Posts Tagged ‘Wealth’

Laissez les bons temps rouler

Tuesday, October 28th, 2008

Here are some graphs I created (sources of data at the bottom):

Concentration of Wealth in the Top 1%

Income Tax History

Here you can see an overlay of both graphs, and you can compare the wealth held by the top 1% (green line) with the amount of taxes they paid. Notice the times when ‘life was good’ — the teens, and the 50’s and 60’s, the taxes on the rich were sky high, and they held the least wealth.

Overlay


http://en.wikipedia.org/wiki/Income_tax_in_the_United_States

http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
(an awesome source, check it out)

On S*ci#l!sm

Monday, October 27th, 2008

Sarah Palin won’t stop ranting about how Obama is going to turn the country into a communist state:

“See, under a big government, more tax agenda, what you thought was yours would really start belonging to somebody else, to everybody else.”

In classic Palin style, she singlehandedly accuses liberals of advocating abolition of private property, while at the same time blurting out a completely unintegrated noun phrase “more tax agenda” that sounds like some kind of Buzzword-Tourette’s tic.

This single sentence is a scintillating example of the Republican strategy: make people fear your opponent with utterly inarticulate, nonsensical, baseless accusations, delivered with a contrived appeal to down-home sensibility. And tragically, this seems to be working.

To me, the discourse plays out as follows:

Liberals: “The rich are getting richer at expense of the poor.”
Republicans: “You are a redistributionist.”
Liberals: “No, it’s just alarming that in 1980, the top 7% owned 20% of the wealth, and today the top 1% owns the same amount. We need to rebuild the middle class.”
Republicans: “You are a socialist.”

Republicans are just calling names, they aren’t offering any real solutions to the problem that our country is becoming a plutocracy.

Well let me make a radical claim: redistribution is exactly what we need right now. At times, that word has been (rightly) treated as a profanity, but today it shouldn’t be. The pendulum has swung too far in the direction of plutocracy, and it’s time that it swing back towards fairness. You may call that change in direction “socialism”, but we have to pull to get back to center.