Rich eating up our assets

  • Follow Letters

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.

Comments (19) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
Taylor B
5
Points
Taylor B 06/26/10 - 10:53 pm
0
0
*yawn*

*yawn*

omnomnom
3964
Points
omnomnom 06/27/10 - 03:23 am
0
0
I think I know that guy (the

I think I know that guy (the cousin)

slippery 25
0
Points
slippery 25 06/27/10 - 07:12 am
0
0
Writer should not go on the

Writer should not go on the show( Not smarter than a 5th grader) he would not do well.

impossible
124
Points
impossible 06/27/10 - 08:17 am
0
0
Nothing much has worked, but
Unpublished

Nothing much has worked, but I wonder if making multiple copies of Mr. Ferguson's letter, finely shredding them and spreading them on my lawn would make the grass grow? Has he not heard of Jimmy Carter, Bill Clinton, Chris Dodd, Barney Frank, and Countrywide Mortgage? If I were a conspiracy nut, I might be tempted to wonder if the second-worst president of the United States (Carter) intentionally started the real estate crisis so that the current holder of the title, "worst president of the U.S." (Obama), would have a crisis with which to kill capitalism and replace it with socialism. One of my long-time friends who was a lifelong Democrat finally became a conservative. When asked why, he would say , "I finally learned how to read." Even if the writer won't admit that Reagan was right, perhaps he will admit that JFK was right - they both believed that the way to heal a down economy was to LOWER taxes. The "bundled securities" the writer speaks of were created with the sub-prime mortgages forced on banks by liberals like Clinton, Dodd, Frank, Schumer etc guaranteed by Fannie Mae and Freddy Mac (that's you and me). Bush tried to put a stop to it and was rebuffed by those same people who are now going to "reform" the financial system. God help us.

apex24
0
Points
apex24 06/27/10 - 08:13 am
0
0
Michael, why would you show

Michael, why would you show you ignorance in such a really stupid way.

impossible
124
Points
impossible 06/27/10 - 08:15 am
0
0
Why should I have to drive a
Unpublished

Why should I have to drive a clunker? Shouldn't there be a federal program to enable me to replace my modest thirteen year old car with a Mercedes and allow me to become a member of Augusta National? Is there no social justice? Maybe if I write to Barney Fwyank he will intoduce legislation to enable everyman to own a Mercedes and be a memberr of Augusta Natonal. P. S. Barney, I am also tired of renting a home and am entitled to own one in West Lake.

impossible
124
Points
impossible 06/27/10 - 08:18 am
0
0
Whoops! I should have said,
Unpublished

Whoops! I should have said, "everyman and everywoman."

Tigger_The_Tiger
0
Points
Tigger_The_Tiger 06/27/10 - 08:39 am
0
0
Wow! Straight from the pages

Wow! Straight from the pages of Marxist Wealth Envy 101.

soldout
1280
Points
soldout 06/27/10 - 08:40 am
0
0
You have all said it so well

You have all said it so well there is nothing to add. You all understand the math.

Tigger_The_Tiger
0
Points
Tigger_The_Tiger 06/27/10 - 08:41 am
0
0
What about a poor cousin

What about a poor cousin living in your house, eating your food, and not providing a dime for his or her upkeep? Why is THAT ok?

Scratch
147
Points
Scratch 06/27/10 - 08:53 am
0
0
My hope, Mr. F, is that you

My hope, Mr. F, is that you have yet to graduate from high school. It is hard for me to believe that with the research abilities available to the common person these days there still remain people as incredibly ignorant as your statements indicate. Check out IRS stats on federal income tax revenues from 2001, when tax cuts were initiated, until 2008. Revenues in 2001 were about $1.991T. In 2005, when the reductions began to take full effect of increasing tax base, revenues were about $2,154T. In 2008 revenues were $2,524T. How is it then that "we reduced the income of our nation"? The truth is that tax breaks, not just for the rich but for all taxpayers, actually increase revenues every time they are tried. You are exactly wrong in your assessment and therefore in your conclusions. Please research the facts before you make a fool of yourself once again.

Fundamental_Arminian
1849
Points
Fundamental_Arminian 06/27/10 - 09:05 am
0
0
I see in Mr. Ferguson's

I see in Mr. Ferguson's letter some wonderful reasons for adopting the FairTax.

Tigger_The_Tiger
0
Points
Tigger_The_Tiger 06/27/10 - 09:10 am
0
0
Except that he doesn't WANT

Except that he doesn't WANT it to be fair. He wants to tax the wealthy at a higher rate because they are evil in his eyes.

TheFederalist
1
Points
TheFederalist 06/27/10 - 09:57 am
0
0
Mr. Ferguson, with all due

Mr. Ferguson, with all due respect sir, your words are absolute horsefeathers! Another product of the liberal institute of deluded notions, tired rhetoric, and distorted viewpoints! The truth is that the rich actually already pay for most of the cost of government. In 2005, the top 5% of taxpayers, those with incomes above $150,000, paid 60% of all income taxes paid. Before the Reagan tax reductions of the 1980's, that same group paid less than 40%. While increasing the taxes on the rich may be popular politically, the result is that their share of tax revenue is reduced by alternative investment. This forces the middle class to pay a larger share of the tax burden. This is exactly the opposite result of what those trying to get the rich to pay their fair share would like you to believe. I will draw you a picture sir, so even you may be able to understand..don't worry...I'll type v e r y s l o w l y....if I had a million dollars, and they raised my tax rate to 75%, I would simply leave the USA, buy a villa on the Riviera, and give the IRS the bird! Mr. Ferguson, the next time you feel the need to publically step out onto the battlefield of ideas and concepts, please come armed with little more than an intellectual pea shooter, ok?

dani
12
Points
dani 06/27/10 - 10:32 am
0
0
Mr Ferguson wins the

Mr Ferguson wins the "comedian of the day" award.

usafvet
3
Points
usafvet 06/27/10 - 11:10 am
0
0
I think that if Mr.

