A Quote by Michael Hudson
There are many ways to create economic suicide on a national level. The major way through history has been through indebting the economy. Debt always expands to reach a point where it cannot be paid by a large swathe of the economy. This is the point where austerity is imposed and ownership of wealth polarizes between the One Percent and the 99 Percent.
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Government is taking 40 percent of the GDP. And that's at the state, local and federal level. President Obama has taken government spending at the federal level from 20 percent to 25 percent. Look, at some point, you cease being a free economy, and you become a government economy. And we've got to stop that.
Regarding the Economy & Taxation: America's most successful achievers do pay a higher share of the total tax burden. The top one percent income earners paid 18 percent of the total tax burden in 1981, and paid 25 percent in 1991. The bottom 50 percent of income earners paid only 8 percent of the total tax burden, and paid only 5 percent in 1991. History shows that tax cuts have always resulted in improved economic growth producing more tax revenue in the treasury.
We are shrinking the size of the federal government as a percent of our economy from over 21 percent of the economy to 19 percent of the economy. At the same time, we're growing the private economy.
As someone who came to New York in the 1970s, I was, like so many of my friends, a certified member of what we now call the 99 percent - and I was a lot closer to the bottom than to the top of that 99 percent. At some point during the intervening years, I moved into the 1 percent.
In the last recession, 99 percent of us have lost wealth, but did you know that the top 1 percent increased their wealth five times? It tells you they create recessions so they get wealthier.
What democratic socialism is about is saying that it is immoral and wrong that the top one-tenth of 1 percent in this country own almost 90 percent - almost - own almost as much wealth as the bottom 90 percent. That it is wrong, today, in a rigged economy, that 57 percent of all new income is going to the top 1 percent. That when you look around the world, you see every other major country providing health care to all people as a right, except the United States.
In 1990, about 1 percent of American corporate profits were taken in tax havens like the Cayman Islands. By 2002, it was up to 17 percent, and it'll be up to 20-25 percent very quickly. It's a major problem. Fundamentally, we have a tax system designed for a national, industrial, wage economy, which is what we had in the early 1900s. We now live in a global, asset-based, services world. And we need to have a tax system that follows the economic order or it's going to interfere with economic growth, it's going to reduce people's incomes, and it's going to damage the US.
13. 99 percent is a very large percentage. For instance, easily 99 percent of people want a roof over their heads, food on their tables, and the occasional slice of cake for dessert. Surely an arrangement can be made with that niggling 1 percent who disagree.
Today, our economy is divided: fifty percent is the public economy and fifty percent is the private economy that includes small companies employing from 4 to 200 workers.
If you have a sane economy, and by sane economy I mean one which is not addicted to debt, not a Ponzi economy, then the change in debt each year should contribute a minor amount to demand. Therefore, if you tried to correlate debt to the level of unemployment you would not find much of a correlation. Unfortunately that is not the economy we live in.
It took the national debt two hundred years to reach $1 trillion. Supply Side Economics quadrupled the national debt to over $4 trillion in twelve years (1980-1992) under the Republicans. Bill Clinton actually paid down the national debt. How did he do it? He raised taxes. It produced the longest sustained economic expansion in U.S. History.
A comprehensive national energy policy is critical to our nation's economy and our national security. Energy expenditures account for about 7% percent of our total economy and influence pricing in the much of the rest of the economy.
Throughout the 20th century, we created wealth through vertically integrated corporations. Now, we create wealth through networks. We are at a turning point in human history, where the industrial age has finally run out of gas.
When you write an album and you're writing about relationships, the stuff that I've been through in my relationships, 99 percent of it is really good, but it's that one percent that always inspires you to write a song.
The Chinese economy is growing at the rate of 9 percent; the Indian economy growing at the rate of 8 percent - enormous I think opportunities for two-way flow of trade, technology and investment.
Let me put it very forcefully: No large economy has ever recovered from an economic downturn through austerity. It's not going to happen in the United States, and it's not going to happen in Europe.
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