The NYT discovers what we lefties especially we super lefties long have known:THE RICH ARE RICHER THANKS TO BUSH TAX CUTS!
The people at the top of America's money pyramid have so prospered in recent years that they have pulled far ahead of the rest of the population, an analysis of tax records and other government data by The New York Times shows. They have even left behind people making hundreds of thousands of dollars a year.That is you and me and nearly everyone, bub! Why did our "incomes" fall? We supposedly got tax cuts...only we really didn't, did we? The pittance we got was totally wiped out at the pump when the price of fuel for heat and electricity and cars shot through the roof. Other things inflated too: all essentials in fact. So in reality, incomes have subisded just like they did in 1927-1929. All other indicies show a harmonic relation between the 1927-1929 time period including declining job opportunities even as money is flowing like crazy from all over the world back into American banks!
Call them the hyper-rich.
They are not just a few Croesus-like rarities. Draw a line under the top 0.1 percent of income earners - the top one-thousandth. Above that line are about 145,000 taxpayers, each with at least $1.6 million in income and often much more.
The average income for the top 0.1 percent was $3 million in 2002, the latest year for which averages are available. That number is two and a half times the $1.2 million, adjusted for inflation, that group reported in 1980. No other income group rose nearly as fast.
The share of the nation's income earned by those in this uppermost category has more than doubled since 1980, to 7.4 percent in 2002. The share of income earned by the rest of the top 10 percent rose far less, and the share earned by the bottom 90 percent fell.
Loans are laughably easy to get! Everyone can bid in the great casino if they dare. All you have to do is bet with your future credit! No big deal!
The group with homes, investments and other assets worth more than $10 million comprised 338,400 households in 2001, the last year for which data are available. The number has grown more than 400 percent since 1980, after adjusting for inflation, while the total number of households has grown only 27 percent.Of course, a hovel on Park Ave and 68th Street on the East Side of Manhattan goes for a mere $15,000,000 and if you own this you can be a "millionaire"....this wealth isn't capitalism at all!
Capital is if you own the means of production: factories and transportation building facilities like the earlier article I posted today about the exploding Chinese ship building project. A property is a haven or a frippery, not the means of production. I tear out my hair (well, yank it cautiously) over the lack of understanding of simple Marxian principles! Truly when they threw out the baby with the bath water modern economic thought has atrophied!
I am part of the ownership society. This means I not only own stuff, I even own the means of producing things, in a pinch. If our country suddenly found itself isolated from the world, I can build many things since I own a machine and a wood shop! As well as food production. My house is like the ancient Greek concept of home: economy comes from the Greek word for household work, farming and weaving. I even own a forge. And know how to use it.
The Bush administration tax cuts stand to widen the gap between the hyper-rich and the rest of America. The merely rich, making hundreds of thousands of dollars a year, will shoulder a disproportionate share of the tax burden.We know the names of these individuals. Just look up the list of major donors to the two Bush campaigns and voila! There they are! Nearly all of them! What a fricking surprize! Does the NYT say this? Name names? Tell us how many dollars these creepy traitors funneled to Bush to allow him to slip into power without a real mandate? Who trumpeted him at every turn and massaged his mistakes and remained silent when his past and present criminal activity was revealed?
President Bush said during the third election debate last October that most of the tax cuts went to low- and middle-income Americans. In fact, most - 53 percent - will go to people with incomes in the top 10 percent over the first 15 years of the cuts, which began in 2001 and would have to be reauthorized in 2010. And more than 15 percent will go just to the top 0.1 percent, those 145,000 taxpayers.
Who takes care of this monster and allows him to service them? What are their names? HAHAHA. We know who these people are. They are the ruling class and of course, not only will we not see their names here, we won't be told about the international goons co-conspiring with them to destroy our democracy.
While most economists recognize that the richest are pulling away, they disagree on what this means. Those who contend that the extraordinary accumulation of wealth is a good thing say that while the rich are indeed getting richer, so are most people who work hard and save. They say that the tax cuts encourage the investment and the innovation that will make everyone better off.The Heritage Foundation is well named. Money stays within the ruling elite and is handed over to their lazy spawn who don't ever have to work. A paradise for them and a disaster for any society that stagnates like that. What is growing, anyway? Means of production?
"In this income data I see a snapshot of a very innovative society," said Tim Kane, an economist at the Heritage Foundation. "Lower taxes and lower marginal tax rates are leading to more growth. There's an explosion of wealth. We are so wealthy in a world that is profoundly poor."
Again, the destruction of economic thought due to throwing out all classic Marxist analysis rears its stupid head here. It isn't a wonder that only property values have gone up and this is 100% due to interest rates being below the inflation rate. It is increasing the debt levels of the 90% of people whose taxes and costs have climbed disasterously. Job creation has been between anemic and dead. Wealth doesn't "explode". It doesn't come from thin air. It is built, block by block. Ask the Chinese. They figured this out! They are building the biggest ship building facility in the world and we are building...Trump Towers!
This happened to Rome. The elite made loot investing in real estate in Rome and filling the farms with slaves who drove all free farmers into bankruptcy. Then all of Rome went bankrupt and the ensuing Great Depression ended up lasting so long it was called "The Dark Ages".
This is what drove Gibbon to write his famous book. He was worried about Britain following the fatal course of Rome. When Rome collapsed, money literally disappeared, quite a bit of it buried in the earth by desperate rich people hoping to refind it later only to see it dug up hundreds if not thousands of years later.
Chairs disappeared and only thrones remained. One either sat or squatted or stood or perched precariously on uncomfortable surfaces.
This is why our forefathers who studied ancient Rome and didn't want to repeat these mistakes set up what they hoped would be a sensible system which is, thanks to rich people, now collapsing. Interlocking monopolies and cartels that inflate the wealth and power of the rich is all they care about. This is why our industrial base is rapidly dying.