“20 people now own as much wealth as half of all Americans”
But Chuck Collins, director of IPS’s Program on Inequality and the Common Good and a co-author of the report, tells The Nation that their study likely underestimates the scope of the problem. “Our wealth data is a tip of the iceberg,” he says. “So much wealth among the über-rich is hidden, either in offshore tax havens or in these loophole trusts where money is shuffled around into private corporate accounts or between different family members, and it disappears from taxation or any sort of oversight or accountability. So there’s a huge amount of escaped wealth that isn’t even factored into these statistics.”
Now it is down to only 7 in just one year! They own most of the wealth of the world equal to the bottom 90%.
Nov 9, 2017 – The three richest people in the US own as much wealth as the bottom half of the nation’s population … United States & Canada … Buffett – own as much wealth as the bottom half of the US population, or 160 million people.
I have to admire the guile used in convincing (some of ) the middle-class members that (a) inequity is a good thing, motivates people to work harder (b) only the wealthy deserve to benefit from increased productivity, (c) the poor are to blame for their condition because they’re lazy, (d) Only the wealthy create jobs,(e) greed is good, (f) only the lazy/envious are the ones that complain about inequity.
Hey, hey, let’s not rush to judgement. I, for one, have been patiently waiting for the rewards of the trickle-down theory to come my way (waiting thirty-eight years now) and I’m sure they are just around the corner. Right? righ? ri? rrrrr? (croak)
Trickle down has never worked, as far as raising the standard of living, anywhere that it has been tried. And, it is completely illogical to believe that it ever could. If you are paying a guy to cut your lawn and he’s doing an adequate job, then you get a raise at work, do you raise his pay? Neither will the 1%ers. The only reason to spend more on hired help is that you need more workers to get the job done. The only way more workers will be needed is if there is an increased demand for product- in other words people are buying more stuff. The only reason people would be buying more stuff is that they can afford it. And, the only reason that they could afford more is that they are the ones getting the tax cuts, not the rich guys. Trickle down just gives the rich guys more money to hide offshore , or more money to buy more politicians to write laws so they have more money to hide offshore. If you want that money to stay in America, increase production, and raise everyone’s standard of living, trickle UP will do the job, not trickle down.
Daeder about 5 years ago
I think the scale gap is larger, but still a clever image!
feverjr Premium Member about 5 years ago
“20 people now own as much wealth as half of all Americans”
But Chuck Collins, director of IPS’s Program on Inequality and the Common Good and a co-author of the report, tells The Nation that their study likely underestimates the scope of the problem. “Our wealth data is a tip of the iceberg,” he says. “So much wealth among the über-rich is hidden, either in offshore tax havens or in these loophole trusts where money is shuffled around into private corporate accounts or between different family members, and it disappears from taxation or any sort of oversight or accountability. So there’s a huge amount of escaped wealth that isn’t even factored into these statistics.”
https://www.thenation.com/article/20-people-now-own-as-much-wealth-as-half-of-all-americans/
Night-Gaunt49[Bozo is Boffo] about 5 years ago
Now it is down to only 7 in just one year! They own most of the wealth of the world equal to the bottom 90%.
Nov 9, 2017 – The three richest people in the US own as much wealth as the bottom half of the nation’s population … United States & Canada … Buffett – own as much wealth as the bottom half of the US population, or 160 million people.
https://www.scmp.com/news/world/united-states-canada/article/2119052/three-richest-people-us-own-much-wealth-bottom-half
Baslim the Beggar Premium Member about 5 years ago
More like a single m&m than a hershey kiss
Walrus Gumbo Premium Member about 5 years ago
A real “KISS-OFF” to the Middle Class. We can only hope that the rich will get diabetes and gout!
brit-ed about 5 years ago
If you’ve seen the relative sizes of the sun and pluto, that’s more the scale of differences you into here.
superposition about 5 years ago
I have to admire the guile used in convincing (some of ) the middle-class members that (a) inequity is a good thing, motivates people to work harder (b) only the wealthy deserve to benefit from increased productivity, (c) the poor are to blame for their condition because they’re lazy, (d) Only the wealthy create jobs,(e) greed is good, (f) only the lazy/envious are the ones that complain about inequity.
Honorable Mention In The Banjo Toss Premium Member about 5 years ago
Hey, hey, let’s not rush to judgement. I, for one, have been patiently waiting for the rewards of the trickle-down theory to come my way (waiting thirty-eight years now) and I’m sure they are just around the corner. Right? righ? ri? rrrrr? (croak)
Diane Lee Premium Member about 5 years ago
Trickle down has never worked, as far as raising the standard of living, anywhere that it has been tried. And, it is completely illogical to believe that it ever could. If you are paying a guy to cut your lawn and he’s doing an adequate job, then you get a raise at work, do you raise his pay? Neither will the 1%ers. The only reason to spend more on hired help is that you need more workers to get the job done. The only way more workers will be needed is if there is an increased demand for product- in other words people are buying more stuff. The only reason people would be buying more stuff is that they can afford it. And, the only reason that they could afford more is that they are the ones getting the tax cuts, not the rich guys. Trickle down just gives the rich guys more money to hide offshore , or more money to buy more politicians to write laws so they have more money to hide offshore. If you want that money to stay in America, increase production, and raise everyone’s standard of living, trickle UP will do the job, not trickle down.
Teto85 Premium Member about 5 years ago
Wealth disparity in the United States is worse than/greater than it was in France in the 1780s
Radish the wordsmith about 5 years ago
When 4 people own more than the bottom 150,000,000 its time for a little wealth distribution.
Make the rich pay tax, they have all the money.
Cerabooge about 5 years ago
Those gifts are resting at the foot of a Sugar Mountain of debt.
Kip W about 5 years ago
Bonus Quiz: Which one’s hollow and goes away after a short time?
Nantucket Premium Member about 5 years ago
Is that why Hershey’s kisses were defective and didn’t have the usual tips?
Andylit Premium Member about 5 years ago
I suggest that you do a fair comparison between 2017 and 2018. Total net take home pay plus tax refund.
I did a 1st run on my 1040 last week. Yes, my refund is lower. So what?
I am getting about $2000 more net/net than last year.
TazzTec about 5 years ago
On the other hand: Happy Discounted Valentines Candy Day!