Now Five Men Own Almost as Much Wealth as Half the World’s Population
The super-rich are absconding with our wealth.
AlterNet, June 12, 2017
While Americans fixate on Trump, the super-rich are absconding with our wealth, and inequality continues to grow. An analysis of 2016 data found that the poorest five deciles of the world population own about $410 billion in total wealth. As of June 8, 2017, the world’s richest five men owned over $400 billion in wealth. Thus, on average, each man owns nearly as much as 750 million people.
Most of the super-super-rich are Americans.
Defenders of the out-of-control wealth gap insist that all is OK, because after all, America is a meritocracy in which the super-wealthy have earned all they have.
But it’s not a meritocracy. Children are no longer living better than their parents did. In the eight years since the recession the Wilshire Total Market valuation has more than tripled, rising from a little over $8 trillion to nearly $25 trillion. The great majority of it has gone to the very richest Americans. In 2016 alone, the richest 1% effectively shifted nearly $4 trillion in wealth away from the rest of the nation to themselves, with nearly half of the wealth transfer ($1.94 trillion) coming from the nation’s poorest 90% — the middle and lower classes. That’s over $17,000 in housing and savings per lower-to-middle-class household lost to the super-rich.
A meritocracy? All modern U.S. technology started with, and to a great extent continues with, our tax dollars and our research institutes and our subsidies to corporations.
American billionaires all made their money because of the research and innovation and infrastructure that make up the foundation of our modern technologies. They have taken credit, along with their massive fortunes, for successes that derive from society rather than from a few individuals. A significant portion of annual national wealth gains should be promised to education, housing, health research, and infrastructure. That is what Americans and their parents and grandparents have earned.
Между тем, здешние политиканы, «эксперты», подконтрольные ЦРУ СМ»И» продолжают нахваливать псевдодемократическую Америку.
Те, кто любит «наших американских партнеров», «забывают» о грязных, злых уродах США.
О таких монстрах, как коварный и крайне опасный мошенник, расист, лжец, и убийца Дональд Трамп. И о таких, как порочный Конгресс США, фашистские ФБР и ЦРУ, лживые американские СМ”И”…
Арнольд Локшин, политэмигрант из США