Class Warfare Blog

December 5, 2018

The Rich, They Are Not Like Us

The Republicans like to frame the rich as “job creators.” Well, one of the very rich, Alice Walton, reclaimed the crown as the richest woman in the world, as her fortune leapt from $33.8 billion to $46 billion over the past year. In September 2016, she was reported to own over US $11 billion in WalMart shares alone.

So, did she earn that money? Did she make that money? What did she contribute to society that so much money came to her? Is she creating jobs?

Owning stocks and investing in stocks has been shown to be the sham it really is. We are taught in school that selling stock is a way for businesses to finance their growth. This is clearly poppycock. Stocks are purely speculative instruments. The Apple corporation acquired $95 million in its initial stock offering. It hasn’t issued stock or gotten money from a new sale since. It has paid out billions to its stock holders in dividends. Imagine a bank load for $95 million that required billions of dollars to be paid back and the loan is still out!

Alice’s father, Sam Walton (founder of WalMart) made the money, she has simply played money games to expand the quantity.

The Founding Fathers comment often and long, as have many other prominent Americans since, that allowing accumulated wealth to accumulate by inheritance is un-American and counter to democratic principles. Yet, our inheritance taxes have been reduced to pure vapor under the guidance of bribes from rich people to Republican and Democrat politicians. This is what the rich like to call a “good investment.” They offer bribes of a few hundred thousand dollars here and there and they benefit by the many millions, if not billions.

Did you notice that Alice Walton’s net worth went up $12.2 billion in just one year? The Republican tax cuts played a big part in that. And, in case you are wondering, to spend that additional $12,200,000,000 in one year, she would have to spend $6,500,000 every hour of every work day of the year! How much money is enough? Apparently in a capitalist system there is no upper limit.

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11 Comments »

  1. Wow! That is A LOT of $$$! Sickening, when you think of it. And, like you stated, her increase in an already ridiculously large fortune has done NOTHING to create jobs. Infuriating!

    Like

    Comment by inspiredbythedivine1 — December 5, 2018 @ 1:07 pm | Reply

    • Hey, we got a small, temporary tax cut so that she could get her large permanent tax cut! What do we have to whine about?

      On Wed, Dec 5, 2018 at 1:07 PM Class Warfare Blog wrote:

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      Liked by 1 person

      Comment by Steve Ruis — December 5, 2018 @ 1:09 pm | Reply

  2. “How much money is enough? ”
    Fantastic question!
    In Mozambique, where the average weekly income is 9 dollars, they’re asking this same question of super-rich people like you.

    Like

    Comment by John Branyan — December 5, 2018 @ 1:16 pm | Reply

    • Is a good question, no?

      On Wed, Dec 5, 2018 at 1:16 PM Class Warfare Blog wrote:

      >

      Like

      Comment by Steve Ruis — December 5, 2018 @ 2:00 pm | Reply

      • Yes.
        Another good question is, “Why am I upset when someone else has more money than me?”

        Like

        Comment by John Branyan — December 5, 2018 @ 2:04 pm | Reply

        • The question revolves not around more, but around unspendable quantities of money. Can you imagine spending six and a half million dollars per hour in a work year and ending up with as much wealth as you had last year?

          On Wed, Dec 5, 2018 at 2:04 PM Class Warfare Blog wrote:

          >

          Like

          Comment by Steve Ruis — December 5, 2018 @ 2:51 pm | Reply

  3. Reblogged this on Scotties Toy Box and commented:
    Very interesting and informative. We have to change things in our country before we have no country left to save. Hugs

    Like

    Comment by Scottie — December 5, 2018 @ 2:03 pm | Reply

  4. Current estate tax rate is forty per cent of amounts over twelve million.
    Those fortunes dissipate after a few generations.

    I don’t know of a better system than the one we have.

    Like

    Comment by OG — December 5, 2018 @ 2:27 pm | Reply

  5. While this is true you must always remember the top 1% in income consists of 76 million people most of whom live in the rich western democracies.
    I’m below the poverty line in the UK yet in global terms I’m in the top 2% and of course my standard of living is very high compared to most of the world.
    This is why we have so many Doctors in the rich nations because they can pay high money . A qualified NHS nurse is globally in the top 1%.

    Liked by 1 person

    Comment by kersten — December 5, 2018 @ 2:44 pm | Reply

  6. Great Post!!!!

    Like

    Comment by Lander7 — December 5, 2018 @ 9:29 pm | Reply


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