Billionaires Are A Sign Of Economic Failure

| Educate!

Above Photo: Steve Leverett/Flickr

Inherited wealth and crony capitalism have created an aristocratic class that undermines social mobility and democracy.

  • Infarction

    That three men in the US have a net worth that equals the bottom half [165 million] of the nation’s population is a priori evidence of the failure of capitalism to self-regulate.

    A vast overhaul of the financial structure is necessary. To this end workers must demand the following: 1) An annual 100 percent wealth tax on assets greater than $10 million; 2) Return the incremental tax rates to the Eisenhower era when the top earners paid 91 percent; 3) Corporations are taxed at the same rates as individuals; 4) End all corporate subsidies; 5) Create legislation that mandates hard time prison for corporate malfeasance, bribing of public officials, filing false or misleading financial statements, etc.

  • Steven Berge

    I like where you’re coming from. Many people misinterpret the Roosevelt 91% tax rate. The 91% tax rate was on income that was over a generous allowance, the rate they paid on the first million or so was taxed at the normal rates. So it’s not as onerous as many people think. When I point this out, many people soften their resistance.

  • Some prose perhaps relevant to the times…

    “Guttural undulations intone latent language of truth into nation earth
    Take howl’s energy
    Gather red egrets everywhere defiant
    Expose life in thundering encore song

    Oppression foretells fists, widow ire tears hearts, talons hear each inch ripped, horror embraces all destruction started

    One fierce face, wind intent tintinnabulates honor, tenor heralds elation’s inevitable
    resurgence, harken ears around dinned sound” – Anonymous

  • chetdude

    In 1944 the top tax bracket was set at 94% on income received OVER $2,850,000 to pay back the debt incurred to save capitalism from itself…

    We’ll have to set even higher rates in the near future In order to help pay for a REAL Green New Deal to undo the damage caused by Capitalogenic Global Warming and Existentially Threatening Climate Catastrophe perpetrated by those capitalists and their progeny.

  • This chart represents income disparity, starting with Reagan’s trickle-down economics. Essential neoliberal policy. https://uploads.disquscdn.com/images/e096f157198290861339000d14fba7638434296054f395a8fe538dfe6c3222c8.jpg

  • I only have a rudimentary understanding of MMT

    The essence would be that we (America) have the ability to print out money to fund projects for the Green New Deal. Then we would need to tax on the backend, taking money out of circulation, to prevent inflation.

    We will probably heavily tax the fossil fuel industry right off the bat, plus redirect military expenditures…my point being we don’t have to rely solely on taxation.

  • chetdude

    Correct.

    Financing sanity will be much easier than financing the current insanity: Forever War, Capitalogenic Global Warming and Existentially Threatening Climate Catastrophe and massive inequality (the give-away to multi-millionaires and billionaires last year was put on the U.S. credit card).

  • mwildfire

    Two quibbles, on this pair of sentences:

    Bill Gates is worth nearly $100 billion dollars in 2019, almost twice
    what he was worth when he stepped down as head of Microsoft. This is
    despite his admirable commitment to giving his money away.

    First, I dispute that Gates is WORTH some astronomical sum. We need to change this language habit. Language influences thought, which is why I object to “mainstream media.” We could say someone HAS XX, or their net HOARD is, or something, rather than saying their net worth is XX.
    Second his charity may not be so admirable, since much of it is used to push neoliberal “solutions” like charter schools and GMO seeds for Africa, approaches good for the cornering of markets by the already rich.

  • sabelmouse

    he isn’t worth more than any other human, possibly less as he causes so much harm.