I have always found it odd people who are so against wealth (or income) redistribution always talk about the taking of money from the rich to the poor. Where have you been the last 30 years (in the US)? The only redistribution has been from the working poor and middle class to the rich.
Really against wealth redistribution? Talk about a bottom up approach to tweaking our economy instead of trickle down...
Actually... the redistribution is closer from "the old rich" to "the new rich".
50 years ago, when you said "the rich", it would mean descendants of Carnegie, Hersey, or other big name company builders who created monopolies in the late 1800s and early 1900s. The majority of "the rich" were lawyers and doctors with Ivy League degrees and long pedigrees.
Today's rich are Bill Gates, Mark Zuckerberg, Warren Buffet, Gabe Newell, Elon Musk. While you'd call them perhaps middle class, or upper middle class (Gates and Zuckerberg went to Harvard afterall), their empires are clearly self-built and self-sustained. These people did not inherit their riches like "the old rich" did.
The "new rich" suffer from boom and bust cycles. 20% of Americans will find themselves in the position of "New Rich" for at least a year, before their self-built empire falls back down to middle-class or lower status.
I admit... this is partly because college tuition rates were much much lower for Generation X / Baby Boomers than it is today. Government programs for education were never stronger than in those years. Today's young face rising tuition rates as education costs are cut... and for-profit schools have started up to more or less steal money from today's youth.
I don't understand the point of your comment? We should feel bad about people who were rich only for a "little" while? I feel bad about people who lose their jobs that were out sourced and then need to take a lower paying job to survive.
Sorry, still plenty of rich people who earn their money the old fashion way... They inherited it.
I wasn't even talking about individuals but a system that rewards people who already have wealth over the working poor and middle class. Worse, now with the "Citizens United" ruling we are creating a plutocracy that our Founding Fathers feared more then anything.
according to another article I read the new rich 10M+ wealth are mostly money mangers taking a cut of the money moving around. and collecitng it thtough capital gains.
Really against wealth redistribution? Talk about a bottom up approach to tweaking our economy instead of trickle down...