Top 1 Percent Of Americans Owns 40 Percent Of The Nation’s Wealth This Needs To Change (Canada, billion)
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DC is the main corp, the rest are basically subsidiaries. You have to look at the entire financial and accounting system. To go to one office and look at a budget report isn't going to do it.
Is it your claim that the CBO does not have an accurate accounting of federal revenue and expenses?
Why does that need to change? Did they steal what they have or something? If it's stolen, then yes something needs to be done about this. If they earned it, it's theirs not anyone else's to worry about. I'm also not sure I want to live in a country that is against gaining wealth. The only way you'll stop this is to steal it from them. You see what you are missing is only the top works hard enough to accumulate this kind of wealth. Why are you blaming them for the rest of the folks who didn't do things like start up Microsoft, invent something, start a chain of businesses, or have the good fortune to have been born to parents who did..etc, etc, ect...? There is nothing stopping you from taking out loans and starting your own business and working it until you succeed. Personally, I'm too lazy to do that so I work a job like most folks but I don't begrudge those who have worked for what they have for what they have. Perhaps they worked harder than me, are smarter than me or are just luckier than me but it's theirs not mine.
I'm not sure who told you life was supposed to be fair but they lied to you.
I really don't care how much wealth the top 1% has. It isn't mine and doesn't affect me. Now if they want to just cut me a check for a million, I'd be ever so grateful......but it is theirs to do with as they wish.
You (and a few others on here) have hit the nail on the head. I've been in my job for 33 years and worked with a few of the same people for that entire time (or most of it anyway), and kept in touch wiht a number of others who moved on to other endeavors. There are a number of us who started working together when we were in our early/mid 20's. I've always been a saver by nature. If I couldn't save money each and every month....to me that month was a failure as far as contributing to my future retirement. Others were less risk averse and either started their own businesses, or invested in real estate (apartments/rentals etc...) etc... There were also others who had a new car ever 4 or 5 years, took the Hawaiian vacations, had a boat in the garage, camper parked beside the garage and never really seemed to have a "plan" for the future other than enjoy the day etc....in other words, spenders.
Now, 30 some years later, many of us are in our early/mid/late 50's and it's very interesting to see how things have progressed in these many years. The folks who started businesses were generally successful (not all of course), perhaps after going through some rough times and maybe not even in the same business they started in but something totally unrelated. Those of us who are/were savers are starting to look at retirement and running numbers to see in the very near future when that will be able to happen. However....the real intersting thing happens when you look at the "spenders". Again, this isn't absolute and there are exceptions, but generally, these now are the people who are telling you they will be working until they are 70 (or longer), or have perhaps at least flirted with filing bankruptcy once or twice and wonder why their home loan interest rate was so high (gee...I wonder what your credit report looks like...lol) They've lived the seemingly "good life" with all the bells and whistles and the larger home (larger than mine anyway...lol).
So.....the point I'm trying to make is one that's been discussed for years. If you split evenly ever single dollar available evenly among all American adults, what do you think would be likely to happen over time ? You can argue whether it would take one year, 10 years, 20 years or 30, but I'm telling you, it will eventually pretty much shake out just like it is now with few differences. Your money attitude/income/work ethic/personal temprement is what makes all the difference in the world ! Savers will remain savers and gain wealth and income security very slowly over time and enjoy a secure retirement. Those with drive and willing to take risks will start a business, buy property etc..., many many times and perhaps fail a few times in there too, but keep going until they get it right and make a well deserved income for themselves. Those without drive, definate goals (not....gee I want to be rich someday!), or good intuitive logical attitudes about how to succeed in a free market economy where you're largely responsible for your own success or failure are likely to repeat those same patterns even if given a large sum of unearned money from others in very short order.
Most Americans have no idea how steep the income and wealth ladder is. This video illustrates it:
That video can be posted in practically every thread where the usual right-wing suspects are spewing their egoistic avarice. Unfortunately, I doubt that folks so maniacally opposed to viewing economics in moral terms would be willing to allow themselves to even comprehend the message the video.
The working poor pay payroll taxes and even the poor pay sales taxes. A portion of their rents pays the taxes the landlord is accessed.
It doesn't excuse the fact of how steep the income and wealth divide is or how much worse it has gotten in 30 years -- where in 1983 the top 1% owned 40% of the wealth and now own 65%. It really should disturb everyone when half the capital gains are earned by the top 1% and half of that is earned by the top 0.1%.
Look below at the rise in income share of the 0.01%. Is the right going to now argue that this group has suddenly become smarter is now working twice as hard as it did in 1980?
America is NOT the land of opportunity. There is very little movement from the class that one is born in. This has been known for decades.
Running out to buy that newest electronic gadget or sending a $10 check to a DRIP.
You tell me which choice "working poor" usually make ?
One has choices how they spend their discretionary cash.
Not everyone that has money started out that way.
Choices you make in life is what moves you OUT of poverty.
Increasing means tested welfare programs will not do it.
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...but it is theirs to do with as they wish.
