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From: orb@whuxl.UUCP (SEVENER)
Newsgroups: net.politics
Subject: Re: Poor are owed the National Debt???
Message-ID: <382@whuxl.UUCP>
Date: Mon, 3-Dec-84 08:38:08 EST
Article-I.D.: whuxl.382
Posted: Mon Dec  3 08:38:08 1984
Date-Received: Tue, 4-Dec-84 19:27:02 EST
References: <1840@inmet.UUCP>
Organization: Bell Labs
Lines: 26

> >Response of nrh to the following assertion:
> >In the case of a deficit, poor taxpayers transfer wealth to the rich
> >who loaned the money in the first place, when they pay interest.  But
> >originally, the rich transferred the money to the poor when they loaned
> >it.
> 
> nrh response:
> I think you may be a little confused here.  An lot of the 
> poor own US savings bonds.  They also participate in 
> this boondoggle. (In a particularly cruel way, given that a lot 
> of the bonds they owe were, during the Carter years, paying interest
> below inflation).
> 
 
"A lot of the poor own US savings bonds" 
"A lot of the middle class have no idea what it means to be poor!" 
The poor do not own a lot of 
*anything*! That is a major reason they are poor.  The poor, according to
studies of the distribution of wealth do *not* own stocks, bonds, US
savings bonds or anything else--instead they have a net negative wealth.
No doubt there are *some* poor people who own savings bonds--
that number is *very* small.  US Savings bonds also give the worst rate
of return compared to other types of government bonds-- which the poor
do not own whatsoever.
 
tim sevener whuxl!orb