georgephillip
Diamond Member
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- #461
How do you and "Rich Fred" explain the correlation between higher taxes on the rich and greater growth in the economy?Since DC Democrats and Republicans are tone deaf to anything that doesn't ring of corporate cash, it falls on workers to demand a massive public works program which can be funded by taxing corporations and the richest Americans at pre-Reagan levels.
"And it makes complete sense because the growing inequalities in wealth over the past three decades has meant a spectacular concentration of wealth at the top.
"The rich have plenty of money to spare."
Spare me the brain-dead conservative vomit about how hard the rich have "worked" for all their money.
The rich have the money because Republicans AND Democrats threw money at Wall Street banks and hedge funds instead of prosecuting the executives responsible for the biggest economic downturn since the Great Depression.
The rich have the money because their chief enabler, The Federal Reserve, has fueled a major commodity bubble "that may be in the midst of bursting, possibly triggering a double dip recession."
Throw in high unemployment which allows the rich to work remaining employees harder and thus increase profits and combine it with commodity speculation and you have the entire basis for a corporate recovery which both major parties tout as "proof" of economic "recovery."
It's another lie the rich tell.
When the Fed stops purchasing 60% of US Treasury bonds, a new creditor will have to step up. One that will probably demand significantly higher interest rates before loaning anymore money to the US Government.
Surprise, surprise - the rich win again!
They got all that free bail-out money which increased the deficit.
None of them went to prison for their crimes.
Their bottom lines are being enhanced by commodity speculation and high unemployment.
And now the rich want higher interest rates for investing in US Treasury Bonds.
"In (all) instances working people pay the bills."
The Rich Are Destroying the Economy | Common Dreams
The so-called tax on the rich would raise 100 billion per year, we have a 14 TILLION dollar deficit, that amounts to one drop of water in the Pacific ocean. BTW anytime you raise taxes on any group of people you REDUCE revenues to the government, Want to know why, these so-called rich are usually investors, business owners or invest in business. Business in the private sector employs people, you and me, when the top dog is taxed more than what they are paying now, they cut back on investments in business, the business then lays you off. What a deal!!!! Econ 101
Fred Thompson," When Democrats start talking about taxing the rich, the middle class needs to run for cover."
"During almost three decades spanning 1951 to 1980, when the top rate was between 70 percent and 91 percent, average annual growth in the American economy was 3.7 percent.
"Between 1983 and the start of the Great Recession, when the top rate dropped to between 35 percent and 39 percent, average growth was 3 percent.
"How to explain this? Easy.
"Since the early 1980s, a larger and larger share of total income has gone to the top (the richest 1 percent of Americans got 10 percent of total income in 1980, and get over 20 percent now).
"That’s left the vast middle class with insufficient purchasing power to boost the economy – without going deep into debt.
Lower tax rates on the rich — including lower capital gains rates — have exacerbated this regressive trend."
Robert Reich