Monday, January 16, 2012

Income Inequality is a Crisis in America



According to Michael Moore 400 individual Americans have more wealth than half of all Americans combined.  According to an article in the May 2011 issue of Vanity Fair,  the upper 1% of  Americans now take home more than 25% of the nation's income and control 40% of the nation's wealth.The Vanity Fair article goes on to state:

"In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran. While many of the old centers of inequality in Latin America, such as Brazil, have been striving in recent years, rather successfully, to improve the plight of the poor and reduce gaps in income, America has allowed inequality to grow."

In the face of increasing rates of poverty and income inequality, Republicans still want to repeal the estate tax ( which they refer to as the "death" tax)  and scream socialism and commie bastard at anyone who disagrees with them.  They will live to regret allowing the balance of wealth and power to become so skewed in America.

 This is how revolutions are made.



cartoon by David Baldinger at dbaldinger.com.

5 comments:

Doug B said...

Maher has something thoughtful to say about nearly everything.

This situation we are facing now with the 1% folks is outrageous. And it is outrageous that more of the minority are not hollering louder about it. It is obscene.

I can't believe the Republicans are not being shouted down every time they start their silly "class warfare" routine.

mommapolitico said...

Hey, there, my Packrat friend! This was a classic clip! Great stuff. Kim's got a cold, so I sent it along to cheer her up. Hope all is wellwith you, m'Dear. Life has been a little wacky, and haven't been visiting here like I should - forgive me. Updating my blog soon, so will be back at it myself...hope the New Year finds you happy and well.

pinkpackrat said...

Hey Doug and Momma-- thanks for the comments and the ongoing support. Much appreciated.

chicago25624 said...

So let me get this straight.
I work and pay State Local and Federal taxes on my income.
I pay a tax on the dividends paid to me each year on the investment I MADE WITH ME TAKING ALL THE RISK.
I invest my income and pay Capital Gains taxes on every penny the investment goes up, less expesnes.
I die, and the government is entitled to HALF of everything, for doing nothing except promising my money to people who are too damn lazy to work.

Yep, Tha sounds just like a socialist to me.
Barry and his clowns did NOTHING to earn it, they deserve NOTHING from it.

pinkpackrat said...

Chicao-- the feds are only entitled to half of what you leave if you leave an estate larger than 5 million dollars. Each state also has its own estate taxes and some of them take a large chunk of much smaller estates. Most people with estates that large do some estate planning and put it in trusts or annuities or something to avoid taxes. As for the government " promising your money to people too damn lazy to work " it is more apt to be spent on wars that George Bush got us into and forgot to pay for and corrupt pork barrel projects initiated by a corrupt congress. I assume that to you student loans or help for returning vetrans = people too lazy to work.

Cut the right wing victim crap will you? You aren't ever going to have to worry about estate taxes as you are unlikely to amass an estate that meets the 5 million dollar minimum requirement for taxation.