John F. Bridgers: Good times for the wealthy, but what about the rest?

January 31, 2014 

Good times for the wealthy, but what about the rest?

According to a report issued before the recent World Economic Forum meeting in Davos, Switzerland, the world’s richest 85 people control the same amount of wealth as half the world’s poorest population (3.55 billion people). Moreover, 210 additional people became billionaires in 2013, bring the world’s total to 1,400.

Although these figures do not break down wealth by countries, one can be sure that many Americans are among those 85 and 210 people. Recent figures by Paul Buchheit on the Common Dreams website indicate that the richest 400 U.S. residents made an average of $750 million each in 2013. These richest 400 now own more than $2 trillion of the nation’s $72 trillion in wealth.

That’s more than three-fifths of all American families. The richest 12,000 families each made $40 million last year.

Conclusion: This continued growth in U. S. wealth will allow our wealthiest individuals and families to dominate state and national politics, along with the mass media, for years to come.

John F. Bridgers

Fuquay Varina

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