Biden’s already reducing wealth inequality — by killing the economy

m.knox

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Aug 20, 2003
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That's one way to do it............... But keep in mind making the rich poorer doesn't make the poor richer.....

https://thehill.com/opinion/finance...ing-wealth-inequality-by-killing-the-economy/

President Biden campaigned on reducing wealth inequality (as well as income inequality). Hey, mission accomplished! The four-month stock market slide, the worst for the S&P 500 since 1939, has made a lot of wealthy people a lot less wealthy. Of course, it has made a lot of seniors and middle-income working families with IRAs and pensions a lot less wealthy, too. And that’s a huge problem for Biden and the Democrats.

Are Democrats worried that Apple CEO Tim Cook and many of Apple’s investors are too wealthy? They can stop worrying. Apple’s market capitalization has fallen about half-a-trillion dollars since the beginning of the year.

Are Jeff Bezos and investors in Amazon a little too rich? Good news! Amazon’s market capitalization has lost about $750 billion so far this year.

And you have to think the left is seething that Tesla CEO Elon Musk has enough money and clout to buy Twitter. Tesla and its investors are down too this year, but not that much, about $150 billion.

Had Sen. Elizabeth Warren (D-Mass.) been able to get her wealth tax passed and signed into law last year, wealthy taxpayers who were worth a whole lot more last Dec. 31 would be paying taxes on assets they no longer have. The fact that money has vanished is bad news for the left, but it’s a lot worse news for the U.S. economy. Because it is private sector wealth, not government spending, that drives investment and economic growth.

Of course, what the left really wanted to do was take that money from the rich and hand it out to favored groups, no doubt in the hope the recipients would vote Democrat in November.
 
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psuted

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Nov 26, 2010
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That's one way to do it............... But keep in mind making the rich poorer doesn't make the poor richer.....

https://thehill.com/opinion/finance...ing-wealth-inequality-by-killing-the-economy/

President Biden campaigned on reducing wealth inequality (as well as income inequality). Hey, mission accomplished! The four-month stock market slide, the worst for the S&P 500 since 1939, has made a lot of wealthy people a lot less wealthy. Of course, it has made a lot of seniors and middle-income working families with IRAs and pensions a lot less wealthy, too. And that’s a huge problem for Biden and the Democrats.

Are Democrats worried that Apple CEO Tim Cook and many of Apple’s investors are too wealthy? They can stop worrying. Apple’s market capitalization has fallen about half-a-trillion dollars since the beginning of the year.

Are Jeff Bezos and investors in Amazon a little too rich? Good news! Amazon’s market capitalization has lost about $750 billion so far this year.

And you have to think the left is seething that Tesla CEO Elon Musk has enough money and clout to buy Twitter. Tesla and its investors are down too this year, but not that much, about $150 billion.

Had Sen. Elizabeth Warren (D-Mass.) been able to get her wealth tax passed and signed into law last year, wealthy taxpayers who were worth a whole lot more last Dec. 31 would be paying taxes on assets they no longer have. The fact that money has vanished is bad news for the left, but it’s a lot worse news for the U.S. economy. Because it is private sector wealth, not government spending, that drives investment and economic growth.


Of course, what the left really wanted to do was take that money from the rich and hand it out to favored groups, no doubt in the hope the recipients would vote Democrat in November.

Sleepy Joe and Democrats are the enemy of the people.