Saturday, September 14, 2013

Conspicuous Consumption Hurts the 99%

Too many people in the top 1% income bracket, because they have TOO MUCH money (and therefore has no need for it) often hoards their excessive cash in offshore bank accounts to avoid taxes and/or in stocks to increase its value based on other people's economic activities --- such as buying things.

So the ultra-wealthy often engages in an activity known as "conspicuous consumption" as a competitive sport, much like a twisted and obscene version of the board game Monopoly (Also see: Yacht Envy). In other words, the mega-rich sometimes buys things that they don't even need, just to one-up someone else --- and because they simply don't know what else to do with all their extra money (like buying $30,000 hand bags.)

But instead, these obsessively rich people would rather possess something that they have no good use for (and might only use once), rather than allow someone else to have access to a larger portion of their wealth (e.g. wages, taxes, etc.) --- even if it means saving other people's lives.

The ultra-rich can't take their money with them when they die, but they'll do everything possible to make sure that almost everyone else dies matter how much misery they will cause other less fortunate people.

That's why TOO MUCH money is at the root of all evil --- and why TOO MUCH of anything corrupts people. The too-rich are too addicted to too much money.

Cap CEO and other executive pay (50:1), outlaw the offshoring of jobs, tax capital gains as regular wages, raise the minimum wage to a "living wage" (indexed to inflation), force states to offer the same exact tax incentives for large businesses, tax all domestic and overseas profits at the "statutory" (not "effective") corporate tax rate and remove the cap on Social Security taxes.

Maybe we could also reign in the big banks --- or nationalize them all if necessary (make all their branch offices mini-feds, and have them make loans to consumers at the same low rate that the banks currently enjoy); negate NAFTA and stop any other harmful "free trade" agreements from passing; impose harsher punishments against those that illegally bust labor unions --- make it criminal if necessary (the same goes for those that willfully violate existing labor laws); restore true democracy by eliminating gerrymandering and make it easier (not harder) to vote; better regulate the pharmaceutical and healthcare industries; take back America's natural resources from the energy companies (sell AT COST, rather than export for PROFIT); better enforce existing tax laws by increasing audits on the super-wealthy (especially those with offshore tax havens and dummy corporations); put limitations on corporate "limited liability" clauses by punishing the executives PERSONALLY for any deliberate and harmful wrong-doing they do; impose stricter laws and enforce them against Medicare and Medicaid fraud...the list goes on and on.

To accomplish any (or all)of these things we must get money out of politics so that members of Congress will do the "will" of ordinary working Americans (rather than just the super-rich) and enact all these measures so that we can restore a more fair and equitable middle-class and eliminate extreme poverty.

Can't the multi-billionaires be just as happy living in a $50 million mansion as they would be living in a $100 million mansion? Double their taxes and double our wages. Otherwise, things will just keep getting worse for the bottom 99% --- those building the mansions. Maybe then a lot more people could afford to buy smaller mansions, and we can hire more mansion-builders.

1 comment:

  1. Overpopulation Is Not the Problem

    The world population is now estimated at 7.2 billion. But with current industrial technologies, it's estimated that the more than nine billion people (expected by 2050 as the population nears its peak) could be supported as long as necessary investments in infrastructure and conducive trade, anti-poverty and food security policies are in place.