Currently, there is a problem in the economy with people not spending enough money (a recession). While this is going on, there are people with more money then they will ever be albe to spend. They have so much wealth that their bloodline could not exhaust the massive amount of money held by a select few in years, decades or even centuries.
Currently, there is a problem in the economy with people not spending enough money (a recession). While this is going on, there are people with more money then they will ever be albe to spend. They have so much wealth that their bloodline could not exhaust the massive amount of money held by a select few in years, decades or even centuries.
What I am suggesting is a cap on personal wealth. We could take the individual median income, and multiply it by 5000. This would allow a person to aspire to have 50 years worth of money at the rate of 100 times the median income of the country. Does anyone have a use for more money than this?
Some may give this idea frightening labels in an attempt to scare us. An idea of this magnitude will be called Socialism, Communism, and Marxism along with a bunch of other 'isms. Reducing ineffciencies is a better description of the personal wealth cap. This is simply reducing inefficiencies in the market.
Money transferred from the wealthy could be used to dramatically increase demand in the economy. Another benefit would be the infusion of enough revenue for the Federal Government to partially or fully deal with the huge budget deficit. A revenue infusion on this scale would be enough to fix the economy quickly with current revenue instead of passing the costs of economic simulus on to future generations with further debt. The rich have grown pornographically richer during the Bush Administration, and it's time for them to pay their fair share.
According to the Census Bureau, the median income for Americans is $28,567. 142,835,000. I don't think anyone has a need for more then one hundred fourty two million eight hundren thirty five thousand dollars. The cap could be indexed to the median income. If the ultra wealthy want more money, they can simply increase wages to increase the median income.
In my opinion, capping personal wealth is a great way to solve the current economic crisis. What does everyone else think?