Tag Archives: SuperRich

Factoid: The WALTON Family of Wal-Mart fame (infamy?) has a combined net worth greater than the lowest income 120 million Americans

Really? Did they work hard for it?

Are they more deserving than the poorest 120 million?

Why do we allow this to continue? Whether the Divine Right of Kings or the peculiar institution of Slavery we eventually recognize the absurdity of such myths legitimizing perverse inequality. When will we finally see the myth of the inherent right of the SuperRich to dominate the rest of the country as the folly it is. Even if we are content to be the peons of today should we not act to liberate our children and grandchildren.

Advertisements

At the Heart of Most of Our Problems

 

67

This is not merely an interesting stat. This is the cause of many of our most serious economic and social problems. This is the answer to the questions “Why is there poverty?” “Why do millions of children go to bed hungry?” Why are 2 million people homeless in America?” Why do families break up?” “Why do governments serve the few at the disadvantage of the many?” “Why do low income children have a higher mortality rate than rich people over the age of 60?”. . . . 

The 85 — Too Few to Have So Much When Too Many Have So Little

Michael Parenti

The world’s 85 richest individuals possess as much wealth as the 3.5 billion souls who compose the poorer half of the world’s population, or so it was announced in a report by Oxfam International. The assertion sounds implausible to me.  I think the 85 richest individuals, who together are worth many hundreds of billions of dollars, must have far more wealth than the poorest half of our global population.

How could these two cohorts, the 85 richest and 3.5 billion poorest, have the same amount of wealth? The great majority of the 3.5 billion have no net wealth at all. Hundreds of millions of them have jobs that hardly pay enough to feed their families. Millions of them rely on supplements from private charity and public assistance when they can. Hundreds of millions are undernourished, suffer food insecurity, or go hungry each month, including many among the very poorest in the United States.

“The number of people living in poverty is growing at a faster rate than the world’s population. So poverty is spreading even as wealth accumulates. It is not enough to bemoan this enormous inequality, we must also explain why it is happening.”

Most of the 3.5 billion earn an average of $2.50 a day. The poorest 40 percent of the world population accounts for just 5 percent of all global income. About 80 percent of all humanity live on less than $10 a day. And the poorest 50 percent  maintain only 7.2 percent of the world’s private consumption. How exactly could they have accumulated an amount of surplus wealth comparable to the 85 filthy richest?

Hundreds of millions live in debt even in “affluent” countries like the United States. They face health care debts, credit card debts, college tuition debts, and so on. Many, probably most who own homes—and don’t live in shacks or under bridges or in old vans—are still straddled with mortgages. This means their net family wealth is negative, minus-zero. They have no  propertied wealth; they live in debt.

Millions among the poorest 50 percent in the world may have cars but most of them also have car payments. They are driving in debt.  In countries like Indonesia, for the millions without private vehicles, there are the overloaded, battered buses, poorly maintained vehicles that specialize in breakdowns and ravine plunges. Among the lowest rungs of the 50 percent are the many who pick thru garbage dumps and send their kids off to work in grim, soul-destroying sweatshops.

The 85 richest in the world probably include the four members of the Walton family (owners of Wal-Mart, among the top ten superrich in the USA) who together are worth over $100 billion. Rich families like the DuPonts have controlling interests in giant corporations like General Motors, Coca-Cola, and United Brands. They own about forty manorial estates and private museums in Delaware alone and have set up 31 tax-exempt foundations. The superrich in America and in many other countries find ways, legal and illegal, to shelter much of their wealth in secret accounts. We don’t really know how very rich the very rich really are.

Regarding the poorest portion of the world population—whom I would call the valiant, struggling “better half”—what mass configuration of wealth could we possibly be talking about? The aggregate wealth possessed by the 85 super-richest  individuals, and the aggregate wealth owned by the world’s 3.5 billion poorest, are of different dimensions and different natures. Can we really compare private jets, mansions, landed estates, super luxury vacation retreats, luxury apartments, luxury condos, and luxury cars, not to mention hundreds of billions of dollars in equities, bonds, commercial properties, art works, antiques, etc.—can we really compare all that enormous wealth against some millions of used cars, used furniture, and used television sets, many of which are ready to break down?  Of what resale value if any, are such minor durable-use commodities, especially in communities of high unemployment, dismal health and housing conditions, no running water, no decent sanitation facilities, etc? We don’t really know how poor the very poor really are.

Millions of children who number in the lower 50 percent never see the inside of a school. Instead they labor in mills, mines and on farms, under conditions of peonage.  Nearly a billion people are unable to read or write. The number of people living in poverty is growing at a faster rate than the world’s population. So poverty is spreading even as wealth accumulates. It is not enough to bemoan this enormous inequality, we must also explain why it is happening.

But for now, let me repeat: the world’s richest 85 individuals do not have the same amount of accumulated wealth as the world’s poorest 50 percent. They have vastly more. The multitude on the lower rungs—even taken as a totality—have next to nothing.

Michael Parenti is an author of note who is known for the classic text on political science and American government “Democracy for the Few”. His work can be found at http://www.michaelparenti.org. This post was first published at COMMON DREAMS and distributed by PORTSIDE (See Links below)

1/100th of a Second to Buy a Loaf of Bread

99%NeedsRaise

How much do you pay for bread?

A Picture Is Worth a Trillion Words

85

Of course, they have so much more than us because they are worth so much more to society than we are. At least that’s what their well-paid media whores will tell us.

Enough Is Enough, Too Much Is Too Much

Never have so few had so much.

The gap between the SuperRich and the rest of us has never been greater. The Pharoah of ancient Egypt, the Shah-in-Shah of the Persian Empire, the Great Khan of the Mongols, and the Sultan of the Sublime Porte were closer in wealth and incomes to the lowest peasant than the SuperRich are today in relationship to the average worker.

Oxfam, the international charity, has issued a study finding that the world’s 85 richest individuals have the equivalent wealth of Half of the World’s Population. 85 = 3.5 BILLION! The Math is correct but it is so very wrong.

The total wealth of the the richest ONE-PERCENT has 65-TIMES what is possessed by the least-wealthy FIFTY-PERCENT.

This is economically unsound, it is politically disastrous and morally wrong. If Socialism is what they will call a remedy to this outrage then Socialism is what is required. If we need to abolish Capitalism in order to correct this then Capitalism deserves to be junked.

_______________________________

FFI See http://www.mcclatchydc.com/2014/01/20/215140/worlds-richest-85-people-have.html

The Year of Massive Wealth Redistribution

The Right-wing warned us that if we elected the great “Socialist” Barack Obama, we would experience a massive redistribution of wealth before his administration was over. And they were right!

2013 set new records in the Government-promoted redistribution of wealth. But not what might be thought. Indeed the year set a new record for the redistribution of wealth from the middle and working classes TO the 1% elite.

Corporate profits are the largest share of the Gross Domestic Product (GDP) and wages are the smallest share of the GDP of anytime since records started being kept. Who gets the profits? The 1%, And who depends on wages? The rest of us.

Some may protest, maybe so, but how does the Government enter into this? The Government fixes the rules of the game: (1) it taxes wages higher than it taxes dividends and capital gains, (2) it bails out Banks while mortgaged homeowners are foreclosed, and (3) employers can set wages at will while unions are busted.

So what was supposed to be “trickle-down” economics  has become “geyser-up” economics. Instead of some wealth being distributed by the rich to we peons below, the wealth rises in gushers to those above.