ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel


Updated on May 13, 2013

Wealth Distribution in 2007

Percent of Wealth
Top 1%
Libertarian Ron Paul says 38%
Top 10%
Top 20%
Top 60%
Bottom 40%

The top 1% of the US population holds 23.5% of the financial wealth of this country. That’s right; close to one fourth of the wealth in this country is in the hands of the top 1%. Actually I think Bernie Sanders got the figure too low in his speech. Libertarian Ron Paul puts the figure at 38%. But I will not contradict Bernie. Either way, Does that look like Socialism to you?To me it looks like I am a slave to the people that have gained the most from all the breaks since Reagan.

The concept of “Socialism in America” is the biggest lie ever told. It is strictly propaganda. The word “Socialism” conjures up fear. Conjuring up fear is a specialty of the right. The word “Socialism” is used to frighten you. Don't be fooled. The propaganda experts know that every red blooded American thinks “Socialism” is evil. Everyone knows the “Union of Soviet Socialist Republics” was communist. Fear inducement is popular in the GOP strategy book. It is a popular tactic of Tea Party types to popularize a false idea. It ensures the rich keep getting richer and the middle class disappears if needed.

Let’s go on. 70.9% of the wealth is held by the top 10% of the population, conversely, that leaves 29.1% of the wealth for 90% of the population.

Worse, the bottom 80% of the population divides a meager 7% of the wealth. And it gets much uglier as you proceed downward. The bottom 40% of population has only 0.2% of all wealth. The bottom 40% are dividing peanuts. If you think that is Socialism I suggest you take a course in Economics 101.

GOP lawmakers are pushing for another $57 billion in cuts this year. The honorable Senator from Vermont, Bernie Sanders, has the right idea. According to the senator, a 5.4 percent surtax on adjusted gross incomes over $1 million could bring in as much as $50 billion a year, while ending tax loopholes for the oil-and-gas industry could chip in $3.5 billion.

The people teaching our children, enforcing the laws, and fighting our fires should not be scrambling for part of 7% of the wealth of this country. The GOP has seen to it the well healed have been protected and had their way with government. They have been partying with the Bush tax cuts long enough. The Tea Party has put labels like “Socialism” and “Obama Care” on things they don’t like to develop a general distaste for Obama.

But wanting to induce fear some idiot on the right cries: “Will 2010 be the dawn of Socialism in America? Will we be “transformed” from a free country where individuals can write their own ticket through hard work and entrepreneurship to a “big brother nanny state? There are red flags everywhere. Americans should fear the fact that the government is suddenly buying into failing businesses with money they don’t even have.”

This idiot is probably one of those scrambling for his tiny share of the 7% ..

Obama saved the automobile industry. Isn't that great? What a relief!! And did you hear GM just posted a good profit for the year, tens of thousands of jobs were saved, and America can be proud. I do not understand how the GOP can get anyone in the bottom 80% to vote so blatantly against their self interest, but they somehow do just that. For gods sake people, wake up. We barely have a democracy anymore as we continue to hand money to the super rich.

The Bernie Sanders Ten, per release....

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)