Income Inequality: A Problem No One Wants to Fix
Paul Buchhiet
The Contributor
Not only do the 30 richest Americans own as much wealth (about $792 billion) as 157 million people, our middle class is further from the top than in all other developed countries.
Inequality is a cancer on society, here in the U.S. and across the globe. It keeps growing. But humanity seems helpless against it, as if it's an alien force that no one understands, even as the life is being gradually drained from its victims.
The recent Oxfam report on global wealth inequality reveals some of the ugly extremes that have divided our world. It also directs our attention to the Global Wealth Report compiled by Credit Suisse, and the companion Databook, which offer a shocking testament to the severity of U.S. and global inequality.
1. The 30 Richest Americans Own as much as Half of the U.S. Population
The Oxfam report tells us that 85 individuals own as much as half the world. The U.S. is the biggest reason for that, with 5 percent of the world's population and 30 percent of the wealth. China, India, and Africa, on the other hand, combine for about half the world's population and just 12 percent of the wealth.
In the U.S., the richest 30 individuals own about $792 billion, while the bottom half of Americans own 1.1 percent of our country's wealth, also about $792 billion. That's 30 people owning as much as 157,000,000 people.
- See more at: http://thecontributor.com/economy/income-inequality-problem-no-one-wants-fix
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