Inequality
When it comes to producing billionaires, America is doing great. Unfortunately, inequality has returned to 1920s levels, because wealth is being redistributed from the poor to the rich.
Until 2005, multimillionaires could still make the Forbes list of the richest 400 Americans, but in 2006, the Forbes 400 was for billionaires only. Nearly half of the 45 new members made their fortunes in hedge funds and private equity. Since 2000, America has added 184 billionaires, but an additional five million more people are living below the poverty line.
Today, there are a record 482 billionaires. However, we also have reached a record numbers of foreclosures and a record number of people without health insurance.
In 1982, Forbes 400 listed just 13 billionaires , and the highest paid CEO made $108 million, while the average full-time worker made $34,199. An amount, which has been adjusted for inflation in 2006. Last year, the highest paid hedge fund manager hauled in $1.7 billion, and the highest paid CEO made $647 million, while the average worker made a mere $34,861, with vanishing health and pension coverage. Presently, the Forbes 400 is even more of a rich men’s club than when it began. The number of women on the Forbes list has dropped from 75 in 1982 to 39 today.
Tax cuts will save the top 1 percent of our wealthiest citizens a projected $715 billion between 2001 and 2010, while costing our nation $715 billion in mounting national debt plus interest. Meanwhile, our infrastructure of bridges, levees, mass transit, parks and other public assets inherited from an earlier generations of taxpayers crumbles from neglect.
It's time for Congress to roll back tax cuts for the wealthy and close the loophole letting billionaire hedge fund speculators pay taxes at a lower rate than their secretaries.
Until 2005, multimillionaires could still make the Forbes list of the richest 400 Americans, but in 2006, the Forbes 400 was for billionaires only. Nearly half of the 45 new members made their fortunes in hedge funds and private equity. Since 2000, America has added 184 billionaires, but an additional five million more people are living below the poverty line.
Today, there are a record 482 billionaires. However, we also have reached a record numbers of foreclosures and a record number of people without health insurance.
In 1982, Forbes 400 listed just 13 billionaires , and the highest paid CEO made $108 million, while the average full-time worker made $34,199. An amount, which has been adjusted for inflation in 2006. Last year, the highest paid hedge fund manager hauled in $1.7 billion, and the highest paid CEO made $647 million, while the average worker made a mere $34,861, with vanishing health and pension coverage. Presently, the Forbes 400 is even more of a rich men’s club than when it began. The number of women on the Forbes list has dropped from 75 in 1982 to 39 today.
Tax cuts will save the top 1 percent of our wealthiest citizens a projected $715 billion between 2001 and 2010, while costing our nation $715 billion in mounting national debt plus interest. Meanwhile, our infrastructure of bridges, levees, mass transit, parks and other public assets inherited from an earlier generations of taxpayers crumbles from neglect.
It's time for Congress to roll back tax cuts for the wealthy and close the loophole letting billionaire hedge fund speculators pay taxes at a lower rate than their secretaries.
posted by Jim O'Leary | 1:31 AM
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