It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Wealth doesn't trickle down – it just floods offshore, research reveals
The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad – a sum larger than the entire American economy.
"These estimates reveal a staggering failure," says John Christensen of the Tax Justice Network. "Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people.
"This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich."
In many cases, , the total worth of these assets far exceeds the value of the overseas debts of the countries they came from.
Bernie Sanders: Economy ‘Rigged’ For Wealthy, Income Inequality A ‘Moral Issue’
In his speech, Sanders called for a “political revolution in this country,” but said it will take more than just him to fight back against the billionaire class that rules Washington D.C. Sanders pointed out that politicians spend billions getting the poor and middle class voters to vote against their own self interests. As our political system is set up now, it is “rigged” to benefit only the most wealthy.
originally posted by: ScientificRailgun
I've been saying this for years.
And hell, I'm ONE of those overseas people the money is "trickling down" to.
Granted, I'm still a U.S. Citizen for now, but I won't be soon, and I certainly won't be changing jobs.
This has been going for decades. Trickle down economics worked when the manufacturing, support, and logistics industries stayed within the country's borders. Today it's a farce parroted to the people to justify giving MORE of what little money YOU have left, to the top. So it can trickle down to people like ME.
Funny how that works, isn't it?