5 Obscene Reasons Why Richest Americans grow Richer As Middle-Class Declines

[xchrom]

http://www.alternet.org/economy/5-obscene-reasons-why-richest-americans-grow-richer-middle-class-declines



f you want to see what’s wrong with America take a good look at the nauseating list of the 400 richest Americans – the Forbes 400 . While the economy struggled to create jobs, it was another banner year for the super-rich. They increased their collective wealth by a whopping $200 billion, which is more than enough to provide every student in the country with free higher education.

Meanwhile, the median middle-class family – the one smack in the middle of the income distribution -- saw its net worth (assets minus liabilities) drop from $102,844 in 2005 to $66,740 in 2010 according to the U.S. Census Bureau . So while the richest 400 Americans increased their wealth by 54 percent since 2005, the median middle-class family saw its wealth decline by 35 percent. Welcome to the new American math.

It’s not easy to wrap our arms around so much financial fat. The numbers involved are truly mind-boggling. Here’s more new math:

The richest 400 Americans have as much combined wealth as 25.5 million middle-income Americans. 400 = 25.5 million!

The average wealthy member of the Forbes 400 is 63,000 times as rich as the average middle-class family. One = 63,000!

It would take the median middle-class family 82,411 years to earn an amount equal to the wealth of the average person on the rich list. That’s the very definition of financial obscenity.

[MrMickeysMom]

1. This graph from that article puts it in perspective, tax-break-wise...

[geckosfeet]

2. Great graph. Stealing for FB.

[DallasNE]

11. While The Tax Code Is Part Of It

It is far from all of the reason for the sharp shift in wealth. The gutting of consumer protection and heavy use of lawyers to get their way are some other under the radar ways that wealth gets transfered from the bottom to the top. Then there is good old-fashioned corruption that is in play as well. These things don't lend themselves to spiffy charts but combined are probably more significant than taxes.

[hfojvt]

17. the tax code plays into the corruption as well

between 1986 and 2006, the top 1% got about $1.3 trillion in tax cuts. That's $1.3 trillion increase in their wealth, and that extra wealth allows them to make even more money when it is invested. They don't just get the $1.3 trillion, they essentially get the $1.3 trillion plus interest. But that $1.3 trillion also gives them that much more power. Power they can use to buy politicians and/or regulators and/or crush unions.

[marmar]

3. k/r

[pscot]

4. Eeek! Socialism

Next you'll be saying we need income redistribution.

[xchrom]

8. ...

[Kindly Refrain]

5. It's time to confiscate the assets of those 400 individuals.

[ArcticFox]

24. +63,000

[Spitfire of ATJ]

6. The ONLY reason America went along with tax cuts for the rich,...

....was that it was supposed to go into payroll for everybody.

It didn't.

It never will.

The rich hate us.

They always have.

[warrant46]

7. Well Put !!!

[former-republican]

9. we were fed

and took it hook , line and sinker but the Wall street bailouts are just as criminal.

I was against it when Bush did it and was against it when President Obama did it.

[Spitfire of ATJ]

19. What gets me is how some of those banks gave out bonuses equalling the amount of the bailout,....

.....and then to rub our faces in it they had lavish parties.

[TBF]

10. Capital has always looked out for their own interests -

historically some workers have fought back more successfully than others.

http://en.wikipedia.org/wiki/French_Revolution

[PD Turk]

14. Exactly

I'd much prefer it if we could manage to turn it around peacefully. Every day I see my hopes fade that such a solution is possible. These are some nasty, ugly people we are dealing with here in America.

[Spitfire of ATJ]

16. Symbolic gestures count.

There were only seven prisoners there that day but it was the fact that the masses fought the authority,...and authority doesn't always win...

[HughBeaumont]

12. I think it's something far worse than love or hate.

Love/Hate implies that it's personal.

I think it's that they just don't care one way or the other WHAT happens to us. They just don't even care. All they are to us is dollar signs, consumers, obstacles to their ascension and marginally useful oxygen thieves.

[Spitfire of ATJ]

15. "Love/Hate implies that it's personal"

It IS personal for them.

They actually believe they are rich because they are superior to the commoners. Both genetically AND in the eyes of God. They believe their wealth comes from God and they are "blessed" and the poor are that way as a punishment for something they did to offend God. Be it drugs or sleeping around or SOMETHING. They honestly believe the non-rich are to be despised for CHOOSING to be the way they are.

You see, it was EASY for them to get rich and they ASSUME that ANYONE can do it.

Like Mitt said, "Borrow money from your parents to start a business."

[begin_within]

18. they don't hate us,

because they make money off of us.

[Spitfire of ATJ]

20. It doesn't work that way.

They see us as "the great unwashed" slowing down the limo on their way to the airport.

The REAL bigwigs exit by rooftop helicopter to the private jet and some of those people are the types that expect to be able to wear crepe paper in a hurricane and have a staff that can get them to their destination without a single drop touching them.

[begin_within]

22. Where does the money come from to pay for that?

[Spitfire of ATJ]

23. They honestly believe it comes from themselves and each other....

You have to remember, these people have lawyers that handle their money.

The only thing they care about is working on their golf swing and seeing to it their sons and daughters aren't seeing someone that is beneath their class.

[ghostsofgiants]

13. They really could have simplified the whole thing to "capitalism."

[stevenleser]

21. DU Rec nt