What if we took 50 percent of the wealth of the top 1 percent of Americans and spread that money out to the bottom 50 percent of Americans?
Think about it. The top 1 percent of Americans owns about 35 percent of the total wealth in the US, and the bottom 80 percent owns a mere 11.1 percent in comparison. If half of the wealth of the top 1 percent were given to the bottom 50 percent it could rejuvenate the economy from the ground up, and that money would trickle back up to all sectors of the economy. Many in the top 1 percent would barely notice that their money decreased by 50 percent. And since they are already earning about a fifth of all earned income, they'd make back their lost wealth easily, especially if the economy were to be injected with trillions in stimulus.
Some will say this is unethical; that it's socialism. Does anyone remember the banks being bailed out a few years ago? This is no different in principle. The only difference we might see is that our economy would recover for more people and more evenly with a greater chance that new wealth wouldn't be distributed mostly to those already rich.
Welcome to Atheism and the City. This blog is about exploring atheism through contemporary urban living. I live in New York City, the secular metropolis, and I have an avid interest in all things religion, science, philosophy, politics, and economics. I am an atheist, a humanist, a philosopher and a thinker, and the purpose of Atheism and the City is to write about my thoughts and experiences on the subjects and topics that I have a passion for. Feel free to respond to any post whether or not you agree.