Home > Uncategorized > America’s 400 richest: $1.7 trillion and counting — RT

America’s 400 richest: $1.7 trillion and counting — RT


In the last 60 years, the West has put a huge effort to ‘export’ their country-model of success. End result. Countries are converging towards a common problem set.

Communism promises to make the rich into poor people. Capitalism romotes a fallacy that it can make you rich.  |  Cartoon by Rex May

Communism promises to make the rich into poor people. Capitalism romotes a fallacy that it can make you rich. | Cartoon by Rex May

Are the rich getting richer? Is this limited to USA? Is India succumbing to this problem?

The answers!

Yes. No. Yes.

The net worth of the Forbes 400 richest Americans grew by 13 per cent in the past year to $1.7 trillion, as the gap between rich and poor continues to widen at a staggering rate.

The average net worth of the 400 wealthiest Americans shot up by $400 million to a record $4.2 billion, Forbes said, serving to underscore glaring wealth inequality in America.

The 13 per cent spike in wealth for America’s wealthiest citizens stands in sharp contrast with the overall US economy, as the Federal Reserve recently cut its forecast for economic growth this year to between 1.7 per cent and 2 per cent.Median workers’ wages meanwhile have been flat over the last forty years. The real minimum wage has also actually declined over the same period from $10.55 (adjusted for inflation) in 1968 to just $7.25 today.

By contrast, the Congressional Budget Office (CBO) estimated that between 1979 and 2007, the top 1 per cent of Americans income grew by 275 per cent. Meanwhile, it is estimated that during the economic expansion between 2002 and 2007, the income of the top 1 per cent grew 10 times faster than the income of the bottom 90 per cent.

The CBO also found that between 1979 and 2005, after-tax income for middle-class Americans (adjusted for inflation) rose by 21 per cent while the richest 0.1 per cent grew by 400 per cent.

Income is the flow of money coming into a household over a year, while wealth or net worth represents the stock assets it has as a result of inheritance and savings.

via America’s 400 richest: $1.7 trillion and counting — RT.


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Categories: Uncategorized
  1. September 20, 2012 at 7:38 am
    1. Pravin Varma
      um no,the hold of the central bank over people’s lives is the cause of the transfer of wealth from the poor to the wealthy.india has long succumbed to this malady

      Wed, Sep 19 2012 21:38:11
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