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Five Men Own As Much As 50% of the World

It just keeps getting better and better. Link

Last year it was 8 men, then down to 6, and now almost 5.

While Americans fixate on Trump, the super-rich are absconding with our wealth, and the plague of 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 06/08/17, 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.

...

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. They heed the words of Warren Buffett: "The genius of the American economy, our emphasis on a meritocracy and a market system and a rule of law has enabled generation after generation to live better than their parents did."

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? Bill Gates, Mark Zuckerberg, and Jeff Bezos have done little that wouldn't have happened anyway. 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.


By min | June 13, 2017, 6:23 PM | Liberal Outrage