The wide and getting much wider wealth gap..... As liberals go wild over the New York Times crusade against people that work and earn high incomes and defining through the false god of the Gini Coefficient, that somehow incomes in the US are unfair, one has to look at the actual wealth gap between the young and old also.
As we can see from above, the median (not average which is probably even higher) wealth for those family heads 65 and older are more than 50 times the medium wealth of those family heads 35 or younger. But as we constantly hear the frothing-at-the-mouth liberal New York Times hysterically crowing that the income gap in the US is widening, one conversely seldom hears anything about this widening wealth gap metric. There are 2 reasons for this:
1. It is extremely difficult to tax wealth but easy to tax income and increasing government tax revenue is the quest that the socialist New York Times is promoting.
2. Elderly, won't tolerate the newspaper illuminating the subject and this group of people have outsized wealth and clout and therefore has the ability to affect newspapers editorial policy.
The largest transfer of income and wealth in the history of humanity is taking place through the taxing of young working people. And the payments from the poor are being made to the wealthiest single class of people in the history of the world. And this is fair? I just do not think so.
The elderly and their strength in voting, due to their numbers, are able to vote themselves greater and greater proportions of national income through disgusting and undeserved transfer payments. These payments are coming from young working class to the feeding at the trough wealthy elderly.
Remembering the writings of Alexis de Tocqueville 200 years ago, who was astounded at the success of the American experiment in liberty thoughtfully contemplating that it was due to the moral Christian fiber of the nation, considered "When (Americans) discover that they can vote themselves money from the public till, the experiment will be over."
We do not have to look too far to see where people have been voting themselves income when one considers Social Security and Medicare. And the recent troubles surrounding Occupy Wall Street centers on another class of people, the laziest of the young demanding their own handout. Since their numbers are much much smaller than the elderly voting block, they have and will resort to threatening and violent behavior to shake-down America for their handouts too.
Government should not be involved in schemes to provide retirement income, healthcare or any other good or service outside of their Constitutional portfolio as defined in that document. Functions outside of these limited powers are the functions of the states or holy cow, the people themselves! We are on the slippery slope of communism and if we allow it to continue, this will not end well. in addition to losing our economic freedom, we will also lose our personal liberties.
The Rising Age Gap in Economic Well-Being - Pew Research Center