- Politics and Social Issues
What are the top One Percent Afraid Of?
A Dose of Reality for Plutocrats
After reading an article from politico.com, it got me thinking about the nature of the article in question. The article or expos'e was a well written piece from the perspective of an uber-rich man on the subject of economic inequality in America.
The point of view expressed in the aforementioned article makes a lot of sense when one thinks seriously about it, me personally I'm not even remotely close to being rich never mind being uber a.k.a. filthy rich. But for a rich person to make this point about the income inequality gap, and proves his point with actual cold hard facts it's very hard to ignore.
This point of view that was expressed is more aligned with the Democrats / Liberals ideas than the Conservative or Tea Party Republican views. It debunks the prevailing Republican views, that trickle down economics actually works. Then proves it wrong with actual facts to corroborate his point.
He clearly advocates raising the minimum wage, he justifies this point by saying when workers have more disposable income they're likely to spend it on goods and services they need to survive. Thereby creating more demand for those goods and services which in turn creates the need for additional jobs to meet the increased demand.
There's also documented proof that tax breaks for the rich, so-called job creators was erroneous in it's fact. Back in the 90's, during the Clinton Administration when the tax rate was 39.6% there were 20.8 Million jobs created and during the George W Bush Administration the tax rate was 35% but over 663,000 jobs were lost. Granted the economy was in a horrendous free fall with the automobile industry on the verge of collapsing, two separate wars going on in Iraq and Afghanistan and the banking industry and the housing market were in dire straits.
But the root cause of the economic down turn was a result of corporate greed and relaxed government oversight or regulation of the banking industry. Where bad home loans were traded as highly speculative derivatives by big banks and investment firms profiting before the bottom fell out. Not one of the banking executives ever saw the inside of a court room. These things all happened under the G.W. Bush Administration's watch, yet the GOP's ultra conservative Republicans want to lay the blame or pass the buck onto the Obama Administration. Go figure that one out!