Half of Americans Are Effectively Poor Now.
When oligarchs fill the coffers of political candidates, they neuter democracy by Robert Reich
The top 1% key to understanding the GOP.
America’s Collapsing Because it’s the World’s First Poor Rich Country
What a grim and bizarre reality. Half of people are effectively poor in the world’s richest country. What do we call a population that live and debt “in debt”? We certainly don’t call them free in any real sense. They’re the modern equivalent of serfs or peasants — who are born owing, and who will die owing, a fictional, unplayable amount.
If the majority of people in a rich society are poor now…even though they’re “employed”…then clearly the problem isn’t the people…it’s the system. Poverty in America, in other words, has become endemic and ubiquitous because its systemic and structural. It’s baked into the system. It’s a feature, not a bug.
“Asset limited” means that these households don’t have the resources — the hard financial assets — to drawn down on anymore. That tallies with other research which says the majority of Americans now have a negative net worth. In short, “asset limited” is a polite way of saying: indebted for life, with no real way of ever not getting out of the trap. It’s a nice way of saying: broke.
“Income constrained” = “broke and indebted” = “poor.”
43% of American households can’t afford a budget that includes housing, food, childcare, healthcare, transportation, and a cellphone. Translation: nearly half of Americans can’t afford the basics of life anymore.
REPUBLICAN OR DEMOCRAT IT DOESN’T MATTER
Adam Bonica: In 2018, the top 0.01% of the VAP (25,306 donors) accounted for 46% of all contributions. The top 400 donors accounted for 22%. Imagine living in a town of 10,000 people where nearly half of all campaign dollars came from just one person. That’s where we are now at as a county.
Let’s all root for the wealth tax. An overwhelming majority of Democrats, and Republicans and Independents support a wealth tax on the ultra-rich.
There is no right and no left it is about taking it back from the rich. It isn’t about NO TAXES!
Immigrants pay more than 20% of their income in taxes (sales taxes & payroll taxes) Trump, Amazon: pay 0%
Want to tax the rich? Simulate your wealth tax!
You can change any of the parameters and do your own scoring, transparently. http://wealthtaxsimulator.org/
Thomas Piketty @PikettyLeMonde
Hi @LHSummers, if you want to propose another estimate, why don’t you start by working on inequality? Before 1913, there were lots of Summers saying that income tax would never work.
The expansion is now entering its 11th year and is the longest period of US growth on record. Still, middle-income Americans haven’t recovered all the wealth they lost in the Great Recession. Only the top 30% have recovered.
@TaxJusticeNet monthly podcast: unmissable corruption, scandal & analysis with @Naomi_Fowler & @jechristensen56
WHY WE NEED UNIVERSAL BASIC INCOME
Chomsky: By Focusing on Russia, Democrats Handed Trump a “Huge Gift” & Possibly the 2020 Election
SYSTEMIC TIES BETWEEN THE RICH – THE POLITICIANS – AND BUSINESS PEOPLE
– IMF International Monetary Fund head, Dominique Strauss Khan resigned in 2011 over a sex assault scandal.
– 2016 IMF International Monetary Fund head Christine Lagarde found guilty of “negligence” for approving a massive government payout to business tycoon Bernard Tapie during her tenure as French finance minister. Lagarde ensured Tapie received preferential treatment by referring the matter to arbitration as a quid pro quo for his financial support for Sarkozy during his 2007 presidential bid.
Christine Lagarde has been nominated as candidate to replace Mario Draghi as head of the European Central Bank. She is a supporter of digital assets and could represent a transformational force within central banking. An ideal candidate for a corrupt bank. Judges opt not to give any punishment to head of International Monetary Fund, who was given support of IMF board after the verdict.
Digital Assest Manipulation by Jamie Diamon / George Soros / Warren Buffet
US Customs just seized a ship owned by JPMorgan after authorities found $1 billion worth of drugs on it
Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co., weeks after authorities found more than $1 billion worth of cocaine on the vessel in what was one of the largest drug busts in American history.
US Customs and Border Protection seized the ship on July 4, a statement out Monday said. The ship is owned by client assets in a maritime strategy offered by JPMorgan Asset Management, according to a person familiar with the matter. It is operated by the Switzerland-based MSC.
On June 17, border agents found 39,525 pounds of cocaine stashed in several containers on the MSC Gayane at the Philadelphia seaport. The street value of the drugs was estimated at about $1.3 billion, making it the largest cocaine seizure by the agency.
- Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co. and owned by JPMorgan Asset Management.
- That came weeks after authorities found more than $1 billion worth of cocaine on the vessel in what was one of the largest drug busts in American history.
- At least half a dozen crew members have been arrested, according to Homeland Security Investigations, and the investigation is ongoing.