Why We Should Be Seething with Anger over Inequality
It was recently reported that Americans greatly underestimate the degree of inequality in our country. If we were given proper media coverage of the endless takeaway of our country's wealth by the super-rich, we would be infuriated. And we would be taking it personally.
Each of nine individuals (Gates, Buffett, 2 Kochs, 4 Waltons, Zuckerberg) made, on average, so much from his/her investments since January, 2013 that a median American worker would need a quarter of a million years to catch up. For the most part it was passive income, new wealth derived from the continuing productivity of America's workers.
Why We Should Take It Personally
First, because our productivity is rewarding a relatively few people. In addition, many of the top money-makers are damaging other American lives. The top nine include four people (Waltons) who pay their employees so little that we taxpayers have to pay almost $6,000 a year to support each one of the employees. And it includes two people (Kochs) who have polluted our air and water to enrich themselves while quietly funding organizations that threaten to dismantle what's left of our democracy.
Another personal issue: While the Forbes 400 made almost enough in one year to fund the entire safety net, they don't even have to pay taxes on their half-trillion dollars of investment gain until they cash in, which may be never.
On Average, Most of Us Got ONE DOLLAR for Every BILLION DOLLARS of New Wealth
A look at the numbers compiled by Us Against Greed shows how personal it really is. Out of that $5,350,000,000,000 ($5.35 trillion) made since the start of 2013, the bottom 80 percent of America took an average of less than $5,000 each. The richest 6 to 20 percent fared better, taking an average of about $65,000.
Now it begins to heat up. From that $5.35 trillion, the richest 2 to 5 percent took an average of about $343,000. The one-percenters need to be split up into the rich, the super-rich, and the filthy-rich:
----The more common members of the one-percent (1,068,000 families) made over $1,000,000 each ($1,068 billion total)
----The .1 percent (108,000 families) made about $4 million each ($480 billion total)
----The .01 percent made about $40 million each ($480 billion total)
The unimaginably rich Forbes 400 each took, on average, almost $1,500,000,000 ($1.5 billion) since January, 2013.
That brings us to the Final 9 (Gates, Buffett, 2 Kochs, 4 Waltons, Zuckerberg). Each of them has accumulated, on average, over $13,000,000,000 ($13 billion) since January 2013.
Getting Billions for Working Less
A big reason to get angry: Our country's wealth grew from $64 trillion to $80 trillion (a 25 percent increase!) in two years, reflecting the unprecedented surge in America's productivity and wealth over the past few years. But there was little if any new innovation or job creation by these big takers over the past two years. The simple fact that they were already incomprehensibly rich allowed them to sit back and collect more and more and more.
Mainstream Media: Incompetent or In Bed with Business
And thus a final reason to be incensed about inequality: The fact that the regular media doesn't properly inform the public about all this. That should be their job, to report on issues that have a great impact on our lives, instead of hushing up the perversity of redistributed national wealth. But apparently it's good business for the super-rich media owners to keep their viewers harmlessly underestimating the truth.
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
It was recently reported that Americans greatly underestimate the degree of inequality in our country. If we were given proper media coverage of the endless takeaway of our country's wealth by the super-rich, we would be infuriated. And we would be taking it personally.
Each of nine individuals (Gates, Buffett, 2 Kochs, 4 Waltons, Zuckerberg) made, on average, so much from his/her investments since January, 2013 that a median American worker would need a quarter of a million years to catch up. For the most part it was passive income, new wealth derived from the continuing productivity of America's workers.
Why We Should Take It Personally
First, because our productivity is rewarding a relatively few people. In addition, many of the top money-makers are damaging other American lives. The top nine include four people (Waltons) who pay their employees so little that we taxpayers have to pay almost $6,000 a year to support each one of the employees. And it includes two people (Kochs) who have polluted our air and water to enrich themselves while quietly funding organizations that threaten to dismantle what's left of our democracy.
Another personal issue: While the Forbes 400 made almost enough in one year to fund the entire safety net, they don't even have to pay taxes on their half-trillion dollars of investment gain until they cash in, which may be never.
On Average, Most of Us Got ONE DOLLAR for Every BILLION DOLLARS of New Wealth
A look at the numbers compiled by Us Against Greed shows how personal it really is. Out of that $5,350,000,000,000 ($5.35 trillion) made since the start of 2013, the bottom 80 percent of America took an average of less than $5,000 each. The richest 6 to 20 percent fared better, taking an average of about $65,000.
