America is not broke. According to a recent blog post by Michael Moore. “America is not broke. Not by a long shot. The country is awash in wealth and cash. It's just that it's not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.”
Moore points out that today, 400 Americans have the same wealth as half of all Americans combined. That’s 155 million Americans combined.
“And I can see why. For us to admit that we have let a small group of men abscond with and hoard the bulk of the wealth that runs our economy, would mean that we'd have to accept the humiliating acknowledgment that we have indeed surrendered our precious Democracy to the moneyed elite. Wall Street, the banks and the Fortune 500 now run this Republic -- and, until this past month, the rest of us have felt completely helpless, unable to find a way to do anything about it.”
Watch his video for more on what Moore has to say about America’s wealth distribution:
Moore has a mere high school degree, but he did learn in economics that money doesn’t grow on trees.
“It grows when we make things. It grows when we have good jobs with good wages that we use to buy the things we need and thus create more jobs. It grows when we provide an outstanding educational system that then grows a new generation of inventors, entrepreneurs, artists, scientists and thinkers who come up with the next great idea for the planet. And that new idea creates new jobs and that creates revenue for the state.”
However, he doesn’t see that the most wealthy are paying their fair share of taxes to enable states to run good education programs, which in turn, create more jobs.
“If the wealthy get to keep most of their money, we have seen what they will do with it: recklessly gamble it on crazy Wall Street schemes and crash our economy. The crash they created cost us millions of jobs. That too caused a reduction in tax revenue. Everyone ended up suffering because of what the rich did.”
Read the full post on Micheal Moore’s blog.
With MANY thanks to our devoted reader and FB page contributor, DAVID ACKERMAN