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BoomBoom
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This is somewhat of a spinoff from another thread about Fox News in which the discussion turned to policies that are perceived as “pro-rich” or “pro-working class and poor”.
Now it is well known that in the U.S. a mere 5% of the population holds the majority of the wealth. The majority of Americans struggle to pay their bills. Much of the wealth that the top 5% receives comes from the ‘struggling masses’. I will use this story as a backdrop:http://www.ft.com/cms/s/0/43d18c68-851d-11de-9a64-00144feabdc0.html"
This example is only in reference to overdraft fees, but lower income people are also continually hit with late fees, interest rate penalties, and they generally pay much higher interest rates for everything they buy on credit than do those who are better off financially. Often they must resort to check-cashing/payday-loan places in order to pay bills to avoid discontinued service or eviction and the charges at these places are insane.
Pay and compensation is generally very lopsided with top execs making up to thousands of times more than lower level management as well.
Given the uneven distribution of wealth, I believe that the re-distribution of wealth through mechanisms such as progressive tax codes, higher minimum wages, universal healthcare, tuition assistance, etc. (and the like) are not only warranted, but necessary for a better, more fair society in which everyone is better off, IMO.
But what do I know, I’m just a “bleeding-heart liberal”. Flame on…
Now it is well known that in the U.S. a mere 5% of the population holds the majority of the wealth. The majority of Americans struggle to pay their bills. Much of the wealth that the top 5% receives comes from the ‘struggling masses’. I will use this story as a backdrop:http://www.ft.com/cms/s/0/43d18c68-851d-11de-9a64-00144feabdc0.html"
US banks stand to collect a record $38.5bn in fees for customer overdrafts this year, with the bulk of the revenue coming from the most financially stretched consumers amid the deepest recession since the 1930s, according to research. The fees are nearly double those reported in 2000.
This example is only in reference to overdraft fees, but lower income people are also continually hit with late fees, interest rate penalties, and they generally pay much higher interest rates for everything they buy on credit than do those who are better off financially. Often they must resort to check-cashing/payday-loan places in order to pay bills to avoid discontinued service or eviction and the charges at these places are insane.
Pay and compensation is generally very lopsided with top execs making up to thousands of times more than lower level management as well.
Given the uneven distribution of wealth, I believe that the re-distribution of wealth through mechanisms such as progressive tax codes, higher minimum wages, universal healthcare, tuition assistance, etc. (and the like) are not only warranted, but necessary for a better, more fair society in which everyone is better off, IMO.
But what do I know, I’m just a “bleeding-heart liberal”. Flame on…
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