Now it begins to heat up. From that $5.35 trillion, the richest 2 to 5 percent took an average of about $343,000. The one-percenters need to be split up into the rich, the super-rich, and the filthy-rich:
----The more common members of the one-percent (1,068,000 families) made over $1,000,000 each ($1,068 billion total)
----The .1 percent (108,000 families) made about $4 million each ($480 billion total)
----The .01 percent made about $40 million each ($480 billion total)
The unimaginably rich Forbes 400 each took, on average, almost $1,500,000,000 ($1.5 billion) since January, 2013.
That brings us to the Final 9 (Gates, Buffett, 2 Kochs, 4 Waltons, Zuckerberg). Each of them has accumulated, on average, over $13,000,000,000 ($13 billion) since January 2013.
Getting Billions for Working Less
A big reason to get angry: Our country's wealth grew from $64 trillion to $80 trillion (a 25 percent increase!) in two years, reflecting the unprecedented surge in America's productivity and wealth over the past few years. But there was little if any new innovation or job creation by these big takers over the past two years. The simple fact that they were already incomprehensibly rich allowed them to sit back and collect more and more and more.
Mainstream Media: Incompetent or In Bed with Business
And thus a final reason to be incensed about inequality: The fact that the regular media doesn't properly inform the public about all this. That should be their job, to report on issues that have a great impact on our lives, instead of hushing up the perversity of redistributed national wealth. But apparently it's good business for the super-rich media owners to keep their viewers harmlessly underestimating the truth.
It was recently reported that Americans greatly underestimate the degree of inequality in our country. If we were given proper media coverage of the endless takeaway of our country's wealth by the super-rich, we would be infuriated. And we would be taking it personally.
Each of nine individuals (Gates, Buffett, 2 Kochs, 4 Waltons, Zuckerberg) made, on average, so much from his/her investments since January, 2013 that a median American worker would need a quarter of a million years to catch up. For the most part it was passive income, new wealth derived from the continuing productivity of America's workers.
Why We Should Take It Personally
First, because our productivity is rewarding a relatively few people. In addition, many of the top money-makers are damaging other American lives. The top nine include four people (Waltons) who pay their employees so little that we taxpayers have to pay almost $6,000 a year to support each one of the employees. And it includes two people (Kochs) who have polluted our air and water to enrich themselves while quietly funding organizations that threaten to dismantle what's left of our democracy.
Another personal issue: While the Forbes 400 made almost enough in one year to fund the entire safety net, they don't even have to pay taxes on their half-trillion dollars of investment gain until they cash in, which may be never.
On Average, Most of Us Got ONE DOLLAR for Every BILLION DOLLARS of New Wealth
A look at the numbers compiled by Us Against Greed shows how personal it really is. Out of that $5,350,000,000,000 ($5.35 trillion) made since the start of 2013, the bottom 80 percent of America took an average of less than $5,000 each. The richest 6 to 20 percent fared better, taking an average of about $65,000.
Now it begins to heat up. From that $5.35 trillion, the richest 2 to 5 percent took an average of about $343,000. The one-percenters need to be split up into the rich, the super-rich, and the filthy-rich:
----The more common members of the one-percent (1,068,000 families) made over $1,000,000 each ($1,068 billion total)
----The .1 percent (108,000 families) made about $4 million each ($480 billion total)
----The .01 percent made about $40 million each ($480 billion total)
The unimaginably rich Forbes 400 each took, on average, almost $1,500,000,000 ($1.5 billion) since January, 2013.
That brings us to the Final 9 (Gates, Buffett, 2 Kochs, 4 Waltons, Zuckerberg). Each of them has accumulated, on average, over $13,000,000,000 ($13 billion) since January 2013.
Getting Billions for Working Less
A big reason to get angry: Our country's wealth grew from $64 trillion to $80 trillion (a 25 percent increase!) in two years, reflecting the unprecedented surge in America's productivity and wealth over the past few years. But there was little if any new innovation or job creation by these big takers over the past two years. The simple fact that they were already incomprehensibly rich allowed them to sit back and collect more and more and more.
Mainstream Media: Incompetent or In Bed with Business
And thus a final reason to be incensed about inequality: The fact that the regular media doesn't properly inform the public about all this. That should be their job, to report on issues that have a great impact on our lives, instead of hushing up the perversity of redistributed national wealth. But apparently it's good business for the super-rich media owners to keep their viewers harmlessly underestimating the truth.