Since 1985, the top 5% gained more wealth than the whole human race created prior to 1980

[tinrobot]

Staggering quote from this article:

http://www.cbsnews.com/stories/2010/10/28/60minutes/main6999906_page4.shtml?tag=contentMain;contentBody

[givemebackmycountry]

1. Gee, maybe they need another tax cut... n/t

[RKP5637]

3. Yep, we don't want them to spoil that record of pure greed. Yep, more tax

cuts for them!

[pinboy3niner]

8. I feel so ashamed that we have the gall to make the poor dears pay any taxes at all

They are SO overburdened. :sarcasm:

[txaslftist]

12. I can think of a cut they need... ala Marie Antoinette

[RainDog]

2. the world is out of balance n/t

[Posteritatis]

4. Not exactly sure how that'd be mentioned if you're talking all human history

You can't exactly quantify the wealth available to a village of hunter-gatherers, or a cluster of Mongol horsemen, and so on. Hell, it'd be hard enough to compare the wealth of someone like Augustus - despite the fact that he probably did have more money in his coffers than the entire rest of the empire on his accession to the throne - in modern terms. A lot of those things just don't compute well, especially considering how much modern money is wholly imaginary in the end anyway.

[geckosfeet]

5. Economists try to quantify the value of everything - that's the fucking problem.

[Posteritatis]

6. Yeah, I'm just skeptical that they could even make the attempt in that case

Figuring out the number of humans who have existed is problematic enough - the margin of error's about ten billion - before figuring the value of their holdings in 2010 US dollars.

Basically, while I wholly understand the sentiment behind the original message, I have a hard time not dismissing it out of hand as a rhetorical flourish.

[geckosfeet]

9. Clearly it is rhetoric. Even pinning down something as 'concrete' as

how much wealth that 5% owns is problematic.

Trying to quantify the wealth that the 5% don't own is darn near impossible.

[Hardrada]

7. How do they figure in the value of slaves for instance?

[geckosfeet]

10. Ok - I read the article and found the quote -

This is what I found.

Deficits: The Battle Over Taxing The Rich

-- / --

In 1985, the top five percent of the households, wealthiest five percent, had net worth of $8 trillion, which is a lot. Today, after serial bubble after serial bubble, the top five percent have net worth of $40 trillion," he explained. "The top five percent have gained more wealth than the whole human race had created prior to 1980."

-- / --

'He' is David Stockman. 'And he's a Republican who once helped engineer the largest tax cut in history.'

[truedelphi]

11. Thanks Geckosfeet. Good to know. n/t

[Naturyl]

13. It's proof that Reaganomics does work, and it works incredibly well

At least for those it was designed to benefit...

[Octafish]

14. Wanna know how they did it?

Capitalism's Invisible Army

[BlueIris]

16. Thanks, Octa. nt

[felix_numinous]

15. K & R

RepubliCorp--the new monopoly game. They have redefined crime, money and information to benefit themselves.

Our country was made for self governance, assuming citizens were innocent. As soon as criminals took over, they changed the rules so they would be the innocent and us without land, jobs and money would be the guilty.

These people are not even real Republicans, but since they are all in one place we can vote them out of office first, then systematically focus ourselves on cleaning up the corrupt ones who remain in office by pressuring the government to restore the laws of the land. It has to come from the people because they will not do this on their own.

Restoring the laws of the land is Sanity. Arresting criminals who have destroyed this country is sanity. When we on the left stand our ground and focus our intent on exposing the real criminals, perhaps more people on the right will see the light. Some will not, and if they break the law we have to make sure there are consequences for them too.

[femrap]

17. Now let them choke on it. nt

[PurityOfEssence]

18. ...and that's not enough.

Not even close.