Rich eating up our assets

 

At this point and time in our nation, there is a major shift in wealth from the lower 98 percent to the remaining 2 percent of our population. We don't see it because of the insidious way this is happening.

When the wealthy were given tax breaks in the last administration, we in effect reduced the income of our nation -- think of it as a pay reduction for our nation -- and this was at a time when we were at war, so to fund the continued functioning of the country we call home (not the government) we had to borrow money to provide all the services we enjoy and this very expensive war.

A new scheme was hit upon: Sell America. Bundle mortgages into packages and call them securities, and sell ownership in the notes held on private land. What could be more valuable than that?

Of course property values are not fixed, so all this paper became known as bad assets.

A win-win situation now exists for the upper 2 percent of our nation, who are not as subject to economic fluctuations as those of us who live hand to mouth. The tax breaks they received early in this decade continue to float them above the rest of our struggling nation.

The parallel can be drawn to a rich cousin living in your house eating your food and watching your TV, and not providing a dime for his or her own upkeep.

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