It’s not the 1% anymore.
Globally, 0.7 percent of the people control 41 percent of the world’s wealth.
The wealth of this net group approaches $99 trillion dollars.
Global Wealth Reaches All-Time High. (For the .7 anyway. It’s working out so well for the rich let’s be sure to continue with those austerity measures)
The recent explosion of U.S. wealth means the richest Americans dominate the global rich. (Yay. Let’s cut social security, medicare and Veteran’s Benefits)
Below the .7% is the 7.7% who hold around 42% of the global wealth.
The remaining 91.6 percent of humanity splits around 17 percent of the wealth.
U.S. Congress is poised to begin a historic debate on cutting Social Security, Medicare and Medicaid. That debate starts with the assumption that there’s not enough money around for social safety nets.
Which is a lie. There is plenty of money for social safety nets. And Social Security is not going to run out of money. It is solvent.
But if you really believe it is not then make it solvent by lifting the cap and making all income, not just income under $86,000/year, subject to FICA taxes. Because as it has been determined those who make under $86,000 a year hold only 17% of the wealth. Shouldn't some help come from the segment of the population who owns 83% of the money?
Or cut farm subsidies to rich farmers.
Eliminate tax cuts for the rich and zero taxes for 40% of Corporations.
Or cut the pentagon budget for the $163 billion you say you need. Buy 2190 planes instead of 2457, cutting 247 planes gives you $163 billion. Don’t force millions of seniors into an insecure old age.
Why take the money from the segment of the population who splits only 17% of the wealth as it is?
The richest Americans are doing quite well, thank you, and with trillions of new wealth added to the U.S. economy since 2008’s market collapse, it’s not unreasonable for Congress to ask them to shore up safety nets for the rest of their country.
Here is an article about the new name for the millionaires club - point seveners.
http://www.alternet.org/economy/poin...lub?page=0%2C0