The "most read" story on the Marketwatch Web site at the moment is a column advising, "tax the Super Rich. Tax them now. Before the other 99% rise up, trigger a new American Revolution, a meltdown and the Great Depression 2." More:
In a New York Times column, Matthew Klein, a 24-year-old Council on Foreign Relations researcher, draws a parallel between the 25% unemployment among Egypt's young revolutionaries and the 21% for young American workers...."How much longer until the rest of the rich world" explodes like Egypt?
The columnist doesn't seem to have noticed that the "super rich" in America already pay a lot more income tax than their share of either income or population. If anyone is on the verge of "revolution," it's not the other 99%, it's that top 1%, which is being taxed by that other 99% (or the majority of voters) to pay for a lot of their stuff. The closest thing we have to a revolutionary movement in America right now is the Tea Party. The "Tea" stands for "taxed enough already," and that movement is agitating not for higher taxes on the rich but for less government spending. Strange column, if you ask me. The column also hangs a lot on a quote from an anonymous "savvy insider" who claims the top 1% "aren't concerned with the underlying deterioration of America or the world, except in the abstract, because they aren't directly affected by it."
