Maeserati wrote:Downed Pilots wrote:Relying on the altruism of the wealthy is not a very definite thing. Also, that still doesn't really help the underlying problem of income inequality in the nation. As a self-identified liberal, I mainly am on the side I am because I believe that everyone should be taken care of (I'm not saying that the upper class would have to go away, but regulating the top 1% would help A LOT. You might think I'm just being unoriginal and they've had enough beating over the head, but the top 1% control over 35% of the nation's wealth [US here] and half of the nation's stocks. I'm still very supportive of America being a land of opportunity, but I believe it can't really be such unless everyone is taken care of).
I feel like people use the argument that they control most wealth too much. The 1% is a surprisingly large group (more than 3 million Americans), and as a member, I'll be the first to say, we're not necessarily all rich. I have no lambos nor do I eat lobster.
The vast majority of people living in poverty in the US have either dropped out of high school, had a child before marriage, or committed a felony. This is a problem of education. Stocks, and most investment options are perfectly available to the poor. However, there's an attitude of disregard. Poverty (atleast in the western world) is a choice.
You're not in the top 1% if you aren't rich (not talking billions, but certainly millions). Average income for top 1% is over 1 million a year. You can be in the top 1% and be only moderately rich, but that's a different discussion. Basically, if you're in the top 1% of income you don't need to worry about money, it doesn't take owning a lambo or lobster to do that.
The facts from http://www2.ucsc.edu/whorulesamerica/power/wealth.html
Wealth or income class (Mean household income) (Mean household net worth) (Mean household financial (non-home) wealth)
Top 1 percent ($1,318,200) ($16,439,400) ($15,171,600)
Top 20 percent ($226,200) ($2,061,600) ($1,719,800)
60th-80th percentile ($72,000) ($216,900) ($100,700)
40th-60th percentile ($41,700) ($61,000) ($12,200)
Bottom 40 percent ($17,300) (-$10,600) (-$14,800)