17% unemployment, $17 trillion untaxed offshore wealth

Real official US unemployment (U6) is 17%.

Meanwhile, there is $17 trillion “in private wealth sitting offshore in bank accounts, brokerage accounts and hedge fund portfolios, completely untaxed”.

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4 Comments

  1. Myself, I just tell people not to be nostalgic about the fifties unless they want to repeat the policies that created the fifties – 90% tax on everything over three million (adjusted for inflation numbers) and a personal deduction of about 30K.

    Most seem to think that’s unfair for some reason.

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  2. > But we need to devise some way of living that
    > works for all stakeholders.

    I don’t know how to do that.

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  3. It’s an interesting juxtaposition. Trouble is, it’s not clear which way the correlation (if there even is one) goes.

    For example, maybe if tax rules were changed so as to get at that $17 trillion there would be created sufficient disincentives somewhere in the economy so as to increase unemployment above 17%.

    Or maybe not.

    I’d observe that this is a problem for greater minds than mine, but when it comes to global economics, perhaps recent events indicate there are no minds sufficiently great to figure much out.

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    • In the short-term, the economic system is working as planned for the 91,000 people that own half of those trillions. And working well for me, too. As the song says, “I got more than I can eat, A life that can’t be beat“.

      But for most of us, human and non-human, already living and yet to be born, times are tough.

      Who knows? Maybe revving up this system to full employment would just hurl us faster into the abyss. But we need to devise some way of living that works for all stakeholders, not just the 91,000 and people like me.

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