These are exactly the kind of sentiments that make me furious.
This is a civil discussion thread. I may not be a god, but I am the one who started this thread, so I can delete and lock it just as much as they can. Keep things civil. I don't want anyone to get banned or put in the Pillory because of random statements like this.
The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent of income earners pay 68 percent of the tab.
If I came to you and asked you to pay 68 cents out of every dollar that you earn, would you ever think that was fair?
This is...so erroneous and full of holes that it's not even worth discussing. Here are a few more things for you. The wealthiest parts of the country earn far more than they ever spend in the economy. And that's after taxes, not before. I heard the disparity between percentage earned by the top one percent and the percentage spent is about ten percent - that is, they're taking ten percent more out
of the economy than they're putting into it. And that money doesn't just come from nowhere, the money that they take and keep out of the economy has to come from somewhere, and that somewhere is the rest of the country.
Maxwell and Vekseid are right. When you've got a society that has people struggling at the bottom to just take care of their basic needs day after day, and giants at the top who have more money than they spend in a given year, something is wrong. While some of the statistics and ideas within the book The Creature From Jekyll Island are suspect, a few are quite sound.
One: fewer and fewer people retire every year at 65. A family friend of mine is a cardiologist at a hospital, making well over $250K a year, with a spouse and three kids to support. Ten years ago, when I was in high school, they were going to continue to work past 65, but so that they could keep doing good work, and not for the money. I talked to this same cardiologist a year ago, and they told me flat out that they're not retiring until the scalpel is taken out of their hands - the economy was too bad, things are getting pricier, and there's no sign of recovery at the moment.
Two: The average income is getting lower. My wife and I both work, for a combination of around 60 hours a week, and have enough to pay our bills and set aside some for savings, but any huge emergency expense - like fixing a car or a hospital visit - would easily wipe out those savings. And we don't work minimum wage jobs, either. Compare this to past generations, where one income earner was enough to supply the needs of a whole family.
Three: In 2006, the amount of tax revenue being spent by the federal government on the interest
on the national debt was 39%. This is not to help pay off the debt. This is the interest
on the debt. Furthermore, payments in interest on the debt took about 17% of total
federal revenue (more than just income taxes). It is now the single largest
expenditure on the budget. More than defense, and greater than the total cost of running 10 different federal departments, some of which are: Agriculture, Education, Justice, and State.
All the Democrat and Republican arguments over tax boost/spending cuts aren't the real solution. Even a balanced-budget law isn't the solution. The solution is that Congress needs to be cut off. Spending cuts aren't the solution, a spending cap is
. Raising taxes on the rich, and cutting spending for programs that serve no real purpose sound
nice, and they need to be done, but neither of those are truly capable of solving the problem, which is Congress' irresponsibility with money. As long as Congress spends more money than it brings in, or as much money as it brings in, we're not going to see things get better.
Also, and Obama talked about this...entitlements. They have to be dealt with if we're going to reduce the debt and try and jumpstart the economy again.
And I've kinda lost my train of thought, so I'll stop here.