For the past 35 years, with technological advancements, there has been an explosion in production and profits, in wealth creation. That unprecedented increase in wealth, as many of you know, has gone to the top economic 1%. Most of it, the lion’s share of it, went to not even the top economic 1%, but to the top one-hundredth of one percent, to the modern day aristocracy. After analyzing the most recent data, here’s the headline: US millionaire households now have $50 trillion in wealth. They have $39 trillion in legally accounted for wealth, and an estimate of $11 trillion hidden in offshore accounts. Just to give a little context, we can end world hunger and provide clean drinking water to everyone on the planet for an estimated $40 billion. Again, one trillion is one thousand billion, and we are talking about $50 trillion.
Posted on: Wed, 12 Jun 2013 13:34:14 +0000