If I had to pick a reason to vote for Hillary, it would be her wealth. She should own it. It’s her greatest success. Through her speaking engagements and terrible ghostwritten books, she is worth somewhere between $25 million and $50 million. Bill’s net worth is at least $80 million. Even combined, that’s nothing like the Koch brothers’ money — or even John Kerry’s or Mitt Romney’s money, as the Washington Post helpfully pointed out recently. (One thing wealthy folks don’t understand is that the average American doesn’t really make much of a distinction between $130 million and $1 billion anyway. You’re just really rich. And it’s OK.)
…investors in the stock market disproportionately come from the top 1 percent, and they hold about 35 percent of all stocks and mutual funds. The next-richest 9 percent control about 45 percent. The remaining 90 percent have less than 20 percent. While nearly half of Americans have either direct or indirect investments in the stock market, half of Americans do not. And even for those who do, their home equity is still, by far, their largest investment.
President Obama wants to focus his remaining years in office on fighting “income inequality.” To do so, he has proposed things like “promise zones” where federal grants and tax incentives is supposed to spark development. He has promoted silly income-transferring schemes like “cash for clunkers” and “cash for caulkers,” and HAMP to help homeowners fight off foreclosure.
But there is something we could do immediately to help to increase the net worth of the bottom 99 percent — allow private accounts for Social Security.
Chile recently celebrated its 33rd year of private retirement accounts. Its then-secretary of labor and Chilean pension system, Jose Pinera, went on television day after day to explain to cabdrivers, housewives and construction workers the benefits of allowing private savings accounts.
…The result? Chilean workers averaged a near double-digit annual return on their money — 9.23 percent above inflation — over the first 30 years. In the U.S., Social Security nets a theoretical 1 to 2 percent return — less for newer workers. Not only do they allow private accounts for “social security” in Chile, but also in Australia and the United Kingdom.
Even as all eyes turn to Barack Obama’s orchestrated border crisis, the VA scandal is still rotting away and dropping toxic fruits of corruption and incompetence. This has always been a Rosetta Stone scandal for the Obama Administration: the intersection of ineptitude, callous bureaucracy, cover-ups over problem-solving, and corruption that runs through just about every big Washington story since 2009 (and quite a few from before then.) Obama rhetoric is all about a brilliant, selfless aristocracy that knows what’s best for everyone, and won’t rest until everyone gets what the deserve… or gives up what the royal court has decreed they do not deserve. Obama reality is a vicious and sickeningly corrupt Ruling Class looting the hell out of the American taxpayer, stuffing millions into their pockets while both government services and the private sector fall apart. Obama’s professed love for the people who “work hard and play by the rules” is the precise opposite of what his Administration actually does. People who work hard and play by the rules are chumps just begging to be exploited.
Take military veterans, for example: the exemplars of Those Who Work Hard and Play By the Rules. When they get back home and need medical care, Obama’s bureaucracy puts them on secret death lists, then files reports purporting to show the system doing a smashing job of clearing up the administrative backlog, meriting fat bonus checks for top officials. But as a new report at the Huffington Post notes, it wasn’t just top officials making out like bandits: