Sunday, August 14, 2011

The Rich Are Hoarding the Money Supply

Tonight John Stossel did a special for Fox News criticizing government entitlements and government spending, and he said that that's why we're running out of money.

He's been comparing us to Greece, whose people retire at 50 while we work until 65, 66, and 67.

We're running out of money because the wealthy aren't being taxed enough to run our government and care for our elderly and poor. The extremely wealthy have been HOARDING the money supply, and so therefore the money isn't being properly circulated, and isn't being fairly redistributed to pay for any entitlements or to run our government.

Because of this, the Feds were being forced to print more money, and congress was forced to raise the debt ceiling. Our government (population) has grown by a third (from 200 million to 300 million) over the last 40 years while worker's wages have been stagnant.

But at the same time, CEO pay has skyrocketed while they saw their taxes on capital gains and corporate taxes (because of loopholes and subsidies) actually go down. And the Republicans want to tax them less, lower the corporate tax rate, and eliminate capital gains taxes altogether.

* Simply put, the Republicans and Fox News only want cut Medicare and Social Security, but not touch defense spending at all.
* Simple put, the Republicans and Fox News only want the rich to get richer while the poor (us) get poorer.


Here's the piece I wrote last May about this:

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