Archive for August 13th, 2011

eat the rich

The other day while surfing the Enjoyment and Contemplation blog, I found this interesting video:

We’ve taken all of the profits, all of the salaries, all of the expenses, revenues and holdings of the rich and we’ve liquidated them. President Obama meanwhile is proposing we’re spending another $3.6 trillion in 2012. But […] we’ve destroyed the private capital […]. It’s all gone. We ate the rich. We ate everything they had. And we scraped through for one year.

Due to the plethora of data, I haven’t checked Bill Whittle’s calculation. But here is one closer examination of the biggest part:

According to the U.S. Census Bureau, Current Population Survey of 2010, the number of households with more than $250k of income is 2,372,000. Their mean income is $425,226. Multiplying the two numbers gives us a total income of almost exactly $1 trillion.

In other words, even if Congress was to take 100% of all the income of the so-called rich households (here defined as >$250k), that would only pay for less than a third of the total Federal Budget.

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