How the Rich get Richer
http://finance.yahoo.com/news/richest-400-people-america-got-201519...
"According to the IRS, which recently released 2009 data from the 400 richest individual income tax returns, the real runaway growth in wealth has come from capital gains. In the last years of the bubble, the "Fortunate 400" made nearly half their income from capital gains (a.k.a.: profit from the rising value of an investment, such as stocks or property) and less than 10% of their income from old-fashioned wages.
The average income of a top-400 earner grew by 650% between 1992 and 2007 to a whopping $344 million. Over that time, the average salary didn't even double. But the average capital gains haul increased by 1,200%. So how do the richest get richer? Not from their wages. From their investments."
It seems pretty unfair, doesn't it? If you had money to begin with, you can make exponentially more wealth by being wealthy than if you are just smart and hard-working. It just doesn't get much more straightforward than that.
Perhaps a little socialism could create a fairer society? It's a rhetorical question. If you care about justice, or even if you understand that a more just society would be much richer and just want to act in your own interests, it is obvious what to do.
Replies to This Discussion
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Permalink Reply by Marc Green on -
I'm not convinced that a Socialist style approach can effectively reign in an out of control private sector. Have you considered a more Fascist approach. At least in fascism there is no question private individuals and private companies Will fall in line. Whatever the case I think you are on the right track envisioning a clear establishment of who is in fact Really in charge - government or private citizens. The Dems and Repubs refuse to make the distinction. Its too personally profitable for them. Isn't it sad how it's always only a few that ruin things for everyone.
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Permalink Reply by Jedi Wanderer on -
Well I must admit I've never heard anyone make this argument before. Clearly we agree on some things, but I'll need to know more about where you are coming from to know what we might agree or disagree on regarding socialism vs. fascism. How do you generally explain the two systems and the main differences?
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