 percent of the population but still lagging well behind the top percentile.

[finnbow]

Originally Posted by whell

While I don't disagree that the economy overall is working well for the relative minority, where you and I may differ is where that minority is. I think it's working great for lobbyists and the "inside the beltway" crowd. Witness the per capita income growth of DC and surrounding states. That's the banana republic stuff IMHO.

These folks represent lots of rich folks from far outside the beltway from every industrial sector and every area of the country. That said, the DC area's wealth has precious little to do with lobbyists.

[Tom Joad]

Originally Posted by whell

Witness the per capita income growth of DC and surrounding states.

That's mostly because of all that government money that's flooding the area.

Lot's of good paying government jobs, plus lucrative government contracts.

[merrylander]

Originally Posted by whell

Tell you what, gents. Why don't we pick a state as a crucible for Tom's 90% top rate suggestion. Maybe a nice Blue state with all that new-found gummint wealth like Maryland. Its got more 1% types per capita than anyone else. We can tax them more - cuz they really don't need that money - and we can suck it into Washington where it can be redistributed by all the folks that we just took it from. Kinda like the fox guarding the chicken coop, I wonder who all that redistributed wealth will find its way back to?

http://www.washingtonpost.com/news/l...nt-far-behind/

Define assets because if it means all that you own then we are on that list also and believe me we are NOT millionaires. Though at the rate they are building McMansions hereabouts somebody has lotsa money.

[merrylander]

Originally Posted by whell

You need to get out more. For example, where do you think some of the money comes from to fund start ups, or to fund rapid expansion of existing firms?

http://www.forbes.com/sites/alexkonr...nture-capital/

Screw Forbes by all reports lately it is coming from crowd sourcing a new phenomena.

[finnbow]

Washington's economy is increasingly less about government and becoming more about high-tech, biotech, media companies, health-care....

http://www.washingtonpost.com/busine...9d7_story.html

[finnbow]

Originally Posted by whell

While I don't disagree that the economy overall is working well for the relative minority, where you and I may differ is where that minority is. I think it's working great for lobbyists and the "inside the beltway" crowd. Witness the per capita income growth of DC and surrounding states. That's the banana republic stuff IMHO.

I thought it was distasteful for Republicans to be jealous of wealthy people - class warfare and all that rot.