4 Reasons You Should Be Taking America's Inequality Very Personally

[unhappycamper]

http://www.alternet.org/economy/4-reasons-you-should-be-taking-americas-inequality-very-personally

4 Reasons You Should Be Taking America's Inequality Very Personally
By Paul Buchheit
October 12, 2014

It was recently reported that Americans greatly underestimate the degree of inequality in our country. If we were given proper media coverage of the endless takeaway of our country's wealth by the super-rich, we would be infuriated. And we would be taking it personally.

Each of nine individuals (Gates, Buffett, 2 Kochs, 4 Waltons, Zuckerberg) made, on average, so much from his/her investments since January, 2013 that a median American worker would need a quarter of a million years to catch up. For the most part it was passive income, new wealth derived from the continuing productivity of America's workers.

Why We Should Take It Personally

First, because our productivity is rewarding a relatively few people. In addition, many of the top money-makers are damaging other American lives. The top nine include four people (Waltons) who pay their employees so little that we taxpayers have to pay almost $6,000 a year to support each one of the employees. And it includes two people (Kochs) who have polluted our air and water to enrich themselves while quietly fundingorganizations that threaten to dismantle what's left of our democracy.

Another personal issue: While the Forbes 400 made almost enough in one year to fund the entire safety net, they don't even have to pay taxeson their half-trillion dollars of investment gain until they cash in, which may be never.

[Snarkoleptic]

1. And since consumer spending plus gov't spending on healthcare totals 70% of GDP,

this obscene inequality slows the overall economy.
Walmart has been struggling because the working poor are tapped out, but don't expect them to change. It's a frog and scorpion thing, IMHO.

[littlemissmartypants]

2. Please expand on the "frog/scorpion" thing.

I must have fallen asleep in class that day. Thanks.

[antiquie]

3. Old fable

A scorpion asks a frog to carry him over a river. The frog is afraid of being stung during the trip, but the scorpion argues that if it stung the frog, both would sink and the scorpion would drown. The frog agrees and begins carrying the scorpion, but midway across the river the scorpion does indeed sting the frog, dooming them both. When asked why, the scorpion points out that this is its nature. The fable is used to illustrate the position that no change can be made in the behaviour of the fundamentally vicious. It is this moral that is also illustrated by Aesop's fable of The Farmer and the Viper.

https://en.wikipedia.org/wiki/The_Scorpion_and_the_Frog

[littlemissmartypants]

4. The fundamentally vicious indeed do exist.

How useful that they have their own fable. Thanks for your reply. I should read the Farmer and the Viper as well, I guess.
Thanks again!

~ Lmsp 🙌