(Please click on the title for a reading aloud by the author.)
The agony of the poor impoverishes the rich; the betterment of the poor enriches the rich.
- Dr. Martin Luther King Jr.
The 2010 U.S. Census reports 43.6 million Americans, or 14.3% of the population live below the poverty line. For a single parent with two children under 18, poverty is annual income below $17,285. Imagine housing, feeding and caring for yourself and two kids for a year for $17 K in the United States. To put it mildly, this is living close to the bone.
The “Forbes 400,” published annually by Forbes magazine lists the wealthiest 400 people in the United States, ranked by their net worth. Most are smiling. All are billionaires. According to the 2010 report, together they are worth almost $1.4 trillion. Considering the national net wealth for the same period hovered above $50 trillion it’s fair to say an exceedingly small number of people in this country control a huge chunk of the money (0.0000014% of the population controls 2.7% of the wealth).
Bill, you’re at the top of the heap with $54 B. Next is Warren Buffet with $45 B, and the rest of the top ten looks like a Walton family album. The Waltons occupy spots 4, 7, 8 & 9, and together are worth nearly $84 B. Squeaking in at the bottom of the list is Tamara Gustavson with only $1 B. Having been the plump red head kid with glasses, I know how being the last pick can feel. (At least now I’m not overweight.)
The list also shows the sources of wealth. We know how you and the Waltons make your money. Gustavson makes hers in the public storage business, speaking volumes about how the rest of us spend our money: on more second rate crap than we need. Of all sources however, the most frequently cited is “hedge funds,” so it’s possible to get rich quickly without really doing anything.
A person can live very nicely, lavishly even, on the proceeds from $20 million. So what is it about the 400 that they choose to accumulate so much more wealth? The Obsessive Compulsive Foundation defines hoarding as, “the acquisition of and the inability to discard worthless items…” While this usually applies to living rooms full of magazines, after an individual has made 20 or 50 million, what real value do all those additional dollars have? They certainly do not make for additional happiness. The few individuals I know in control of millions of dollars are not commensurately happier than the many individuals I know with much less. If anything, they tend to be less happy.
For extra work or extra cleverness we capitalists get extra money, thus stimulating work and cleverness, both arguably good things. But what we have are a few people sucking the well nearly dry. By law it’s fair play, however in terms of what is happening to our society this kind of disparity is a great sickness.
How can anyone hoarding big money in this country, or anywhere else for that matter, feel even remotely good about what they’re doing?
Gordon Bunker
Bill Gates is not hoarding his money by any stretch of the imagination - the Gates Foundation is literally changing the world. Also, 99% of his estate will go to the foundation upon his death, as opposed to his children. He is a role model for global philanthropy, and acts as a gadfly to other super-rich Americans. Please do at least a small amount of research before spamming my email with your inane ramblings.
ReplyDeleteDear Anonymous,
ReplyDeleteWhen Bill Gates gives away a million dollars, relative to his net worth it's like the rest of us giving away a dollar or two. While the Gates' giving is appreciated, it amounts to inexpensive good PR. Please also bear in mind the word "foundation" is another term for tax dodge. That 99% of the Gates' estate will go to the foundation is good. But this is probably motivated more by tax advantages than altruism - and in the mean time huge needs among the poor are not being addressed.
And Bill is only one of the 400.
Please let me know if you prefer not to receive email from me, and I'll remove you from the list.
Sincerely,
Gordon Bunker