Nobel laureates, a new congresswoman and others urge raising taxes on the ultrawealthy to counter surging inequality.
“One vocal billionaire-basher is Alexandria Ocasio-Cortez, a newly elected Congresswoman from New York and self-identified democratic socialist. “I’m not saying that Bill Gates or Warren Buffet are immoral,” she said recently, “but a system that allows billionaires to exist when there are parts of Alabama where people are still getting ringworm because they don’t have access to public health is wrong.”
It’s ironic that the congresswoman would pick Alabama as a poverty-stricken place, held down by these rich individuals. Adjusted for cost of living, Alabama is near the middle of the pack in the percentage of people in poverty. New York is next to worst, worse than Mississippi, and outranked only by California in poverty.
There is no ringworm problem here, however there really is a poor county in Alabama with a hookworm problem, caused no doubt by the likes of Bill Gates and Elon Musk. The troubles started with MSDOS and things have been going downhill ever since.
While the 1% hold a vast percentage of the world's wealth, and it would be nice if everyone had a similar piece of the pie; I'm reminded of what happened in the French Revolution: while the rich were disposed of, the wealth of France was not distributed to the masses. It virtually disappeared -- transferred out of the country. People will continue to buy, and the rich will get richer. Eventually the entire system will collapse -- and a great depression will ensue.
I think it's a good idea... But it's not enough... Raise minimum wage too...