orb@whuxl.UUCP (SEVENER) (12/03/84)
> >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