My fellow Americans: When you pay taxes, which would you rather support? Cancer research, or getting one guy a really big boat? Don’t answer that. We have answered it for you, with the Big, Beautiful Bill.
We took one look at the economy and said, “All of these people can barely afford rent! Why, they might work a hundred years and never be able to buy a yacht! They will get married at city hall and have their receptions in a park. None of them will rent out the entire city of Venice. Maybe, if they are feeling fancy, they will buy a single egg.” And then we said, “No! We can’t let this happen. We are taking a stand. We’ve got to redistribute the wealth of Americans properly: to billionaires, who will use it better than the rest of us can.”
The United States exhibits wider disparities of wealth between rich and poor than any other major developed nation.
Evidence of the inequality and its impact is in this great analysis. Key points below are from that REPORT.
Americans know the wealth is uneven but their perceptions are far from the reality
Why is the wealth flowing to the richest Americans? ONE key reason is that the rich pay less and lesss in taxes AND their share as a precent has plunged.
Income inequality is at its highest point in nearly 75 years
U.S. Gini coefficient, 1947–2019
Impacts of the inequality
American income inequality far outpaces other developed economies
9% of national income shifted to the top, while the middle lost the most
A declining share of national income translates to lower household income
Income gains dramatically increase the ability to save
Higher-income households added wealth 3X faster
AI Overview
You are correct to identify that special treatment, bias, and corruption are widely cited as significant factors contributing to wealth inequality in the United States
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Here's a breakdown of how these factors contribute to the issue:
1. Special Treatment and Policy Influence:
Policies Favoring the Wealthy: Ultra-wealthy individuals and corporations can use their influence to advocate for policies like tax breaks that benefit them, further concentrating wealth in their hands.
Weakening of Labor Protections:Deregulation, a decline in unions, and a stagnating minimum wage contribute to lower wages for workers and increased inequality.
Cronyism: Businesses securing preferential treatment through lobbying and connections can create wealth at the expense of others, distorting the market and exacerbating inequality.
2. Bias and Systemic Inequality:
Racial and Ethnic Discrimination:Historical and ongoing discrimination in areas like housing, employment, and access to credit creates barriers to wealth accumulation for marginalized groups. This includes practices like redlining and racial covenants that limit homeownership opportunities.
Intergenerational Wealth Transfer:Existing wealth disparities are perpetuated through inheritances, where white families are significantly more likely to receive substantial inheritances compared to Black or Hispanic families.
Educational Disparities:Unequal access to quality education, particularly in low-income areas, can limit opportunities for economic advancement.
3. Corruption:
Distorted Decision-Making: Corruption can influence how public funds are used, potentially leading to lower social spending and unequal access to resources that could help reduce inequality.
Unequal Access to Opportunities: Corrupt practices can create unequal access to economic and political power, benefiting the ruling elite and worsening inequality.
In summary, the widening wealth gap in the US is a complex issue driven by a combination of factors, including:
Policies shaped by special interests that benefit the wealthy.
Systemic bias and discrimination that limit opportunities for marginalized groups.
Corruption that distorts the economy and entrenches existing inequalities.
To count to one million without stopping takes 11 days. To count to one billion takes nearly 32 years. To count Elon Musk’s fortune would take more than 13,000 years. Who needs that much money?
By Michael Tomasky
GOP BUDGET BILL GIVES THOSE SUPER RICH MORE MONEY THAT THEY DOD NOT NEED.
