A dangerous trend is growing in the United States. In it, individuals are accumulating massive amounts of wealth having done nothing to earn it beyond being born. That’s a practice that will prove to have disastrous consequences for the United States.
We talk a lot about income inequality, but what’s really dangerous is wealth inequality. Wealth inequality is often a reward for simply having been born to someone who achieved great income in their lives. And it doesn’t go away with time, people that inherit their wealth only tend to become wealthier.
This gives them an unparalleled power in the economy and, thanks to decisions like Citizens United, the loudest voices in politics.
Here are some facts that help back that premise up:
1) In the past 50 years, the top one percent have increased their wealth to own nearly 40 percent of all wealth in the United States; it’s a number that is only continuing to rise.
2) The bottom 90 percent own less than 30 percent of the wealth in the United States.
3) In addition, the top income tax rate is decreasing. It is now at 39.6 percent. In 1960, it was at 91 percent.
4) Over the next two decades, as much as $15 trillion will be passed from one generation to the next in high-net-worth families.
So what does this mean? It means that these billionaire babies will be inheriting a lot of money. What will that money do? Well, for one thing, it buys a lot of power and influence in Washington since the majority of politicians just run from election to election.
But is that influence a problem? Yes.
These trust-fund children didn’t earn the money they will be receiving. Instead, it was handed to them and will start to build a perpetual oligarchical state that won’t likely be undone.
What you can expect to see is a continuing trend for laws to continually benefit the rich and corporations and inhibit the ability of the poor (read: 90 percent) to be heard.
This trend will ruin America.