Let’s make 2012 the Year of Jubilee. The 1% can afford it. The rest of us can’t afford not to.
Conservative anti-redistribution of wealth dogma be DAMNED, just like all dogmas should be. Besides, if conservative dogmas are worth their salt, it’s time to show it. They’ve never been tested, just squawked about by loudmouths and talking heads.
I did the math. Crude as it might be, it’s not off by much.
If the top 1% retained $1 million per person (no pittance) and the rest of their 42% of household wealth were redistributed, every single man, woman, and child in the 99% would receive about $70,000. A family of four would get $280,000. (see calc below)
The conservative arguments against wealth redistribution seem pretty pithy when a one-time redistribution is concerned. Note: ONE time, not a habit. Besides, why should TARP beneficiaries and other no-goodniks have all the fun? Bailouts must benefit corporations exclusively, not citizens, for what reasons, again?
A one-time $25.46 trillion injection into the economy would have a huge impact. Houses, cars, and other goods would be bought, businesses started, debts paid. Yes, the lazy and irresponsible would squander their shares, further stimulating consumer markets and entertainment industries. It would be interesting to find out how much squandering would actually happen. Conservatives like to pound that drum, but IT’S NEVER BEEN TESTED.
And the down side is? Hmmm? Conservatives might be offended? Their myth of meritocracy might be challenged? If there’s any merit to the conservative viewpoint, a one-time bailout isn’t likely to shatter it. If it shatters, good riddance.
Or, horror of horrors, conservatives might be forced to admit that most Americans who are now in a pickle didn’t get there because they lacked merit or work ethic.
Meritocracy, my ass. Greedocracy is more like it. This is where greed has gotten us. Let the days of the greedy bastards be over, both for them and everyone who condones them.
======
Calculation, based on figures from April 2011:
42% of $58.5 trillion = $24.57 trillion, figure from Sep Fed Reserve report for April
USA population was 311,228,000 in April
1% * 311,228,000 = 3,112,280
99% * 311,228,000 = 308,115,720
If all but $1M per person in the 1% were distributed, 3,112,280 * $1,000,000 = $3,112,280,000,000 would be retained by the 1% (with future income unchanged)
$24,570,000,000,000 – $3,112,280,000,000 = $21,457,720,000,000 for distribution
$21,457,720,000,000 / 308,115,720 = $69,641.76 per person for every man, woman, and child in the 99%
Recent Comments