Yeah, this video is 8 years old. It's getting much worse. Here's a couple fresh highlights:
In 2018, and for the first time in U.S. history, U.S. billionaires paid a lower effective tax rate than the working class. A study found that the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households.
In September 2019, the Census Bureau reported that income inequality in the United States had reached its highest level in 50 years, with the GINI index increasing from 48.2 in 2017 to 48.5 in 2018.
I have a suspicion that here in Mallorca a similar wealth distribution exists to that of the US. And boy are the ones on the lower end of the income spectrum screwed.
+1
0
-1
Vote comment up/down
phanto (Short Spike)
I am very curious about one thing that maybe someone with better understanding of economy than me can answer.
If for whatever reason the wealth held by the 1% was redistributed equally to the other 99%. What would be the economic consequences? Would it decrease the currency's buying power? Or would it boost the economy to levels never seen before?
+1
0
-1
Vote comment up/down
theblackswordsman (Old Spike)
Speculation as I'm no expert. I imagine many companies would shut down, some products would cease to exist, and a few countries would go bankrupt, and possibly millions could die.
The rich doesn't have us by the balls because we just gave them money. They symbiotically tied themselves to the lifeblood of supply, so if we pull the plug they take as much as they can with them.
The other problem with pulling the plug and "eating the rich" is it must be done ethically.
Otherwise we are no better than savages. Which validates their entire belief system.
One thing that would help, is if everyone stopped buying luxuries, stop driving, stop updating your new model of phone every year. You have to destroy the demand for the goods that the super rich sell. Stop accepting debt you can't pay, stop playing the stock market. The idea is to force them to invest harder into selling their products so it returns their money to the world a little at a time, while refusing to buy.
But, that's too long, and slow, and requires education on the matter from parent to child and friend to friend on a global level. People don't have the strength for that. That's why we lost to begin with. They were smarter and stronger willed.
Comments
(Old Spike)
(Old Spike)
I have a suspicion that here in Mallorca a similar wealth distribution exists to that of the US. And boy are the ones on the lower end of the income spectrum screwed.
(Short Spike)
I am very curious about one thing that maybe someone with better understanding of economy than me can answer.
If for whatever reason the wealth held by the 1% was redistributed equally to the other 99%. What would be the economic consequences? Would it decrease the currency's buying power? Or would it boost the economy to levels never seen before?
(Old Spike)
Speculation as I'm no expert. I imagine many companies would shut down, some products would cease to exist, and a few countries would go bankrupt, and possibly millions could die.
The rich doesn't have us by the balls because we just gave them money. They symbiotically tied themselves to the lifeblood of supply, so if we pull the plug they take as much as they can with them.
The other problem with pulling the plug and "eating the rich" is it must be done ethically.
Otherwise we are no better than savages. Which validates their entire belief system.
One thing that would help, is if everyone stopped buying luxuries, stop driving, stop updating your new model of phone every year. You have to destroy the demand for the goods that the super rich sell. Stop accepting debt you can't pay, stop playing the stock market. The idea is to force them to invest harder into selling their products so it returns their money to the world a little at a time, while refusing to buy.
But, that's too long, and slow, and requires education on the matter from parent to child and friend to friend on a global level. People don't have the strength for that. That's why we lost to begin with. They were smarter and stronger willed.