A Modest Proposal to the Fortunate 1%

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The distribution of wealth in the United States has become more and more unequal since the mid 1970's. Wealth is not income, it's the stuff population own; houses, cars, money in the bank, stocks, bonds, etc as opposed to earnings which is money earned from work, rent, dividends etc. The United States has by far the most unequal distribution of wealth in the whole advanced world.

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The United States has by far the most unequal distribution of wealth of the whole advanced world. It is captivating that the Us is the only rich, advanced nation in the world not to have universal condition care, and it is also the advanced nation with the most unequal distribution of wealth.

Wealth is a more real indicator than income. I may go to a bar with my friends, and never buy anything a drink, but I could have a join of hundred dollars in my pocket. How much I spend is not a good indicator of how much I have in my wallet.

1. The top 1% of households own 38% of the wealth.
2. The wealthiest 10% of families own 85% of all superior stock, 85% of all financial instruments, and 90% of all enterprise assets.
3. The bottom 20% of the population basically own nothing, they have no net worth.

But for purposes of this essay, the focus will be on the fortunate 1%. If owner busy housing is excluded from the numbers, the top 1% own 50% of everything else. That means businesses, stock in corporations, non-owner busy real estate, financial instruments, bonds etc. The top 1% owns 50% of the stock market. To enter into this club, you needed to have a net worth in 2004 of over ,191,500.

So when the oil fellowships were development description profits with oil prices at over 0 a barrel, 50% of those profits were going to the top 1% of households. When Wall road was rolling in money during the real estate boom selling exotic derivatives on mortgaged back securities, 50% of the profits were going to the top one percent. When Wall road collapsed into a self created black whole of bad paper, sending the world into financial chaos, 50% of the trillions sent to Wall road in the form of a group life preserver went to the top 1% of households.

So how much do the top 1% pay in taxes? They pay about 25% of the whole tax burden, which may seem like a lot when compared to income, but not when we correlate to net worth. If we look all non-tangible financial assets owned by Americans, a very ball park frame given by Dr. John Rutledge, former Reagan economic advisor, is about 150 Trillion dollars. Below is a breakdown of wealth distribution compared to taxes paid by the distinct tier groups.

Total whole (Millions) Avg. Net Worth Avg. Taxes Paid % of Net Worth Top 1% 1.3 Million 9,000 .5% Top 25% 35 8,000 ,000 7% Bottom 40% 70 ,679 ,570 100% Totals 112 3,000 ,911 6%

We must also reconsider where our taxes go. Currently, if we consist of off the books expenditures like the war in Iraq, soldiery spending is close to 25% of the Federal budget. And a straightforward look at Us soldiery expeditions in the 20th and 21st century makes it clear these wars were not fought to protect mainstream America from an imminent foreign danger, they were fought for the economic interests of the super elites: South Korea, Vietnam, Iraq I & Ii, The Dominican Republic, Cuba, Panama to name a few. And if we consist of organizations like the Cia and their escapades in Iran, Chile, Honduras, Nicaragua, Guatemala etc. They are clearly group of expert thugs being paid to protect the personal fortunes of the lucky 1%. Some may say "As go the super elites, so go we all" which may be true. But the point is that the whole show is being put on for their benefit and as a nation we must at least being willing to accept that.

Take the example of Israel. American Jews make up an foremost part of the lucky 1%, by some very broad calculations, maybe 40% of the top 1% (Forbes wealthiest 400 Americans) and they make up less than 3% of the Us population. How does that translate into work on on American foreign policy? Israel has received more Us foreign aid than any other country since Wwii, 0 billion, about billion a year. And since 1982, the Us has used 32 Un security Council vetoes against resolutions principal of Israel, more than all other vetoes of all nations combined. The Jewish elite basically use our State group for their own, extra-national interests. And the neo-con movement, which is plainly someone else word an American foreign course dedicated to protecting the interests of Israel, has entangled the Us in the war in Iraq, blatantly inventing a story about Wmd's and taking benefit of the national hysteria after 9/11.

One hundred years ago, maybe even fifty years ago, these would have been arguments for revolution, reasons to takeover the means of yield and topple the exploiters of the world. population then argued that the natural resources of our countries; oil, coal, natural gas, minerals, fish, etc. Should be owned by all of us, not controlled by the 1%. But times have changed, ideologies have gone the way of eight track tapes and now the masses have a hard time imagining much beyond their iPhones, A-Rod, K-Rod, J-Lo, To and what Britney Spears is wearing.

But even from this barren place of consumerist apoplexy, we can still ask our masters for a bone or two. And we, the humble, mindless, payers of unending reputation card debt, learner loans and upside down mortgages (50% of the interest of course is headed directly to the pockets of the 1%) respectfully ask our wise and just rulers for two things. Give us universal condition care, a singular payer plan. We will pay something in, make a token contribution, but you will pick up most of the tab (about .5 trillion), and you will also give us a unblemished overhaul of our original and secondary educations, with national standards in the form of national federal tests, and very big subsidies for higher study in the form of national scholarships for promising students. Americans want to leave college without debt, and you are going to pay for it, about billion a year. Let's look at the numbers again.

Total Financial Assets of 1% in Millions Total Us condition Care Costs Year in Millions Total Borrowed Us College Students Year in Millions Estimated Cost of Federal study Standards Exam Total in Millions Percent of Total Wealth of Top 1%
,000,000 ,500,000 ,000 ,000 ,580,000 3.4%

How would this be paid? Basically, it would be a tax on financial assets over million. The first 1 million is not taxed, and after that, it would come to about a 5% tax on non tangible assets. The top 1% will have to plan for a minor liquidity event every April, they will survive.

Why should the wise and deserving 1% be so compassionate with the masses? Two reasons. The first is that it will make them even richer. Who runs their corporations, makes interests payments to them, flips hamburgers in their chains of garbage food, sells and drinks their soft drinks, beer, and spirits, fights their wars, runs their governments, protects them from the violent and fulfills their every whim? The healthier and smarter the masses, the better the 1% will live. They will have better, more prompt rent payments and interest payments, more effective soldiers to protect their investments, better and happier professionals to count their money and keep them wholesome when they are feeling under the weather.

And the second fancy is maybe the drugged and numb masses will sober up one day. They might turn off their televisions, forget about their sports teams, Hollywood trash and malls, and really start to think. That is not a good thing for the 1%. Because if the 20% who have nothing decide they also have nothing to lose, it might get a itsybitsy warm in the designer Italian kitchen for the 1%. So here is the deal. The 1% can keep everything, only they give us top notch condition insurance, basically for free, and then educate us to the hilt. The 50% they own will grow substantially, it is a good investment, and the 80% on the bottom will remain the loyal, dummied down, consuming, interest paying, Tv watching imbeciles you have always known and loved.

A very modest proposal indeed.

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