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The problem is that money is being redistributed from the middle class to the wealthy by mechanisms of our financial system. High taxes on labor both reduce wa
by foxyv 10y ago
The problem is that money is being redistributed from the middle class to the wealthy by mechanisms of our financial system.
High taxes on labor both reduce wages and cut spending power of working Americans. Then, the money that is removed from the economy by income taxes is then re-created by the federal reserve system and lent out to banks at extremely low interest rates. This money is then lent as consumer credit which redirects wealth to those who own capital in the form of interest.
Essentially Americans are forced to borrow their own money to survive until they can no longer borrow and go bankrupt. The solution is easily executed and within the power of congress or even the president. Reduce taxes to create a deficit then offset it with higher interest rates on corporate credit. Then nationalize the dividends paid out by the Fed to other banks to offset the deficit even more and start charging banks for services they receive through the Fed.
Right now we essentially have a giant welfare system for banks in America that is slowly turning non-capital owning Americans into paupers through constant inflation and wage stagnation.