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Senior Advisor

Paying off the national debt is simple

(if it really mattered, or you really cared)

Total private NW is approx. $113T. About half of that is owned by the top 1%.

Simply ask them to leave and take up residency elsewhere, as they choose. And settle up via the tax code on their way out.

1 Reply
Senior Advisor

Re: Paying off the national debt is simple

While it is enticing, there would be some macro turmoil associated with asset liquidation, not to mention also from retiring all that debt. Better to keep them around as cows to milk with a wealth tax.

But it is helpful to view them as the reverse entry to the national debt- where that money went.

Not helpful to have the Trumps and Kushners as the poster children for the plutocrats- all heirs who are rentiers (at best, ***** at worst) and otherwise serve no purpose other than tabloid copy.

Some small portion of the top .1% are in fact entrepreneurs and such. I don't include hired managers who happened to rake it in big in that category, or techies who had a piece of some IPO action.

Mostly just heirs and money shufflers.