Cash Cow for the Rich

The poor of America have become the cash cow of the rich. Think about that statement. The Rich, mostly old white Americans, are making millions on poverty. I don’t make this up; since 2000 we have created more millionaires than America has ever seen. Contrasted, the number of people falling into the ranks of the working poor has also gone up over the same time period.

Of the total U.S. population 6.7%, or one in 15 people, are considered to be the poorest of the poor - highest in the 35 years since the Census Bureau has tracked those figures. Previous highs were in 2009 and 1993 when the poorest of the poor made up just more than 6 percent of the U.S. population.

One can only assume, based on the facts, that the rich are not job creators — they are job killers. They pay next to nothing for the right to be privileged and wealthy. They are protected by political whores, who will sell their souls for hard cash and they have. The economic downturn was not created by smart people — it was created by crooked people, those who figured out how to make a lot of money any way they can. They don’t give a shit about America or its people; the only thing they care about is making money for themselves and their kind. Elizabeth Warren, in one of her first speeches, talked about the schools, infrastructure of the nation, public universities and protection that the wealthy use every day to make their millions is paid for by the taxes America people collectively give to make our democracy grow.

.
Dr. Ezekiel J. Emanuel states in his May 21, 2012 New York Times article “Entitlement Reform for the Entitled”:

“If nothing is done about entitlement spending, and if our current tax breaks continue, then by 2025, tax revenue will be able to pay for Medicare, Medicaid, Social Security, interest on the debt and nothing else.”

Look closely at his words, “if our current tax breaks continue” and that right there is the rub. America is not taking in enough tax revenue to keep the American Dream alive for millions of desperate Americans and it seems like a systematic attempt by the rich and powerful to reduce the nation into a Rich and poor nation, with an ever shrinking middle class.

Dr. Emanuel’s idea on saving Social Security is to be commended and, as he states, raising the eligibility age to start collecting is something that could be done — but what about raising the cap on Social Security? Today’s $106,000 cap should be raised to match current and realistic levels of income. Senator Bernie Sanders has introduced legislation to increase the cap to $250,000. According to his data, this will keep Social Security stable for 75 more years as projected by today’s numbers.

The wealthy have had their way over the last 40 years and their coffers are full of the riches the American Royalty believes they deserve. Over the last several decades, the wealthy of this country have seen their personal wealth skyrocket while half of the American people live one paycheck away from financial ruin. Now, the top marginal tax rate is at its lowest in the history of this country. Based on the assumption, if you lower the tax rate for the wealthy they will, in turn fuel the economy. Additionally, there is no evidence whatsoever that lowering tax rates for the wealthy either simulated the economy or created jobs.

The wealthy are supporting the country is part of the gospel according to Ayn Rand – which, for some, is more powerful that the gospel of love thy neighbor. The rich are not being good citizens and their lack of care is evident in their actions. The rich are responsible for the demise of this democracy; privilege and wealth comes with responsibility, and the current gaggle of rich and famous need to realize their wealth and privilege is contingent upon a vibrant middle class.

_________________

Mike Scourby is pretty normal for a guy who grew up in Brooklyn. Well, it’s true, and that’s also the name of his blog. He’s a Yellow Dog Democrat currently living deep in a Red State but, as he told his kids, he’s moving back to Brooklyn at the first sign of a twang. Mike spends his time educating young minds to a Bluer state of mind.