A new study by Deloitte confirms everyone's worst fear (and every millionaire's wettest dream): the wealth amassed by millionaire households is set to increase by more than 100% over the next 9 years. From a total of $92 trillion held by the world's richest in 2011, by 2020 the world's millionaire households will possess $202 trillion, or roughly 4 times current global GDP. Even though much of move up is attributed to the wealth surge in the developing world, the biggest beneficiary is, you guessed it, the United States where the millionaires (those with net wealth of at least $1 million), who currently account for $38.6 trillion of total wealth, will see their assets increased by 225% to $87.1 trillion! And while a comparable study of how much wealth the lower and middle classes are set to lose over the next decade, we are confident that it will be roughly comparable...inversely. So if anyone harbored any illusions that the current status quo was about anything but the rich getting richer, all those can be promptly swiped aside.So next time you hear anyone (most notably Republicans) spout off about cutting medicare and other social benefit programs tell them to go fuck themselves.
The average American needs to understand that they are being lied to by these "trickle-down" theorist. The only thing that trickles down is that the shit always goes downhill. Cutting taxes for the rich does nothing (study after study has shown) to help anyone but the rich. It does not "create jobs" as they like to say.
And after 30 years now of this "trickle-down" theory, where the average American is poorer, earns less and has fewer opportunities, isn't it time to say enough!
Breaking the backs of the middle-class to benefit the rich has got to stop. I support free Enterprise, but we all have to pay our fair share to make us a great society.
NO cuts to social programs without increased taxes on the rich.
Let that be our line in the sand. If the Republicans and their tea-partiers can draw lines in the sand so can the rest of us.
There would be no Medicare problem if the medicare tax rate wasn't capped at income above $106,800. None! The problem would be gone.
Like I said, it is nice to be rich. But is such disparity between the rich and the rest of Americans fair or good for our country?