In the past, I have done blog entries like this one on the gross inequality in the United States. It's not surprising now that calls are going out to tax the rich.
Former Clinton honcho Robert Reich spells it out. At a time when the Republicans are talking about massive cuts that will flow right across America, law makers need to be focusing on the super rich, the top 1% who hold all the wealth.
"The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich,'' Reich says. "Even if we got rid of corporate welfare subsidies for big oil, big agriculture, and big Pharma – even if we cut back on our bloated defense budget – it wouldn't be nearly enough. The vast majority of Americans can't afford to pay more. Despite an economy that's twice as large as it was thirty years ago, the bottom 90 percent are still stuck in the mud. If they're employed they're earning on average only about $280 more a year than thirty years ago, adjusted for inflation. That's less than a 1 percent gain over more than a third of a century."
The rich, he says, can afford it because they're in a better position than ever before.
It's a point taken up by Paul Farrell at MarketWatch. Not to do it, he says, would result in a new American Revolution, a meltdown and the Great Depression 2.
no comment untill now