Robert Reich: The Super Rich Get Richer, Everyone Else Gets Poorer, and the Democrats Punt

[marmar]

The super-rich got even wealthier this year, and yet most of them are paying even fewer taxes to support the eduction, job training, and job creation of the rest of us. According to Forbes magazine’s annual survey, just released, the combined net worth of the 400 richest Americans climbed 8% this year, to $1.37 trillion. Wealth rose for 217 members of the list, while 85 saw a decline.

For example, Charles and David Koch, the energy magnates who are pouring vast sums of money into Republican coffers and sponsoring tea partiers all over America, each gained $5.5 billion of wealth over the past year. Each is now worth $21.5 billion.

Wall Street continued to dominate the list; 109 of the richest 400 are in finance or investments.

From another survey we learn that the 25 top hedge-fund managers got an average of $1 billion each, but paid an average of 17 percent in taxes (because so much of their income is considered capital gains, taxed at 15 percent thanks to the Bush tax cuts).

The rest of America got poorer, of course. The number in poverty rose to a post-war high. The median wage continues to deteriorate. And some 20 million Americans don’t have work.

Only twice before in American history has so much been held by so few, and the gap between them and the great majority been a chasm — the late 1920s, and the era of the robber barons in the 1880s. ............(more)

The complete piece is at: http://robertreich.org/post/1178374104

[SomeGuynTexas]

1. Nobody needs more than a million dollars per lifetime

Anything over that should be taken and redistributed to those who don't have a million bucks.


And anyone who has a million bucks does not need that to live a healthy modest lifestyle.

Whatever is left after mortgage, food, medical pot, expenses etc.. should be taken and redistributed to those who don't have a million bucks.

So on an so forth.

[HillbillyBob]

2. while folks like me are on a fixed 10g income

with 8% rise in living costs and no raise and no way to make a few $ w/o losing medicare.

[WillyT]

3. K & R !!!

:kick:

[msongs]

4. remember the days when dems leadership was not republican lite? nt