lgstarr: Republicans reward wealth, not work says Nancy Pelosi

The Associated Press writer Andrew Taylor reports today:

The federal budget estimate for the fiscal year just completed dropped to $250 billion, congressional estimators said Friday, as the economy continues to fuel impressive tax revenues.

If Democrats win control in the Nov. 7 midterm elections and Pelosi takes the gavel as the first Madam Speaker in history, here's what she says will happen:

Bush-era tax cuts would have to be rolled back for those above "a certain level." She mentioned annual incomes of $250,000 or $300,000 a year and higher, and said tax rates for those individuals might revert to those of the Clinton era. Details will have to be worked out, she emphasized.

And then she makes a statement that tells you she is completely "loopy" (a favortie expression of the Culture Warrior Bill O'Reilly):

"We believe in the marketplace," Pelosi said of Democrats, then drew a contrast with Republicans. "They have only rewarded wealth, not work."

That's impossible to do since it takes work to CREATE wealth! Pelosi obviously lives in some kind of liberal la-la land.

Take the World Wealth Report for example:

WORLD WEALTH REPORT FINDS HIGH NET WORTH INDIVIDUALS INCREASINGLY EARN RATHER THAN INHERIT WEALTH (The 10th Anniversary Report from Merrill Lynch and Capgemini Also Finds Europeans Pay More to Live “The Good Life”)

NEW YORK, July 11 – High net worth individuals (HNWIs), people with net financial assets of at least US$1 million excluding their primary residence and consumables, are increasingly earning rather than inheriting their financial wealth, according to the 10th Anniversary edition of the World Wealth Report (“The Report”), which was released in June by Merrill Lynch (NYSE: MER) and Capgemini.

The Report found that while business ownership or the sale of a business is the primary source of wealth (37 percent) for the majority of the world’s HNWIs, income ranks second at 24 percent as the source of wealth, and inheritance rates third at 18 percent. In previous reports, inherited wealth accounted for more of HNWIs’ assets than it does today. In fact, as recently as 2001 inheritance represented 21 percent of the source of wealth of Americans and 37 percent of Europeans.

“Clearly, earned wealth has grown faster than wealth passed down from an earlier generation,” said Bertrand Lavayssière, Managing Director, Global Financial Services, Capgemini. “It’s also clear that, with just 10 percent of their wealth coming from investment performance, HNWIs are very good at creating new wealth and are not simply relying on global economic prosperity and market performance to expand their financial holdings.” The trend is likely to continue.

Report findings show that in North America the largest share (32 percent) of HNWI wealth is from income versus business ownership (26 percent) and inheritance (16 percent).

However, in Europe business ownership or the sale of a business was clearly the top source of wealth at 50 percent, while income ranked at only 13 percent.

Meanwhile, Middle Eastern HNWIs derived the largest portion (32 percent) of their wealth through inheritance, while their counterparts in the Asia Pacific region became wealthy primarily through personal business and investment performance.
Cost of Living “The Good Life"

For a copy of the 2006 World Wealth Report, as well as more specific regional data, please visit www.capgemini.com/worldwealthreport.”

It's funny how Nancy mixed up the statistics for our country with those of the middle eastern countries: "Middle Eastern HNWIs derived the largest portion (32 percent) of their wealth through inheritance".

Here's what you'll really get if you help the Democrats get into office: