tag:blogger.com,1999:blog-2579189847356587096.post7584534120439549003..comments2024-02-14T11:30:29.227-08:00Comments on Facts For Working People: Davos: The #62billionaires and the truth about #inequalityRichard Mellorhttp://www.blogger.com/profile/00997976754939725087noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2579189847356587096.post-23396585740195875032016-12-24T11:45:44.745-08:002016-12-24T11:45:44.745-08:00I research this stuff too. I was curious about th...I research this stuff too. I was curious about the growth of financial assets vs the U.S. economic growth rate from 1986 to 2015. <br />Financial assets increased 194% (almost tripled), the U.S. GDP/capita grew by 56%,<br />and we know that the top 1% received 54% of that gain. <br />Financial assets have grown from $24 trillion in 1986 (inflation adjusted) to $72 trillion. Net worth is $90 trillion.<br />The national debt is about $20 trillion, the public part is $14 trillion. Six times the public debt is the national savings. <br />We could easily pay off that debt, or pay it down, with a tax on financial assets. A direct tax would be best, <br />but a FTT, financial transaction tax, the Robin Hood Tax, would sort of do the job slowly. <br />Since 2008 financial assets have increased their value by 60%, and also the median family savings has decreased by 40% <br />(both these are FRB reported figures). <br />Also, I should stress, I find the writings of Lawrence Mitchell, former professor of economics, very compelling. He labels our problem "Financialism" as says that it is a parasite that will destroy the host. I recommend readers to his page http://www.lawrencemitchell.net/category/the-economy/<br />I write a blog too, Economics Without Greed, http://benL8.blogspot.com <br />BenL8https://www.blogger.com/profile/00420714381737779417noreply@blogger.com