An Arena Full of the Richest Americans Would Own as Much Wealth as 70% of the World

Paul Buchheit

Paul Buchheit Author, editor, expert on income inequality

That's 25,000 American adults, about the number of people in a large basketball stadium. That's the richest .01% of America. Together they own nearly $10 trillion, which is approximately the total wealth owned by the 3.5 billion adults who make up 70% of the entire adult world. 

Data is taken from various current sources: the Credit Suisse 2018 Global Wealth Databook (GWD), the Forbes 400 rankings, and Business Insider's reporting on the world's billionaires. A summary of the calculations can be found here.

But Only India has a Greater Percentage of its People in the World's Poorest 10% 

Inequality in America is out of control. A careful look at the GWD (Table 3-4) makes that clear. While our nation has by far the greatest percentage of its people in the world's richest 10%, it is second only to India in the percentage of its people in the world's poorest 10%. This is almost certainly due to the number of Americans mired in unmanageable debt. 

To put it another way, one out of seven American adults is among the world's least wealthy 10%. 

To put it yet another way, while 100 million American adults are among the world's richest 10%, 34 million American adults are among the world's poorest 10%.

We Let a Few Individuals Take the Wealth that Society Has Built 

Jeff Bezos has $160 billion. That's more than double his wealth from early 2017. That's equivalent to the combined budgets for Education, Housing, and Health and Human Services. 

The American people created the Internet, developed and funded Artificial Intelligence, and built a massive transportation infrastructure. Amazon takes full advantage of all of that. Same with the other big tech firms. All the technology in our iPhones and computers started with government research at the Defense Department, the National Science Foundation, the Census Bureau, and public universities. Google is using some of its billions to buy technologies that were built by DARPA with our tax money. 

Yet we let individuals like Bezos and Gates and Zuckerberg take almost all the credit, along with hundreds of billions of dollars. 

Defenders of the out-of-control wealth gap insist that all is okay, because, after all, America is a 'meritocracy' in which the super-wealthy have 'earned' all they have. They heed the words of Warren Buffett: "The genius of the American economy, our emphasis on a meritocracy and a market system and a rule of law has enabled generation after generation to live better than their parents did." But it's not a meritocracy. It's getting harder and harder to survive on individual skills. Children are no longer living better than their parents did. 

Jeff Bezos has $160 billion in wealth. While he has been profiting from the Internet and the infrastructure built up over many years by many people with many of our tax dollars, he has continued to avoid the taxes that are meant to pay for all the benefits received by his company.

'Social' is Not a Dirty Word 

A strong society empowers individuals, not the other way around. For 35 years Americans have been duped into believing that well-positioned individuals should be allowed to do whatever they want, and the result is the perverse level of inequality described above. In two weeks we will be given the opportunity to vote to help stop the flow of wealth to the super-rich. We just have to hope Americans have learned about the greed and deception of that arena full of super-rich.

***

Reposted from Common Dreams

Paul Buchheit teaches economic inequality at DePaul University. He is the founder and developer of the Web sites UsAgainstGreed.org, PayUpNow.org and RappingHistory.org, and the editor and main author of “American Wars: Illusions and Realities” (Clarity Press). He can be reached at paul@UsAgainstGreed.org.

Posted In: Allied Approaches

Union Matters

Get to Know AFL-CIO's Affiliates: National Association of Letter Carriers

From the AFL-CIO

Next up in our series that takes a deeper look at each of our affiliates is the National Association of Letter Carriers.

Name of Union: National Association of Letter Carriers (NALC)

Mission: To unite fraternally all city letter carriers employed by the U.S. Postal Service for their mutual benefit; to obtain and secure rights as employees of the USPS and to strive at all times to promote the safety and the welfare of every member; to strive for the constant improvement of the Postal Service; and for other purposes. NALC is a single-craft union and is the sole collective-bargaining agent for city letter carriers.

Current Leadership of Union: Fredric V. Rolando serves as president of NALC, after being sworn in as the union's 18th president in 2009. Rolando began his career as a letter carrier in 1978 in South Miami before moving to Sarasota in 1984. He was elected president of Branch 2148 in 1988 and served in that role until 1999. In the ensuing years, he worked in various roles for NALC before winning his election as a national officer in 2002, when he was elected director of city delivery. In 2006, he won election as executive vice president. Rolando was re-elected as NALC president in 2010, 2014 and 2018.

Brian Renfroe serves as executive vice president, Lew Drass as vice president, Nicole Rhine as secretary-treasurer, Paul Barner as assistant secretary-treasurer, Christopher Jackson as director of city delivery, Manuel L. Peralta Jr. as director of safety and health, Dan Toth as director of retired members, Stephanie Stewart as director of the Health Benefit Plan and James W. “Jim” Yates as director of life insurance.

Number of Members: 291,000 active and retired letter carriers.

Members Work As: City letter carriers.

Industries Represented: The United States Postal Service.

History: In 1794, the first letter carriers were appointed by Congress as the implementation of the new U.S. Constitution was being put into effect. By the time of the Civil War, free delivery of city mail was established and letter carriers successfully concluded a campaign for the eight-hour workday in 1888. The next year, letter carriers came together in Milwaukee and the National Association of Letter Carriers was formed.

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