“The arc of the moral universe is long but it bends toward justice” – Theodore Parker
The question for each of us is whether we will just watch and hope it it happens, or we will get involved. And the answer to that question becomes even more consequential the higher the tax bracket you are.
“The top 1% of Americans now hold $34.23 trillion of wealth, while the bottom 50% have $2.08 trillion, according to the Federal Reserve. In other words, the top 1% of the country has 16.5 times more money than the bottom half. Are you kidding me?
Isn’t it always that way, you ask? Actually no, not at all. In Q3 1989, (the furthest back the data goes) the wealthiest 1% had $4.81 trillion, while the lowest 50% had $.76 trillion—or only 6.3 times more. And as we’ve seen that ratio kept getting bigger….”
“Hey, I’m all for making money. It’s the American way. But this ladies and gentlemen is amoral, unsustainable and insane.”
This is an excerpt from Yahoo Finance’s Andy Serwer’s Saturday newsletter. An interesting read on the topic in which he concludes:
“Look at it this way, oh wealthy ones: You can do something with all your newfound billions on your own terms. Or the next federal government may do it for you.”