Sunday, January 12, 2014
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.
Just a thought.