Is Bernie Sanders Right that 3 Billionaires Have more Wealth than Half of America?

Chuck Collins Director the Program on Inequality and the Common Good , Institute for Policy Studies

And in addition to the 3 billionaires Bernie mentioned, we should also be worried about the expanding fortunes of multi-generational wealth dynasties.

The wealthiest 3 billionaires in the U.S. –Jeff Bezos, Bill Gates and Warren Buffett — now have as much wealth as the bottom half of the U.S. population combined.

Those were the first words spoken at last night’s 2020 Democratic Debate, citing a wealth inequality study by the Institute for Policy Studies.

In fact, Sen. Bernie Sanders mentioned the study, Billionaire Bonanza, several times during the debate.

Fact checkers at The New York Timesthe Washington Post and CNNverified Sen. Sanders’ claims.

These extreme levels of wealth inequality are possible, in part, because the bottom fifth of U.S. households are underwater, with zero or negative net worth. And the next fifth has so few assets to fall back on that they live in fear of destitution.

“We’re developing into a plutocracy,” said former Federal Reserve Chairman Paul Volcker.

Another powerful IPS statistic: One troubling indicator that we are drifting toward a society governed by the wealthy is the expanding fortunes of multi-generational wealth dynasties.

The three wealthiest U.S. families are the Walton’s of Walmart, the Mars candy family, and the Koch brothers, heirs to the country’s second largest private company, the energy conglomerate Koch Industries. These are all enterprises built by the grandparents and parents of today’s wealthy heirs and heiresses.

These three families own a combined fortune of $348.7 billion, which is four million times the median wealth of a U.S. family.

Since 1982, these three families have seen their wealth increase nearly 6,000 percent, factoring in inflation. Meanwhile, the median household wealth went down 3 percent over the same period.

The dynastic wealth of the Walton family grew from $690 million in 1982 (or $1.81 billion in 2018 dollars) to $169.7 billion in 2018, a mind-numbing increase of 9,257 percent.

***

Via Institute for Policy Studies

Posted In: Allied Approaches

Union Matters

He Gets the Bucks, We Get All the Deadly Bangs

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

National Rifle Association chief Wayne LaPierre has had better weeks. First came the horrific early August slaughters in California, Texas, and Ohio that left dozens dead, murders that elevated public pressure on the NRA’s hardline against even the mildest of moves against gun violence. Then came revelations that LaPierre — whose labors on behalf of the nonprofit NRA have made him a millionaire many times over — last year planned to have his gun lobby group bankroll a 10,000-square-foot luxury manse near Dallas for his personal use. In response, LaPierre had his flacks charge that the NRA’s former ad agency had done the scheming to buy the mansion. The ad agency called that assertion “patently false” and related that LaPierre had sought the agency’s involvement in the scheme, a request the agency rejected. The mansion scandal, notes the Washington Post, comes as the NRA is already “contending with the fallout from allegations of lavish spending by top executives.”

***

More ...

Corruption Coordinates

Corruption Coordinates