The problem is not that we have a few people that are rich – the problem is that we have so many that are poor. As you will see below, three extremely wealthy individuals have as much money as the poorest half of the nation combined. In a free market capitalist society, there are always going to be some that do better than others, and there is nothing wrong with that. But in our society today, there are so few that are doing well. At this point a majority of all Americans are living paycheck to paycheck, and “one in five households have zero or negative net worth”…
In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth.
Those are just several of the striking findings of Billionaire Bonanza 2017, a new report (pdf) published Wednesday by the Institute for Policy Studies (IPS) that explores in detail the speed with which the U.S. is becoming “a hereditary aristocracy of wealth and power.”
That means that if you have no debt and a single dime in your pockets, you have more wealth than one-fifth of the entire country.
Okay, so let’s talk about the three men that have more wealth than the poorest 50 percent of the U.S. population combined. Those three men are Bill Gates, Jeff Bezos of Amazon.com, and Warren Buffett. I don’t want to take anything away from what those three have accomplished, because we need more risk takers and entrepreneurs.
Sadly, the level of small business creation has fallen in every presidential administration going all the way back to George H.W. Bush, and the percentage of Americans that are self-employed is hovering near all-time record lows.
As a nation, we desperately need to return to a culture that encourages free market capitalist thinking. We want young men and women to create, invent, innovate and start new ventures. But instead, today our culture encourages young people to become dependent on the government and on the big corporations, and as a result the middle class is evaporating.
As I discussed above, at this point 20 percent of all U.S. households have “either zero or negative wealth”…
The rise at the wealthiest end of society comes as one in five US households live in what the report’s authors call the “underwater nation”, with either zero or negative wealth. Inequality is even more stark among minorities. Three in 10 black households and 27% of Latino ones have zero or negative wealth, compared with 14% of white families.
In recent years, unprecedented intervention …read more