“Walton heirs have more net worth than lower 30% of American households!” Many have seen the storyline, with variations in phrasing and data. If seems intended to anger us about inequality; further study proves interesting.
‘The Economy in Crisis” newsletter cited a 2011 statistic by the Economic Policy Institute. The lower 25% of American households have zero or negative net worth (i.e. debts exceed assets). That 25% is a majority of the 30%. Various sources indicate the remainder isn’t doing much better.
It seems the aggregate net worth of the lower 30% is virtually zero. Many reading this paper exceed that; you can’t have to be a child of Walton.
The newsletter blamed the situation on our ‘erroneous trade policy’ and the decline of American manufacturing.
Lamenting inequality, often for political purposes, won’t help lower income folks as much as increase job creation in manufacturing.
The following would help.
Corporate taxes and superfluous government regulations should be reduced to the minimum truly needed. Job creators must be encouraged.
There must be a crackdown on China’s currency manipulation and other transgressions. Mitt Romney would have designated China a ‘currency manipulator.’
Inexpensive and plentiful energy, from a variety of domestic sources, lowers the cost of living for all. Higher wages can be offered as business costs drop.
The president is waging war on coal and opposes the Keystone ‘XL’ Pipeline. Romney would have cleared the pipeline.
Meanwhile, the Iraq crisis can increase oil prices and the prices of all shipped goods.
A former U.S. Marine sergeant accidentally took a wrong turn at the border and was imprisoned by Mexican authorities. Yet those authorities don’t stop thousands of Central American youth who travel the length of Mexico to violate our borders?!
Nancy Pelosi foolishly calls that situation an “opportunity,” not a crisis. Among other risks, these illegals may be lacking vaccinations and transporting disease.
The European Union criticized Switzerland for reducing immigration. Wow! The Swiss have the audacity to control their border!
“Immigration laws are the only laws that are discussed almost entirely in terms of what can be done to help those who have broken the law.” – Thomas Sowell
Terry D. Hallock