Home
/
RELIGION & LIBERTY ONLINE
/
The “1%” Is Really The 20 Percent And Big Government Is Their Employer
The “1%” Is Really The 20 Percent And Big Government Is Their Employer
Apr 28, 2025 6:52 AM

is in the fabled “1%”: the folks the Occupy Wall Street movement says are those who are “writing the rules of an unfair global economy” because of massive inequality of e. But Lott doesn’t feel particularly rich or powerful.

I definitely don’t see myself as rich,” says Lott, who is saving to purchase a downtown luxury condominium. That will be the case, he says, “the day I don’t have to go to work every single day.”

Did Lott inherit a great family fortune or earn a CEO’s salary at the expense of workers in a pany? Not exactly.

In this country, you don’t get anywhere without working hard,” said James Lott, 28, a pharmacist in Renton, Wash., who adds to his six-figure salary by day-trading stocks. The son of Nigerian-American immigrants, Lott says he was able to get ahead by earning an advanced pharmacy degree. He makes about $200,000 a year.

After growing up on food stamps, Lott now splurges occasionally on nicer restaurants, Hugo Boss shoes and extended vacations to New Orleans, Atlanta and parts of Latin America. He believes government should play a role in helping the disadvantaged. But he says the poor should be encouraged to support themselves, explaining that his single mother rose out of hardship by starting a day-care business in their home.

USA Today says these 20 percenters are a different breed, more likely to gain and lose e so that many are “temporarily” rich:

…the new rich are those with household e of $250,000 or more at some point during their working lives. That puts them, if sometimes temporarily, in the top 2% of earners.

Even outside periods of unusual wealth, members of this group generally hover in the $100,000-plus e range, keeping them in the top 20% of earners.

Someone who epitomizes this group is Robert Kane of Colorado Springs, Colo. He doesn’t fit the demographic of the “old boys’ network” that the Occupy Wall Street movement rails against. He says he was “humbled” in the 2008 Wall Street meltdown, but has earned his fortune back in the marijuana business. Once a registered Republican, he now is a political independent, but still wants to keep the money he’s earned from the government.

Now a senior vice president for a private equity firm specializing in the marijuana business, Kane says he’s concerned about upward mobility for the poor and calls wealthy politicians such as Romney “out of touch.”

But Kane, now a registered independent, draws the line when es to higher taxes.

“A dollar is best in your hand rather than the government’s,” he says.

Despite these two examples, it is the government that is driving much of this new wealth. What area of the country is seeing the highest increase in wealth? Washington, D.C. The nation’s Capitol is “awash” with wealth, tied to government services, lobbying groups, and crony capitalism.

The share of money the government spent on weapons and other hardware shrank as service contracts nearly tripled in value. At the peak in panies based in Rep. James Moran’s congressional district in Northern Virginia reaped $43 billion in federal contracts — roughly as much as the state of Texas.

At the same time, panies realized that a few million spent shaping legislation could produce windfall profits. They nearly doubled the cash they poured into the capital.

Tens of thousands of people are moving to D.C., hoping to cash in. At one diner in the area, there is a telling and simple sign of the money within easy reach:

At Cafe Joe, a greasy spoon near the National Security Agency in suburban Maryland, software engineers with top-secret clearances merely have to look at the place mats under their fried eggs to find federal contractors trying to entice them away from their government jobs with six-figure salaries and stock options. The place-mat ads cost $250 a week. They are sold out through 2014.

More signs? The pages in the Washington lobbying directly have quadrupled in the past 30 years, and the number of lawyers in the D. C. area have increased twice as much as in the rest of the nation in just 12 years. Political science writer Lee Drutman, whose ing book is entitled The Business of America is Lobbying, panies have made decisions regarding a presence in D.C. because that’s where the money is.

A growing number panies,” Drutman said, “became fully convinced that having a large-scale Washington presence was a good strategic decision…You know that if pany stopped lobbying, it would get creamed…That’s panies don’t stop lobbying.”

It appears that many folks are working hard to increase their personal e, and want to keep their money out of the government’s hands. Yet, government growth is clearly creating an sub-economy that relies on lobbying and servicing an ever-growing government. The Occupy Wall Street folks might want to change their name to Occupy Pennsylvania Avenue: that’s where the real money is.

