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RE: No Freaking Way! My friend’s answer to wealth redistribution.
Hi @fijimermaid
Another interesting choice of topic. Sorry for such a late comment - just had a chance to read your older post.
And my friend, as well as I, are in the same wealth class, middle class.
Out of curiousity: What range of yearly earning in your state would you attribute to middle class?
people take for granted and do not fully appreciate where the money actually originated, usually from people who make much more than we do.
I think reality is, that currently most of those money originated from FED printer. Not from people who make much more than we do. It originated from idea of using our future earning power to boost current economy.
Have a great weekend,
Piotr
"Out of curiousity: What range of yearly earning in your state would you attribute to middle class?"
$35,758 – $107,273 per year
"I think reality is, that currently most of those money originated from FED printer. Not from people who make much more than we do. It originated from idea of using our future earning power to boost current economy."
It's definitely both. Wealthier individuals do support more of the tax base than people in lower income brackets, and about 20% of federal spending is supported by debt, which is monetized by the Federal Reserve, like you said.
That 20% or 1 trillion dollars that is supported by debt (Fiscal Year 2020, not including COVID 19 spending), compared to how much wealthier individuals are covering less wealthy individuals tax base, I don't know the answer to that. I guess it depends on where you draw the line, for example, households that make more than $200,000 and less than $200,000. And who is covering what to see how much of the budget is supported by debt versus progressive taxation.