HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Good Reads (Forum) » The Fear and Loathing of ...
Introducing Discussionist: A new forum by the creators of DU

Wed Aug 8, 2012, 03:30 PM

The Fear and Loathing of the One Percent

Published: Wednesday, 8 Aug 2012 | 12:18 PM ET

Are they the whiny rich? Or besieged job creators?

Whatever you call them, and whatever your politics, there is no doubting that the One Percent is on the defensive – culturally, financially and psychologically. And now a new poll shows that their fear and lack of risk taking may be imposing real financial costs on the economy.

The 2012 Survey of Affluence and Wealth in America, from American Express Publishing and Harrison Group, finds that One Percenters are hoarding three times as much cash as they were two years ago. Their savings rate soared to 34 percent in the second quarter of 2012, up from 12 percent in 2007.

Higher savings would normally be good for the economy. But not now, when capital is needed to invest in growth and jobs. The One Percenters put 56 percent of their available cash into savings accounts and money markets in 2012 – that’s up from 24 percent in 2007.

More: http://www.cnbc.com/id/48570985

Snip~ "The survey found that 62 percent of One Percenters are in favor of an income-tax increase."

2 replies, 750 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 2 replies Author Time Post
Reply The Fear and Loathing of the One Percent (Original post)
OhioChick Aug 2012 OP
dballance Aug 2012 #1
TBF Aug 2012 #2

Response to OhioChick (Original post)

Wed Aug 8, 2012, 03:42 PM

1. Well, if they weren't hiding an estimated $21 trillion off-shore

and they were actually building manufacturing and putting people to work here in the US rather than in China, Myramar, Haiti, Mexico and other places at slave-labor wages we might not despise them so much.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to OhioChick (Original post)

Wed Aug 8, 2012, 04:13 PM

2. Of course they are in favor of an income-tax increase -

it's not like they're the ones paying taxes. They've got their money in off-shore accounts. As we shall see if Rmoney ever releases his forms ...

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread