Those of you who read this blog regularly (or my book) won't find anything new in this piece, which I synopsize below. It says in plain English that favorable legislation, industry bailouts, market subsidies, wealth extraction, and simple greed are now the backbone behind modern markets in America. It just says it in another way.
From Paul Buchheit at Common Dreams.org, we get five reasons that help explain how the super rich have not earned their money.
1. They've Taken All the Middle Class Wage Increases
In 1980 the richest 1% of America took one of every fifteen post-tax income dollars. Now, according to IRS figures, they take THREE of every fifteen (doc) post-tax income dollars. They've tripled their cut of America's income pie. That's a trillion extra dollars a year ...
2. They've Mismanaged Key American Industries
We have the most expensive health care system in the world. Failing banks have survived because of taxpayer bailouts. Management-approved shortcuts have led to workplace deaths and chemical leak disasters. Companies lobby for cap and trade laws so their profits can pay for their pollution ...
3. They've Benefited from 50 Years of Public Research
The very rich have made their fortunes in good part because of taxpayer-funded research at the Defense Advanced Research Projects Agency (the Internet), the National Institute of Health, the National Science Foundation, and numerous other government agencies ...
4. They've Increased Their Incomes By Not Paying Taxes
The richest 10% own 80% of the stock market, providing billions in "unearned income" that is taxed at less than half the rate of income earned through real work ...
5. They've Contributed Little to Society
The richest individuals and corporations have shown little regard for the majority of Americans who depend on sound financial management for their economic security. According to sources such as the New York Times and ProPublica, Wall Street firms including JPMorgan, Citigroup, Bank of America, and Goldman Sachs have been repeatedly charged with fraud only to avoid punishment by paying a fraction of their profits in fines ...
What all of this points to is that many of our modern "rugged individualists" do NOT represent the go-it-alone market entrepreneur many like to believe exists and dominate our market system. When it comes to making the magic of the market work, there are numerous (and I mean numerous) factors at work.
You can read Bruchheit's entire piece, with links, here.
- Mark
From Paul Buchheit at Common Dreams.org, we get five reasons that help explain how the super rich have not earned their money.
1. They've Taken All the Middle Class Wage Increases
In 1980 the richest 1% of America took one of every fifteen post-tax income dollars. Now, according to IRS figures, they take THREE of every fifteen (doc) post-tax income dollars. They've tripled their cut of America's income pie. That's a trillion extra dollars a year ...
2. They've Mismanaged Key American Industries
We have the most expensive health care system in the world. Failing banks have survived because of taxpayer bailouts. Management-approved shortcuts have led to workplace deaths and chemical leak disasters. Companies lobby for cap and trade laws so their profits can pay for their pollution ...
3. They've Benefited from 50 Years of Public Research
The very rich have made their fortunes in good part because of taxpayer-funded research at the Defense Advanced Research Projects Agency (the Internet), the National Institute of Health, the National Science Foundation, and numerous other government agencies ...
4. They've Increased Their Incomes By Not Paying Taxes
The richest 10% own 80% of the stock market, providing billions in "unearned income" that is taxed at less than half the rate of income earned through real work ...
5. They've Contributed Little to Society
The richest individuals and corporations have shown little regard for the majority of Americans who depend on sound financial management for their economic security. According to sources such as the New York Times and ProPublica, Wall Street firms including JPMorgan, Citigroup, Bank of America, and Goldman Sachs have been repeatedly charged with fraud only to avoid punishment by paying a fraction of their profits in fines ...
What all of this points to is that many of our modern "rugged individualists" do NOT represent the go-it-alone market entrepreneur many like to believe exists and dominate our market system. When it comes to making the magic of the market work, there are numerous (and I mean numerous) factors at work.
You can read Bruchheit's entire piece, with links, here.
- Mark
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