March 24, 2013 |
The first step is to learn the facts, and then to get angry and to
ask ourselves, as progressives and caring human beings, what we can do
about the relentless transfer of wealth to a small group of
1. $2.13 per hour vs. $3,000,000.00 per hour
Each of the Koch brothers saw his investments grow by $6 billion
year, which is three million dollars per hour based on a 40-hour 'work' week. They used some of the money to try to kill renewable energy
standards around the country.
Their income portrays them, in a society measured by economic status, as a million times more valuable than the restaurant server
who cheers up our lunch hours while hoping to make enough in tips to pay the bills.
comparison of top and bottom salaries within large corporations is much
less severe, but a lot more common. For CEOs and minimum-wage workers,
is $5,000.00 per hour vs. $7.25 per hour.
2. A single top income could buy housing for every homeless person in the U.S.
On a winter day in 2012 over 633,000 people were homeless
in the United States. Based on an annual single room occupancy (SRO) cost
of $558 per month, any ONE of the ten richest Americans
would have enough with his 2012 income to pay for a room for every homeless person in the U.S. for the entire year
. These ten rich men together made more than our entire housing budget
For anyone still believing "they earned it," it should be noted that most
of the Forbes 400 earnings came from minimally-taxed
, non-job-creating capital gains.
3. The poorest 47% of Americans have no wealth
In 1983 the poorest 47%
of America had $15,000 per family, 2.5 percent
of the nation's wealth.
In 2009 the poorest 47%
of America owned ZERO PERCENT
of the nation's wealth (their debt exceeded their assets).
At the other extreme, the 400 wealthiest Americans
own as much wealth as 80 million families -- 62% of America
. The reason, once again, is the stock market. Since 1980 the American GDP has approximatelydoubled
. Inflation-adjusted wages have gone down
. But the stock market has increased by over ten times
, and the richest quintile of Americans owns 93%
4. The U.S. is nearly the most wealth-unequal country in the entire world
Out of 141 countries, the U.S. has the 4th-highest degree of wealth inequality
in the world, trailing only Russia, Ukraine, and Lebanon.
Yet the financial industry keeps creating new wealth for its millionaires. According to the authors of theGlobal Wealth Report
the world's wealth has doubled in ten years, from $113 trillion to $223
trillion, and is expected to reach $330 trillion by 2017.
5. A can of soup for a black or Hispanic woman, a mansion and yacht for the businessman
That's literally true. For every one dollar of assets owned by a single black or Hispanic woman
, a member of the Forbes 400 has over forty million dollars
Minority families once had substantial equity in their homes, but after Wall Street caused the housing crash, median wealth
fell 66% for Hispanic households and 53% for black households. Now the average single black or Hispanic woman has about $100 in net worth
What to do?
End the capital gains giveaway
, which benefits the wealthy almost exclusively.
Institute a Financial Speculation Tax
both to raise needed funds from a currently untaxed subsidy on stock
purchases, and to reduce the risk of the irresponsible trading that
nearly brought down the economy.
Perhaps above all, we
progressives have to choose one strategy and pursue it in a cohesive,
unrelenting attack on greed. Only this will heal the ugly gash of
inequality that has split our country in two.
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