The Poor Have Too Much Money
And the rich don't have enough
Democrats are scrambling to figure out how to resurrect a party that was just defeated. There are multiple reasons why not enough voters supported Harris and Walz. The ultra right wing lie factory media dominance. Bigotry. Gaza. The border and trans rights played a role. And much more.
But I maintain that there can’t be any social justice without ECONOMIC JUSTICE. What to do about it? Here’s one idea supported by an unlikely group.
The “Patriotic Millionaires” have proposed and supported solutions to the inequity, the unjust punishment and oppression of the poor. There is not much of a “middle class” left in the US. There are people who are struggling under an unfair system and there are the rich. Yes, there still some in the middle, but fewer every year. The “American Dream” is a memory, not a hope.
In September, a bill was submitted called the “The American Stability Act”. Here is how the “Patriotic Millionaires” describe the economy rigged for the rich:
”Billionaires don’t pay taxes. Working-class people do. CEOs make millions. Their full-time employees can’t support themselves. When the bipartisan majority of Americans say the economy is “rigged,” this is what they are talking about.
The U.S. economy is rigged to benefit the wealthy at the expense of the working class and it’s a threat to our country and our democracy.
It’s time for bold solutions….”
”The Patriotic Millionaires are proud to join Pennsylvania Representative Summer Lee in introducing the American Stability Act. The American Stability Act will do 3 major things:
ELIMINATES FEDERAL TAXES for any taxpayer making less than the median cost of living for a single adult with no children (slightly above $40,000 a year);
SHIFTS the responsibility for these revenues onto taxpayers making more than $1 million a year by implementing a 3% surtax on annual incomes over $1,000,000 and an 8% surtax on annual incomes over $15 million;
REPLACES the minimum wage with a new “Stability Wage,” which is set to the median cost of living in the US for a single adult with no children (currently approx. $41,600/$20.00 per hour), and then indexes it to inflation or the increase in the median wage for all workers (whichever is higher).”
The Biden Harris administration has delivered major programs and projects that have created millions of jobs, improved our infrastructure, addressed the climate crisis, restored some supply chain security. And it has been a good steward of our national security.
But all of that is an abstraction when you have to decide whether to buy food or the medicine you need to stay healthy. It’s theoretical rhetoric when the rent went up and the alternative is to move back in with your parents. It’s ladeeda if you can’t afford to start a family.
In the time from 1981 to 2021 $50 TRILLION went up to a few rich people. And despite some recent small gains, wages have been stagnant. We are the richest nation in the history of the planet. Why are Republicans punishing the poor? Threatening our social safety nets?
Two billionaire asshats (one of whom is the richest person in the world!) are telling us that there isn’t enough money to feed all our kids, to care for seniors who busted their butts and now just ask for a few years of comfort, to assist families so both parents can work and PAY TAXES?
THEY can have yachts, but we should struggle to pay for lousy healthcare? WTF?
Democrats MUST become the party of the working poor. They MUST declare a campaign to rearrange the money in this country. It’s more than a “messaging” problem - we have all whined about that. We have a MESSAGE problem.
Absolutely great writing on this one Bill. Completely agree.
Unfortunately, every time the Republicans propose something really dumb, Democrats become bi-partisan and vote for it.
a) All of Ronald Reagan's programs that began the dismantling of the postwar middle class were passed with lots of Dem votes. See Wikipedia for exact breakout.
b) When Bush decided to give Haliburton thousands of no bid contracts in Iraq by using the US Army to clear the way, the only vote against that invasion of Iraq was Barbara Lee.
c) When the banks, having gambled with "derivatives"; legalized in 2001 by Bush and Republicans and some Dems, ........
https://corpgov.law.harvard.edu/2009/07/21/how-deregulating-derivatives-led-to-disaster/
Bush AND Obama bailed out the banks not the homeowners who were in the street. Trillions of dollars of bonds are still on the Fed's "books" from that time. Whenever they try to unload them the entire bond market gets dicey.
The real truth of America is: Both parties and almost all politicians end up rich after their stints in DC. The reason: Doing the bidding of the rich and the corporations.
I drag myself out to vote and always vote Dem, although, I had to really grit my teeth to vote for Hillary, but, guess what?
Mostly, nothing changes. Sure, the American rescue plan did some infrastructure stuff....all well and good. But, it also jacked up the deficit.
Maybe, if you and I were in DC, we would be chasing skirts and money too? A lot of both categories in that town now.
I have said this before: I don’t begrudge anyone’s success, but nothing worth anything comes at the expense of others. I think a more fundamental problem with our tax structure is the loopholes created by and for the wealthy that allow them to shield their true income and resultant growing net worth from taxes, forcing those of us in the middle to subsidize them. I don’t advocate a tax on net worth, but perhaps a requirement that a certain percentage of capital gains must be realized each year would turn some of it into taxable income.
I’m going to go out on a limb with a chainsaw and disagree that there should be a low end cutoff for income taxes. In my opinion, everybody should have skin in the game, even if it’s nominal. Everybody should have the right to demand their fair share of government services “as a taxpayer.” I realize everybody pays other taxes, but income tax is the one that carries the greatest clout.