"America's skewed wealth is one of the most critical issues of our time," stated report co-author Chuck Collins. (Image: Forbes)
Dec 02, 2015
The divide between the "haves" and the "have-nots" in the United States has never been so vast, with a new report out Tuesday revealing that the nation's 20 richest individuals own more wealth than the entire bottom half of the population.
What's more, with a combined worth of $2.34 trillion, the richest 400 Americans--who include Bill Gates, Donald Trump, Oprah Winfrey, and heirs to the Wal-Mart fortune--own more wealth than the bottom 61 percent of the country, or 194 million people.
"America's skewed wealth is one of the most critical issues of our time," stated Chuck Collins, senior scholar at the Institute for Policy Studies (IPS) and co-author of the report Billionaire Bonanza: the Forbes 400 and the Rest of Us (pdf).
What's more, the study compares the Forbes list with other segments of the population, showing great disparity in how this wealth is distributed. For example, the combined net worth of the Forbes 400 roughly equals the wealth of the entire African American population, plus a third of the Latino population.
As Collins notes, this staggering gap in wealth has worsened since the global recession and has proved problematic--even in cases where the billionaires are generous philanthropists.
"Concentrating wealth to this extent gives rich donors far too much political power," Collins explains, "including the wherewithal to shape the rules that govern our economy." He cites the recent New York Times report which found that half of all political contributions in the 2016 presidential campaign came from just 158 families.
The study follows numerous other recent reports that suggest the world, and particularly the United States, has reached what Collins refers to as "peak wealth inequality."
Collins and report co-author Josh Hoxie, who heads the IPS Project on Opportunity and Taxation, put forth a number of solutions to reverse this trend, including closing offshore tax havens and tax code loopholes, which they say the wealthy frequently exploit. Further, the report calls for the re-institution of progressive income tax policies, which would both "break up the concentration of wealth and generate trillions of dollars in new revenue to invest in wealth building opportunities for working families."
Among the report's other recommendations to help spread the wealth: raising the minimum wage and overhauling campaign finance, to stem the influence of money on politics.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Our Summer Campaign is now underway, and there’s never been a more urgent time for Common Dreams to be as vigilant as possible. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Lauren McCauley
Lauren McCauley is a former senior editor for Common Dreams covering national and international politics and progressive news. She is now the Editor of Maine Morning Star. Lauren also helped produce a number of documentary films, including the award-winning Soundtrack for a Revolution and The Hollywood Complex, as well as one currently in production about civil rights icon James Meredith. Her writing has been featured on Newsweek, BillMoyers.com, TruthDig, Truthout, In These Times, and Extra! the newsletter of Fairness and Accuracy in Reporting. She currently lives in Kennebunk, Maine with her husband, two children, a dog, and several chickens.
The divide between the "haves" and the "have-nots" in the United States has never been so vast, with a new report out Tuesday revealing that the nation's 20 richest individuals own more wealth than the entire bottom half of the population.
What's more, with a combined worth of $2.34 trillion, the richest 400 Americans--who include Bill Gates, Donald Trump, Oprah Winfrey, and heirs to the Wal-Mart fortune--own more wealth than the bottom 61 percent of the country, or 194 million people.
"America's skewed wealth is one of the most critical issues of our time," stated Chuck Collins, senior scholar at the Institute for Policy Studies (IPS) and co-author of the report Billionaire Bonanza: the Forbes 400 and the Rest of Us (pdf).
What's more, the study compares the Forbes list with other segments of the population, showing great disparity in how this wealth is distributed. For example, the combined net worth of the Forbes 400 roughly equals the wealth of the entire African American population, plus a third of the Latino population.
As Collins notes, this staggering gap in wealth has worsened since the global recession and has proved problematic--even in cases where the billionaires are generous philanthropists.
"Concentrating wealth to this extent gives rich donors far too much political power," Collins explains, "including the wherewithal to shape the rules that govern our economy." He cites the recent New York Times report which found that half of all political contributions in the 2016 presidential campaign came from just 158 families.
The study follows numerous other recent reports that suggest the world, and particularly the United States, has reached what Collins refers to as "peak wealth inequality."
Collins and report co-author Josh Hoxie, who heads the IPS Project on Opportunity and Taxation, put forth a number of solutions to reverse this trend, including closing offshore tax havens and tax code loopholes, which they say the wealthy frequently exploit. Further, the report calls for the re-institution of progressive income tax policies, which would both "break up the concentration of wealth and generate trillions of dollars in new revenue to invest in wealth building opportunities for working families."
Among the report's other recommendations to help spread the wealth: raising the minimum wage and overhauling campaign finance, to stem the influence of money on politics.
Lauren McCauley
Lauren McCauley is a former senior editor for Common Dreams covering national and international politics and progressive news. She is now the Editor of Maine Morning Star. Lauren also helped produce a number of documentary films, including the award-winning Soundtrack for a Revolution and The Hollywood Complex, as well as one currently in production about civil rights icon James Meredith. Her writing has been featured on Newsweek, BillMoyers.com, TruthDig, Truthout, In These Times, and Extra! the newsletter of Fairness and Accuracy in Reporting. She currently lives in Kennebunk, Maine with her husband, two children, a dog, and several chickens.
The divide between the "haves" and the "have-nots" in the United States has never been so vast, with a new report out Tuesday revealing that the nation's 20 richest individuals own more wealth than the entire bottom half of the population.
What's more, with a combined worth of $2.34 trillion, the richest 400 Americans--who include Bill Gates, Donald Trump, Oprah Winfrey, and heirs to the Wal-Mart fortune--own more wealth than the bottom 61 percent of the country, or 194 million people.
"America's skewed wealth is one of the most critical issues of our time," stated Chuck Collins, senior scholar at the Institute for Policy Studies (IPS) and co-author of the report Billionaire Bonanza: the Forbes 400 and the Rest of Us (pdf).
What's more, the study compares the Forbes list with other segments of the population, showing great disparity in how this wealth is distributed. For example, the combined net worth of the Forbes 400 roughly equals the wealth of the entire African American population, plus a third of the Latino population.
As Collins notes, this staggering gap in wealth has worsened since the global recession and has proved problematic--even in cases where the billionaires are generous philanthropists.
"Concentrating wealth to this extent gives rich donors far too much political power," Collins explains, "including the wherewithal to shape the rules that govern our economy." He cites the recent New York Times report which found that half of all political contributions in the 2016 presidential campaign came from just 158 families.
The study follows numerous other recent reports that suggest the world, and particularly the United States, has reached what Collins refers to as "peak wealth inequality."
Collins and report co-author Josh Hoxie, who heads the IPS Project on Opportunity and Taxation, put forth a number of solutions to reverse this trend, including closing offshore tax havens and tax code loopholes, which they say the wealthy frequently exploit. Further, the report calls for the re-institution of progressive income tax policies, which would both "break up the concentration of wealth and generate trillions of dollars in new revenue to invest in wealth building opportunities for working families."
Among the report's other recommendations to help spread the wealth: raising the minimum wage and overhauling campaign finance, to stem the influence of money on politics.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.