Read

User menu

Search form

America’s Richest 2% Made More Money in 2017 Than the Cost of the Entire Safety Net

America’s Richest 2% Made More Money in 2017 Than the Cost of the Entire Safety Net
Fri, 3/2/2018 - by Paul Buchheit
This article originally appeared on Nation of Change

How was their money made? Almost entirely by passively waiting for the stock market to go up. The data sources for this report are Forbes and Credit Suisse, both of which provide precise numbers for the worsening surge in America’s wealth inequality.

U.S. wealth increased by $8.5 trillion in 2017, with the richest 2% getting about $1.15 trillion, which is more than the total cost of Medicaid (federal AND state) and the complete safety net, both mandatory and discretionary, including the low-income programs that make up the social support package derisively referred to as ‘welfare.’

Surprisingly, the richest 1% did not increase their wealth by much in 2017 (although they took nearly $4 trillion in 2016). That means the second half of the richest 2%, Americans with an average net worth of approximately $10 million, outgained the safety net all by themselves in the past year.

Another stunner: The richest 2-5%, those Americans with an average net worth of about $2.5 million, accumulated enough wealth in 2017 to pay for the safety net FOUR TIMES.
 

Two Men Made More Money Than the Total Cost of Food Stamps

Food stamps provide about $1.50 per meal for 42 million Americans, mostly children, the elderly, and the disabled, at a cost in 2017 of $64 billion. In the past year Jeff Bezos and Mark Zuckerberg have together accumulated over $64 billion in new wealth.

Jeff Bezos has used tax havens and high-priced lobbyists to avoid the taxes owed by his company. Mark Zuckerberg created a ‘charitable’ foundation, which in reality is a tax-exempt limited liability company, leaving him free to make political donations or sell his holdings, all without paying taxes. But in one year the two of them made enough from their investments to feed most of America’s hungry.
 

And Republicans Are Cutting Food Stamps?

The Republicans think the food stamp program is too costly and ridden with fraud. Apparently $1.50 per meal for children and seniors is too costly for them. As for fraud, the U.S. Department of Agriculture has estimated that only 1 penny of every food stamp dollar is used fraudulently. To complete the insult and the injury, Republicans want to drop care packages on millions of Americans, as if they were third-world aid recipients, unable to make their own decisions.

American inequality is extreme, shameful, perverse, and growing. While over 100 million (2 out of 5) American adults are among the world’s richest 10%, up to 50 million (1 out of 5) American adults are among the world’s poorest 10%.

Yet by some unfathomable measure of ignorance or malice, Republicans cheer on the millionaire-making stock market while telling the most vulnerable Americans that they’re spending too much on food.

Originally published by Nation of Change

 

Sign Up

Article Tabs

Goma water movement, Lucha, Congolese fighting, Congo war, grassroots movement, access to safe water

The Congolese group Lucha successfully mobilized thousands to march for the right to water in the city of Goma. Now, the group is challenging the regime of President Joseph Kabila.

A special episode dedicated to the most militarized land in the world—one that you may not even have ever heard of.

Restoring Internet Freedom Order, FCC rules, net neutrality, Internet freedom, fast line, Big Telecom, telecommunications industry, Ajit Pai

Access matters, and unequal access can have onerous consequences for those who can’t afford the fast lane.

Brexit, Brexit opposition, Theresa May, Jeremy Corbyn, no-deal Brexit

“This historic defeat will show that the government is deadlocked – and we now need to throw this back to the people and give them a final say," said Paul Butters of Best for Britain.

manosphere, incels, misogyny, black men, black women, racism, sexism, Black Manosphere

In response to the racism often targeted exclusively toward black men on majority white digital spaces, black males have created their own manosphere – where they rail against black women.

Goma water movement, Lucha, Congolese fighting, Congo war, grassroots movement, access to safe water

The Congolese group Lucha successfully mobilized thousands to march for the right to water in the city of Goma. Now, the group is challenging the regime of President Joseph Kabila.

#climatestrike, COP24, UN climate talks, carbon emissions, catastrophic climate change, climate movement, climate protests, climate demands

"Science has clearly told us that we need to act now to keep the planet within 1.5 degrees of warming," the young climate activist said in calling for a day of global action on Friday.

A special episode dedicated to the most militarized land in the world—one that you may not even have ever heard of.

Global investors managing $32tn are urging governments to phase out all coal burning. Photograph: Alexander Koerner/Getty Images

Global investors managing $32 trillion issued a stark warning to governments at the UN climate summit on Monday, demanding urgent cuts in carbon emissions and the phasing out of all coal burning.

Restoring Internet Freedom Order, FCC rules, net neutrality, Internet freedom, fast line, Big Telecom, telecommunications industry, Ajit Pai

Access matters, and unequal access can have onerous consequences for those who can’t afford the fast lane.

rising emissions, climate catastrophe, Global Carbon Project, climate impacts, carbon emissions, carbon cuts

According to a new Global Carbon Project report, emissions are heading in the opposite direction to the deep cuts that are urgently needed to prevent the worst impacts of climate change.

Posted 5 days 9 hours ago
rising inequality, income inequality, global wealth, costs of inequality

Americans pay a steep price for not spreading their wealth around as well as other developed countries.

Posted 5 days 9 hours ago
Brexit, Brexit opposition, Theresa May, Jeremy Corbyn, no-deal Brexit

“This historic defeat will show that the government is deadlocked – and we now need to throw this back to the people and give them a final say," said Paul Butters of Best for Britain.

Posted 4 days 26 min ago
Restoring Internet Freedom Order, FCC rules, net neutrality, Internet freedom, fast line, Big Telecom, telecommunications industry, Ajit Pai

Access matters, and unequal access can have onerous consequences for those who can’t afford the fast lane.

Posted 3 days 11 hours ago

A special episode dedicated to the most militarized land in the world—one that you may not even have ever heard of.

Posted 2 days 8 hours ago
Restoring Internet Freedom Order, FCC rules, net neutrality, Internet freedom, fast line, Big Telecom, telecommunications industry, Ajit Pai

Access matters, and unequal access can have onerous consequences for those who can’t afford the fast lane.

A special episode dedicated to the most militarized land in the world—one that you may not even have ever heard of.

rising emissions, climate catastrophe, Global Carbon Project, climate impacts, carbon emissions, carbon cuts

According to a new Global Carbon Project report, emissions are heading in the opposite direction to the deep cuts that are urgently needed to prevent the worst impacts of climate change.

rising inequality, income inequality, global wealth, costs of inequality

Americans pay a steep price for not spreading their wealth around as well as other developed countries.

Photo illustration by Slate. Photos by Medioimages/Photodisc/iStock/Getty Images Plus.

By doing away with single-family zoning, the city takes on high rent, long commutes, and racism in real estate in one fell swoop.