it’s not our Economy, Stupid!
So far President Biden’s Economy worked for the Ultra-Wealthy. According to the Federal reserve wealth distribution graph in the link below, the percentage of household wealth for the Top 1%, Top 10%, and the Bottom 50% of Americans are as below as of 2021 Q3.
The top 1% of Americans have a net wealth of $43.94 Trillion which is 32% of the total wealth in the U.S
The top 10% of Americans have a combined net wealth of $96.81 Trillion which is 70% of the total wealth in the U.S
The bottom 50% of Americans have a net wealth of $3.42 Trillion which is 2.4% of the Total wealth in the U.S. (this is most of the Democratic base)
Federal reserve graph showing the wealth disparity
During Pandemic time, from 2020:Q1 to 2021:Q3, The Top 1% of Americans accumulated 13.14 Trillion Dollars and the Top 10% accumulated 25 Trillion Dollars.
These Ultra-Wealthy people grabbed most of the Governments’ Coronavirus relief spending when we were losing more than 900,000 of our people during the Pandemic. These were all someone’s father, mother, husband, wife, kid, Grandfather, or Grandmother. To put this in perspective when these billionaires were doubling their massive wealth using pandemic relief money, a wife who lost her husband to Covid was waiting in a 1-mile-long food distribution line to get some food to feed her kids at home, being single parent, worried, and staring at the future with no real plans with the complete responsibility on her frail shoulders. When did we all become so insensitive and voiceless to let these billionaires create artificial supply shortages and jack up the prices to make profits when we are all struggling to put the food on the dining table for our family? if there are supply shortages they should be losing money, not making money correct? These people are buying new Yachts, mansions, and even islands using the new profits they accumulated by extorting from people who were grieving, suffering, and hungry during the pandemic. As I mentioned in my main article, these billionaires also include the owners of social media companies who are letting their platforms host toxic content to turn us against each other and then make profits through online advertisements during a pandemic period. Our government completely failed us because they let this anarchy happen. It’s not that our politicians didn’t see this coming. With any Pandemic in history, extortion and social anarchy always thrived. It’s always been the responsibility of governments to not let that happen. But in our country, these politicians are the top recipients of the lobbying money from these billionaires to keep their mouths shut and hands tied.
Please see the Washington post article below to see how the Covid relief spending disproportionately favored the Ultra-Wealthy.
https://www.washingtonpost.com/graphics/2020/business/coronavirus-bailout-spending/
Common People are overwhelmed with higher prices. Prices have Doubled including housing. Affording a new house has become impossible for the poor and middle class especially in the urban and suburban neighborhoods. With these increased prices, the Federal-aid which the government is giving out to the people and institutions during the pandemic time are going directly to the hands of the ultra-wealthy and putting the common people in Deep debt again. This is making more millionaires become billionaires and billionaires on their way to trillionaires. And unfortunately, this borrowed Federal money will put future generations in deep Debt. What Happened to the promise of taxing the Ultra-Wealthy to Pay their fair share and use that money to Pay for everything? Or was it a promise like Mexico will Pay for the Wall? If so, then what makes Biden different from Trump.
These are all the reasons Democrats underperformed in the recent elections and will again if this continues because they failed their base. Their base is the bottom 50% of Americans whose net wealth is 16 times less than the Top 1% of this country.
The ultra-wealthy paid almost nothing in taxes compared to what they squeezed out of us. But the middle class must pay tens and thousands from their Paycheck in Taxes. Even the poorest families in his country have to pay 10% tax from their income to Uncle Sam.
Please see the ProPublica article below which shows what small percentage of taxes the Ultra-Wealthy pays. In this list, you can see the Amazon Owner Jeff Bezos who made billions during the Pandemic pays less than 1% in taxes when a middle-class family pays over 25% of their income in taxes. He amassed wealth during the height of the Pandemic using the poor and minority people to risk their lives to do the door deliveries and made them work in crowded warehouses in unsafe conditions. Don’t you think that instead of flying around in space rockets, he should have used that money to help his struggling families and employees who have lost their loved ones to covid at least in the form of TAXES? Same with Corporate Taxes. I am quoting ProPublica "By sending profits abroad, companies like Google, Facebook, Microsoft, and Apple have often paid little or no U.S. corporate tax."
Who can save at least our future generation from these people?
The Stock market is becoming a Gambling place where a $1 share will turn into a $50 share overnight and will go back $1 the next day. The person who invests at $1 becomes rich and the person who invests at $50 commits suicide. I am not talking about Wolf of Wallstreet type Penny stocks. These are stocks of Big corporations. The stock market is supposed to be profit-based, but it’s now being run by Social media meme Gambling spaces where people intentionally jack up the price of a share to make it go up 50 times what it’s valued at. They call it a short squeeze. You can even spin up a Blank Check company with no revenue and make its stock spike on some cooked-up news that it will be the future. The concept is simple, and the idea is cheating people legally.
Now let’s talk about home prices. If you want to buy a house that was valued at $175K two years ago, you have to pay $300K now, just imagine how much jacked up the price and loan Debt you will be owing to the Banks if you mortgage the house. Once the housing Market Bubble bursts, the prices are going to go back, and you can be in Deep Debt rest of your life. Those top 10% who are lending you the money already doubled their Wealth and they will sell that loan to the Bank. This is applicable for both Democrats and Republicans alike if you are the middle class.
When it comes to the current economy, I will make a small change to the Famous James Carville quote to reflect why Democrats failed in the recent elections.
"it’s not our Economy Stupid” it’s the Economy for the Ultra-Wealthy.
Can President Biden or VP Harris stop all these?, Absolutely not. VP Harris is going around delivering elitist speeches and complaining about how she is treated unfairly by the media. What does she expect when her job performance ratings are in their 20s among American people?
When the AOC is showing off the Tax the Rich Slogan in the back of the strange costume, she should at least know the difference between “Rich” and “Ultra-Wealthy” in this country and their tax brackets. The so-called” Rich” could already be paying 37% in taxes. You might be sending the wrong message to a lot of people who want to become rich in this country. Becoming rich is the American dream correct?
by Hari Ramachandran