Did we not all hear and read that “Accumulated wealth turns into investment which creates more jobs.”? That is what I remember hearing repeatedly.
If a smaller and smaller percentage of individuals 1 are accumulating assets without folding capital back, as continuously asserted and predicted since the early 1980s, then targeted taxation with incentives is one of two paths toward remediation. I would prefer not to mention the second method.
The alternative, as I understand it, is simply to do nothing and watch passively as yet a smaller percentage of self-appointed American monarchies are then able to create a monetary standard of their own–if we aren’t at that point already–currency beyond the reach of a weakened representative government.
The accusation of “class warfare” against those who seek equity and opportunity is not a natural consequence of observation. Rather, it is an artificial assertion: Few sensible people think the “lower” classes are capable of engaging in any such battle. If there exists anyone who actually thinks in terms of class, you can be sure it is not the majority of the “middle-class”, but those who seek to take and protect yet more privilege.
Class warfare is fought from the top down. Most people took at face value the seductive idea that wealth would magically “turn into jobs”. The wealthy are not investing.
- Hardly controversial by now, but common knowledge. It is one of those facts which we simply take as a “normal” feature of the landscape — like occupier tanks in one’s neighborhood; you’ve lived with them for so long that you no longer notice them draining the life from your neighbors.
- See also
http://www.nytimes.com/books/first/s/stanley-millionaire.html * A simple graphic showing distribution: http://sociology.ucsc.edu/whorulesamerica/power/images/wealth/Figure_4.gif