More bad news. About the kitchen table economics.
Though the gap between the richest and poorest expanded, the nation’s median household income topped $63,000 for the first time – though after adjusting for inflation, it’s roughly the same as it was 20 years ago.
The persistent rise in inequality has become a central topic in the 2020 presidential race, with candidates such as Bernie Sanders and Elizabeth Warren calling for a wealth tax. This week, Sanders announced his plan for a wealth tax as high as 8% on the ultrawealthy, which would raise $4.35 trillion over a decade, according to analysis by economists who consulted with the Warren and Sanders campaigns.
“There should be no billionaires,” Sanders tweeted to announce his plan. “We are going to tax their extreme wealth and invest in working people.”
Yes, yes. It’s all minimum wage and the billionaires holding us back. Totally not the funny money financial sorcery!
If the people weren’t jealous and stupid, they could see through Bernie’s rhetoric. The rich, even those of sorcerous origins, don’t swim around in pools of cash like Scrooge McDuck. That extreme wealth is what keeps working people working. The effective zero percent increase in buying power is something he could latch onto – if he wasn’t part of the problem. Same with Warren. Maybe ditto for Trump. And, if one thinks anything to do with the minimum wage has any bearing on … I’ll just let that go.
Should I ever seek the office of Emperor, I’ll put all this (and more!) in my “issues” section. Until then, you have this Highly Respected Web Log.
A preview from “The Substitute” coming later this evening!