Quoting from a
recently-published book by political philosopher David Schweickart,
|If we divided the income of the US into thirds, we find that the top ten percent of the population gets a third, the next thirty percent gets another third, and the bottom sixty percent get the last third. If we divide the wealth of the US into thirds, we find that the top one percent own a third, the next nine percent own another third, and the bottom ninety percent claim the rest. (Actually, these percentages, true a decade ago, are now out of date. The top one percent are now estimated to own between forty and fifty percent of the nation’s wealth, more than the combined wealth of the bottom 95%.)|
According to the Federal Reserve board the net wealth of Americans is 59 trillion dollars. The top one percent have about 20 trillion in assets. The next 9% have another 20 trillion in net wealth. The bottom 90% have 20 trillion in net wealth.
Shouldn’t the national debt be proportionately distributed according to wealth?
Shouldn’t the national expendatures be distributed proportionately to wealth?
Logically, all the lower 90% should pay for is social security, unemployment, medicare,and medicade. The lower 90% should not have to pay income taxes.