I think that if Mr. Ferguson's idiotic letter had been posted only in Chicago, he would like the responses much better. Another dumbobama raving lunatic.

dichotomy
34491
Points
dichotomy 06/27/10 - 11:50 am
0
0
Another product of Democrat

Another product of Democrat brainwashing. That analogy of a cousin in the house does not even come close to applying to your little wealth envy rant. Those "rich" folks already pay the vast majority of the taxes. And the middle class certainly pay their fair share. It is the opposite of the economic spectrum that we need to get to put some skin in the tax game. We need EVERYONE to be paying taxes. Not just 53% of us. EVERYONE. We need a fair tax.....a tax everyone will pay equally for every dollar that moves in the economy. If EVERYONE were paying taxes they would certainly pay a lot more attention to where Congress spends our tax money money and that would influence the way they vote. If 100% of the people knew that when they went to buy that new pair of sneakers next year that the price was going up another 10% because Congressman Scumbag just got a bill passed to spend another $billion on another pork barrel project or huge, unneeded government program, they would start voting based on what is good for the country instead of what's good for the socialist entitlement crowd. Your rant about rich people getting services and not paying their fair share is totally insane. They pay WAY more than their fair share. It is the 47% of the country who are getting ALL of the services of the government free of charge and not paying one dime in taxes that need to be taxed equally to shock them back into reality before they go into the voting booth. I pay taxes and I am in shock and they need to feel some of that shock too. We have reached the point in this country where the percentage of the population that is either in the entitlement crowd, the "I get everything back plus an unearned income credit" crowd, outnumber we who actually pay taxes and THEY have the power to vote themselves more entitlements and less taxes while they shift their tax burden to others. It is not the "rich" who are killing this country. It is the ones that don't pay taxes at all but still have flat screen TVs, cable service, drive a taxpayer subsidized new car, and live in government subsidized housing. Them and few misguided wealthy lefty liberals and they are over the 50% hump at the voting booth. The core constituents of the Democrats are just like our House and Senate. They have the power to vote themselves pay and entitlement raises and their is very little us working taxPAYERS can do about unless we unite and fight them tooth and nail. But it ain't the "rich" people who are riding the gravy train. Look to the LEFT and that light at the end of the tunnel you see is that gravy train that is about to run you over. And it is loaded with Democrats hollering "kill the rich".

ohhsweetconcord
3
Points
ohhsweetconcord 06/28/10 - 12:10 am
0
0
The distribution of wealth in

The distribution of wealth in this country is a problem. Warren Buffet thinks so. He wants higher taxes for the wealthy because he knows that the rich are the most able to pay.

gaspringwater
3
Points
gaspringwater 06/28/10 - 12:29 pm
0
0
A Yahoo news article in June

A Yahoo news article in June was titled; World's rich got richer amid '09 recession. The year was a good year for the world's millionaires according to the latest Merrill Lynch-Capgemini world wealth report. In North America, the ranks of the rich rose 17 percent and their wealth grew 18 percent to $10.7 trillion.

Using older 2004 data. The wealthiest 25 % of US households own 87 % of the country's wealth and their net worth is 33 times those of the lower middle class. Conversely, the bottom 75 % of US households have 13 % of the country's wealth. Is it any wonder that only half of the people in the country pay income tax?

The wealthy tend to have wealthy children while the poor tend to have poor children. Getting a job and working your way up is not promising either. Children in the bottom 20 % only have a 7 % chance to work their way up to the top 25 %.

Blacks are worse off. They only have 17 cents net worth for every one dollar of wealth whites have.

KSL
134725
Points
KSL 06/28/10 - 12:42 pm
0
0
Gasp, you explain

Gasp, you explain multi-generations on welfare or living in the same low income housing. People used to "scratch and claw" to get out of poverty because it wasn't pleasant.

gaspringwater
3
Points
gaspringwater 06/28/10 - 01:20 pm
0
0
KSL - Poor people in past

KSL - Poor people in past days could pull themselves up by their bootstraps but that's harder today.

In 2004, children in the lowest 20% of the wealth distribution had only a 7% chance to make it to the top wealth distribution - Haskins, Ron: "Wealth and Economic Mobility". Economic Mobility Project, 2007.
http://en.wikipedia.org/wiki/Wealth_in_the_United_States

Social mobility (how children move up or down the economic ladder in comparison with their parents) in earnings, wages and education tends to be easier in Australia, Canada and Nordic countries like Denmark, Norway and Finland, than in the US. That means more of the rich stay rich and more of the poor stay poor here in the US.
http://www.truthout.org/nine-myths-about-socialism-us58513

inAUGsince1832
0
Points
inAUGsince1832 06/29/10 - 02:17 pm
0
0
"The parallel can be drawn to

"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."

Actually this line describes millions of able-bodied citizens who are on welfare. My tax dollars pay for their food, shelter, eductaion, cell phones, cars, TV, air conditioning, internet, cable, drugs (some individuals), and recreation. Oh yeah, and when they trash their government houses my tax dollars pay to erect new projects for them to live in.

Back to Top

Search Augusta jobs