What if we took it all? What if we were to take all the money of the richest people and put it on the U.S. national debt. That would be social justice after all, right? That’s we are being told or hinted at by many liberal activists. Our President has even attempted to make this issue a pillar of his re-election campaign. So, with all the 99% vs. 1% arguments and “fair share” comments thrown around these days, let’s look into this a little bit.
The U.S. debt is around $15 trillion at the moment and still rising. That is around $2.5 million every minute you and I breath. To be fair, not many are truly saying confiscate it all. Instead, they are simply calling for a “fair share” to be given back to society from the “1%” of America. Of course, what is not being acknowledged is who decides what is “fair” and how “fair” is determined.
Regardless, for the “greater good” of the nation and in the name of social justice, let’s confiscate every penny from Forbes Top 20 Richest Americans and place it on the National Debt. Let’s liquidate their assets and take every drop of their net worth and send them to a soup line, homeless and just the cloths on their back. We would reduce our $15 trillion debt all the way to $14.5 trillion. That’s right, not quite a half a trillion. Still seeming like a good idea? Not only have we stripped naked individuals of their wealth, but we have also deprived them of their roles in the business world. This has removed the Koch brothers (oil), Warren Buffet (Berkshire Hathaway), Larry Elison (Oracle) and three members of the Walton family (Wal-Mart) from influential positions in the economy. Other companies affected by this confiscation are Google, Facebook, and Amazon; not to mention the numbers jobs lost due to the removal of these visionary leaders.
All for $.5 Trillion, $460 Billion, 1/30th of the U.S. debt. How ever you want to word it.
What if the United States used it “immoral” superior military force to confiscate the net worth of the 1,226 richest people in the world, which is Forbes’ list of the world’s billionaires? Go outside her borders and force each nation to take it all from these 1,000+ individuals? The U.S. debt would be diminished by $4.6 trillion to a whopping $11 trillion owed. So now we have bankrupted every billionaire in the world, destroyed numerous corporations, and caused the loss of countless jobs in exchange for 30% of the U.S. debt. That’s right; we would still be over the debt level of $10.6 trillion when our President took office a little over three years ago.
Clearly, this is not realistic, yet the cries for this kind of action are being called for on a much smaller scale. Surely, leaders and activists know that anything less than the severe move described previously would not even make a dent in the debt crisis we face. It is a political game being played to dredge of jealousy and hatred for those who have more, and it is based on the belief the voters are ignorant enough to believe it.
Still sound like a good idea? Perhaps we should be looking at a change in leadership instead of a change in tax rates.