Did you know that Warren Buffett declared war on America?

It is true.  Please see the acknowledgement below.  Warren and his buddies the other rich in America are making war on America and they are winning, according to the second richest man in America.

Everybody's Business – New York Times

In Class Warfare, Guess Which Class Is Winning

By BEN STEIN

Published: November 26, 2006

“There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”

So what did he say?

·         There is a class war.

·         The rich are making war on the un-rich - America

·         The rich are winning.

This statement comes from the second richest person (personal wealth $40 billion) in America; a capitalist, a free market advocate who should know what he is talking about.  He is one of those (my class) who are making war on you and your family.  In fact the rich are making war on America.

War – Merriam Webster On-line Dictionary

Top of Form

Main Entry: ¹war

Pronunciation: \ˈwȯr\

Function: noun

1 a (1) : a state of usually open and declared armed hostile conflict between states or nations (2) : a period of such armed conflict

2 a : a state of hostility, conflict, or antagonism b: a struggle or competition between opposing forces or for a particular end <a class war>

 

If this struggle is between the rich and not rich and if the rich win what happens to those who lose?  Well since, according to Warren, they are winning now we can see some of the effects.  Massive unemployment, official rate 10.2% with the real rate at about 16%.  Millions have lost their homes to foreclosure and more millions will lose their homes in the coming years.

The loss of 10 million American middle class jobs, sent to China, so Warren and his buddies could make more profits based on slave labor rates of $1/hour and less in China. 

No wage increases for workers in the last 20 years while the percentage of total US income going to the top1% has doubled in the past 20 years.  Twenty years ago the top 1% took 10% of total US income, ten years ago it went to 15% and in 2007 it went to 23% of all income in the US.  In 2007 the bottom 50% of all workers took just 17% of the total US income.  At this rate the top 1% will take over 40% of all income from all workers in the US.

The CEOs are now taking 400 times the average worker wage as compensation.  This is 4 times as much as they took for over 20 years in the 1960s and 70s, when they took just 100 times the average worker wage.  Are these CEOs 4 times as smart?  No! Do they work 4 times as hard?  No! Are they 4 times as greedy?  Oh yes they are 4 times as greedy as the CEOs of the past.  And yet we are told by the Republicans the CEOs should get even more than they get now.

Poverty rates have skyrocketed with over 18 million American children living in poverty and over 8 million without any healthcare, so corporate profits for the rich can continue to increase.  

Based on income distribution and the accumulation of wealth it is easy to see why Warren says the rich are winning.  Soon based on the trend the top 1% will take over 40% of all income leaving very little to the rest over us and almost nothing to the poor.  The near rich get about 30% leaving just 30% of total US income for 70% of all Americans in this new world based on the Warren Buffett class war. 

The reason this has happened is the low income tax rates for the rich, the use of capital gains tax and tax fraud.  The IRS estimates that the rich avoid paying over $100 billion each year by hiding money in secret Swiss banks accounts.  Many think that number is much higher in the range of $300 billion.

The average income tax rate paid by the top 1% in 2008 was just 17%, far lower than millions of middle class taxpayers.

Solutions: 

·         Raise income taxes rates to 50% for all income over $200,000 per year. 

·         Set a lifetime limit for capital gains of $5 million.  All income from capital gains over the lifetime limit would be taxed as regular income.

Tell me what you think about Warren’s war.  Do you think the rich are winning?

Please email your elected representatives and tell them what you think.

To read more stuff like this click here.