Debt Rattle Feb 15 2014: Kill The Middle Class, Kill The Nation
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Lewis Wickes Hine “Shorpy Higginbotham, 14, greaser on the tipple at Bessie Mine” 1910 A pretty simple and straight continuation from yesterday’s Ineq
[See the full post at: Debt Rattle Feb 15 2014: Kill The Middle Class, Kill The Nation]It’s a shame that the income tax structure has changed and I believe almost none of the 1% are “wealth creators.” Rather, they are wealth destroyers–watch the Lamborghini burn that fuel!
Yet, is discussing this issue whistling past the graveyard? To me, discussion about adjusting the tax code to make things better assumes expanding output for decades to come. I know most people hold that output will indeed keep expanding, but TAE doesn’t.
TAE points out very well that a transition to a much smaller scale is necessary. The wealthy and powerful aren’t going to do s*** about redistribution, unless of course it’s upward, e.g. QE.The powerfull and wealthy people will spend “their” money on what they want.
If they want a good road that’s where they will spend their money.
If they want a windmill then they will get it.
If they don’t want to see starving people then they will close their eyes.Q: What will the rich and powerfull people do when they cannot get their way?
If AE and others are correct about the credit/financial/monetary collapse coming then this income and asset distribution skewing will come to an end anyway. Not one brought on by policy but by events. It’s good to recall that much this wealth and income held by the top is fictitious. Based upon inflated prices of assets. It all seems so real now but much of it could disappears in an instant, poof. I always try to withhold some outrage over these things because I try and focus on the illusory aspect of it all.
Perhaps some outrage would be useful, politically and socially, but by this late date it is in short supply. Except on the US right where it can all be summed up in, Obamacare. In other words nowhere useful. Where the political answer will lead to reaction and repression. In service of the 1%, again. The memes of the populist Tea Party right front and center on ZH every day, all dressed up in libertarian garb but don’t be fooled. To the extent that the so called Tea Party is actually populist it sometimes stumbles upon the true nature of this income and asset distribution thing but they are always brought back into line by their hatred of blech people and love of ‘free enterprise’.
Interesting that while we discuss income distribution and taxation issues here, Mr. Armstrong is pointing out that increased taxation contributes to a rise in conflict/war…
Regardless of what is the right action going forward, it does seem as if we’re truly in a predicament where no option looks particularly pleasant.
Cheers,
VariableI agree with you Rapier…it is like worrying about climate change when we might not even make it another 10 years….looks like collapse is getting closer and closer….Vegas odds are on 2 years right now…Danny
Enjoy your blog, however
I question anyone nowadays who promotes the idea we are undertaxed. We have a bloated, corrupt govt who in my opinion is making things worse on a daily basis. The good of the nation is no longer even an afterthought, but all actions of the govt pertain simply how to prolong what, inevitably, is not prolongable. We require a reboot, more govt is not the solution.
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