Wealth inequality has hit the extreme in America as top 3 billionaires own more than 50% of the population combined
Thanks to the Federal Reserve’s monetary policies of pushing cheap money to Wall Street, the central bank’s program of destroying the Middle Class and siphoning wealth to the top 1% has nearly been accomplished.¬† And because of the artificial bubble that has grown in equity markets since 20010 following QE and the end of the Great Recession, the three richest Americans now control more wealth than the bottom 50% of the American population.
That’s right.¬† Amazon’s Jeff Bezos, Berkshire Hathaway’s Warren Buffet, and Microsoft’s Bill Gates have more wealth today than 50% of the population’s total wealth combined.
The three richest people in the United States ‚Äď Bill Gates, Jeff Bezos, and Warren Buffett ‚Äď have a total wealth that exceeds the savings of America‚Äôs poorest 160 million, a new study shows.
The three billionaires are sitting on a combined $248.5 billion fortune, which outstrips the combined net worth of an estimated 160 million Americans, or 53 million US households. The¬†study¬†entitled Billionaire Bonanza 2017 was compiled by the Institute for Policy Studies.
¬†‚ÄúSo much money concentrating in so few hands while so many people struggle is not just bad economics, it‚Äôs a moral crisis,‚ÄĚ¬†said Josh Hoxie, the report’s co-author.
The 400 richest people in the US have a combined $2.68 trillion wealth, more than the gross domestic product (GDP) of the United Kingdom, France or India.
‚ÄúOur wealthiest 400 now have more wealth combined than the bottom 64 percent of the US population, an estimated 80 million households or 204 million people. That‚Äôs more people than the population of Canada and Mexico combined,‚ÄĚ¬†the report says. –¬†Russia Today
Yet these three Titans of Industry only scratch the surface when it comes to global wealth inequality.¬† That is because the 62 richest people own more wealth than half of the world’s combined population, or more than 3.5 billion people.
What is most ironic however is that most often it is the wealthiest people, or the 1% themselves, who demand governments tax the 99% so they can then redistribute the wealth of the Middle Class down to the poor without having to shed a single penny of their own.¬† And perhaps this is why one of the more famous biblical scriptures says that the Love of Money is the Root of Many Evils.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.