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Not so fast…
The big boys at the Southern Baptist Convention are running from Jon Merritt’s statement on ecology and climate change faster than a pack of polyester-clad deacons trying to beat the Assembly of God folks to Denny’s for Sunday brunch. The so-called “Southern Baptist” statement is not an initiative of the Southern Baptist Convention which voiced its views on global warming last summer in a resolution, “On Global Warming”. More from WorldNetDaily: “For the record, there has been no change in...
Acton Lecture Series: Rise of Religious Left
A large crowd packed into St. Cecilia Music Center in Grand Rapids yesterday to hear Rev. Robert A. Sirico’s presentation on “The Rise and Eventual Downfall of the Religious Left.” This is a political movement, he said, that “exalts social transformation over personal charity, and social activism above the need for evangelization of the human soul.” (He also took time to critique the Religious Right.) An audio recording of Rev. Sirico’s Acton Lecture Series presentation is available on the Acton...
Elizabeth Anscombe’s ethical challenge
The Pontifical University of the Holy Cross in Rome held a conference last month dedicated to Elizabeth be’s work Intention and essay “Modern Moral Philosophy”, a groundbreaking paper for the field of ethics. be (1919-2001), an Irish convert to Catholicism, was a fellow of philosophy at Cambridge and Oxford Universities, wife to philosopher Peter Geach, and mother of seven. She wrote a number of different papers and articles following ethical questions of her day, for example just war theory in...
Homeschooling under fire in California
In this week’s mentary, Chris Banescu looks at a ruling by the Second District Court of Appeals for the state of California which declared that “parents do not have a constitutional right to home school their children.” The ruling effectively bans families from homeschooling their children and threatens parents with criminal penalties for daring to do so. Chris Banescu was reminded of another sort of government control: The totalitarian impulses of the court were further evidenced by the arguments it...
Can any good come from a recession?
Following its new-found interest in sound economics, the Vatican’s newspaper, L’Osservatore Romano, has turned its attention to what now seems to be a global downturn. The usual European trope is that the current troubles are the result of American overspending, overconsumption and unsustainable debt burdens, so it is very surprising to see a contrarian view in Sunday’s paper entitled “The Morality of the Recession.” Italian banker Ettore Gotti Tedeschi evaluates the credit crunch affecting the U.S. economy and the Federal...
‘Hot air gods’
The title of Curtis White’s provocative but flawed essay in Harpers… As an intro to his primary topic (politics), White has some provocative things to say about the contemporary (American) understanding of our “beliefs”… The most bewildering and yet revealing gesture of a truly fundamental American theology takes place when an individual stands forth and proclaims, “This is my belief”. Making such a simple and familiar statement implies at least three important things. First, it implies that I have a...
An open letter to Southern Baptists
Dr. Frank S. Page President, Southern Baptist Convention and Mr. Richard Land SBC Ethics & Religious Liberty Commission and Pastor Jonathan Merritt Cross Pointe Church Brothers in Christ: As a member in good standing of the Southern Baptist Church and a Christian who has through much prayer and Bible e to acknowledge God’s desire that the church take seriously her role in stewardship of creation, I have been closely following the release of A Southern Baptist Declaration on the Environment...
John Hancock embodied freedom and generosity
Forever known for his signature, the American Founding Father John Hancock (1737-93) was also staunch opponent of unnecessary or excessive taxation. “They have no right [The Crown] to put their hands in my pocket,” Hancock said. He strongly believed even after the American Revolution, that Congress, like Parliament, could use taxes as a form of tyranny. As Governor of Massachusetts, Hancock sided with the people over and against over zealous tax appropriators and collectors. Hancock argued farmers and tradesmen would...
Democracy as a means to (hopefully) godly ends
Robert George in the November 2007 issue of Touchstone on democracy, Catholic social teaching, and the confusion of means and ends… Catholicism…preaches democratic ideals and promotes democratic institutions in the political sphere…. This teaching is put forth not as a mere prudential matter…but as a matter of justice in the dealings of human beings with one another. At is core is the idea that of all systems of political governance, democracy ports with the foundational anthropological and moral truth that...
‘What the Democrats can learn from a dead libertarian lawyer’
The subtitle of Damon Root’s article in Reason— food for thought for Dems (and GOP’ers) and a history lesson on an important but obscure figure, Moorfield Storey… With Republicans apparently uninterested in pleasing the libertarian segments of their coalition, some liberals and libertarians—Daily Kos blogger Markos Moulitsas, former Democratic National Committee press secretary Terry Michael, and Reason contributor Matt Welch among them—have suggested an alternative: the libertarian Democrat, the sort of liberal who favors both free speech and free trade,...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved