Yeah, I know Michael Moore goes over the top to get his point across. And yeah, he’s a big doofus.
But the fundamental points of his rants (i.e., movies) are sound – if sometimes a little exaggerated. The system is most definitely broken.
And don’t give me that right-wing, everyone for themselves, entrepreneurial crap. The financial institutions in most countries (1) have been playing the public and the governments for patsies for decades and have gotten away with it. And are still getting away with it.
Capitalism is a good way to run things… if for no other reason than all of the alternatives have failed miserably… but it needs fixing.
In the United States at the end of 2001, 10% of the population owned 71% of the wealth, and the top 1% controlled 38%. On the other hand, the bottom 40% owned less than 1% of the nation’s wealth.
In 2003, the 1% with the highest salaries paid more than 34% of the nation’s federal income tax; the 10% with the highest salaries paid nearly 66% of the total income tax; the top 25% of paid 84% of the income taxes; and the upper 50% accounted for nearly 97% of US income tax revenue, primarily because, as stated above, the bottom 40% had comparatively no wealth (less than 1%) to be taxed in the first place.
1. ‘cept in Canada! Go Canada!