John McCain is running around hyperventilating about the idea that anyone might want to “spread the wealth”. However, McCain is not against the redistribution of wealth.
Over the last generation, the American economy has expanded, but the wealth of working Americans has not expanded. The wealth of working Americans has contracted.
A new study finds that wealth in America has become concentrated in the hands of a very small number of people. People like John McCain, who own many houses and have millions of dollars at their disposal, have been collecting more and more money, hoarding it for themselves, not allowing that money to circulate freely into the general economy. Even the Wall Street Journal acknowledges this.
No one is proposing that this wealth be seized. Rather, the Obama-Biden campaign is proposing that those people who earn more than $200,000 dollars per year start paying a fair share for the infrastructure that has enabled them to accumulate their wealth. Obama and Biden also propose that tax loopholes that help wealthy Americans hoard money overseas, where it fails to benefit the American economy, be closed.
That’s not radical redistribution of wealth. It’s not socialism. It’s merely asking the economic elites of America to work according to the same rules that the rest of us have been working under. It’s only an effort to end a system under which 99 percent of Americans work harder and harder year by year, only to gain less by their labor.