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Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years

by Les Leopold, author of The Looting of America

We live in a very, very rich country. Yet we seem to be utterly consumed by a collective hysteria that we’re about to go broke. Historians are certain to look back at this period and wonder why the richest country in history consumed itself in a struggle over how many teachers to fire.

How rich are we?

Just take a look at the latest reports on what the top hedge fund managers haul in. In 2010 John Paulson led the list with a record $4.9 billion in personal earnings. That’s a whopping $2.4 million an HOUR. Here’s a factoid to make you wretch: It would take the median US household over 47 years to earn as much as Paulson pocketed in just 60 minutes. And, every hedge fund manager pays a lower tax rate than the average family.

The top 25 hedge fund earners took in $22.07 billion in 2010. Thanks to a generous tax loophole these billionaires will pay a top tax rate of 15 percent instead of 35 percent. Closing that loophole on just those 25 individuals – just 25 guys who wouldn’t miss a penny of it — would raise $4.4 billion, which is enough to rehire 126,000 laid-off teachers.

Wait a sec. This is America, not Russia. Don’t we want our entrepreneurs to go out there and earn as much as possible? We don’t want to punish the successful who are building up our economy, do we?

Continue reading this article at Alternet.

The Looting of America by Les Leopold is available now.


A Minority President: Why the Polls Failed, And What the Majority Can Do

What’s next for the majority of voters who didn’t vote for Donald Trump? There are plenty of takeaways from the 2016 presidential election, but here is perhaps the most thorough examination of why the polls failed, why Hillary Clinton’s campaign failed, and what the majority of voters can do going forward. George Lakoff is the […] Read More

Prehistory of the Next American Revolution

What now? A new Revolution? If we are to counter the dangers both of corporate domination and of traditional forms of socialist statism, decentralization is essential—both of economic institutions and of political structure. We are at a point in our nation’s history that could, decades from now, be taught as the prehistory of the next […] Read More

The Seven-Point Protocol for a Lean Economy

In the future, what will our local economies look like? How will they function if there is little, to no, state or national support? The late David Fleming envisioned a post-capitalistic society that we could call “deep local” — in which all needs are met at the local level — from income to social capital […] Read More

Happy Holidays from Chelsea Green Publishing!

Today we kick off our Holiday Sale — with 35% off every purchase at our online bookstore. Simply use the code CGS16 at checkout from now until the end of the year. Along with this great discount, we are offering free shipping on any order over $100*. Are there homesteaders or organic gardeners on your […] Read More

You won’t have a revolution if you don’t ask for one. So, what are you waiting for?

Get ready for the era of Big Organizing. In Rules for Revolutionaries, authors Becky Bond and Zack Exley lay out the 22 Rules the fueled the Bernie Sanders campaign and which provide a way forward for activists looking for ways to move forward post-Election Day. This model, which the authors call “Big Organizing” is the […] Read More
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