How Rich Are the Richest? Here’s How
The Occupy Wall Street movement has been proven correct about the wealthiest 1 percent getting vastly richer while the rest of us 99 percent-ers are falling further behind.
Now, United for a Fair Economy parses out just what that wealth really means. The nonprofit economic justice organization notes that the 400 wealthiest families in the United States collectively own $1.37 trillion dollars—a figure that’s nearly incomprehensible. So United for a Fair Economy made that figure real with a list of showing 11 things that $1.37 trillion can buy.
- The richest 400 could pay the mortgages of every house in the whole country for 14 full months.
- The richest 400 can pay off all credit card debt for every single person in the entire United States. Imagine that! No more credit card debt looming over your shoulders!
- The richest 400 can pay for three and a half years worth of gas for every driver in the country.
- The richest 400 households can afford to triple the number of teachers in the United States, then give every single one a $30,000 raise. Teachers are being laid off everywhere, their salaries are being cut, and they are suffering. Teacher-to-student ratios in schools are abysmal. But what can we do about it when so much wealth is in the pockets of so few families?
For the full list, click here.
A Little ‘Buy American’ Goes a Long Way
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Gee what a concept: When U.S. taxpayer money is spent on economic stimulus programs that channel the funds into U.S. jobs, America’s communities, workers and, yes, the nation benefit.
Case in point: a stimulus-funded bridge project in Hubbard County, Minn., whose construction is based on the “Buy America” provision of the American Recovery and Reinvestment Act. From the Alliance for American Manufacturing:
According to a Hubbard County engineer who is overseeing the project, domestically sourced inputs, including cement, plywood, and 55,000 pounds of reinforced steel, are being used because of the Buy America requirement.
Instead of using foreign inputs, which are less stimulative for job creation, domestic steel is being used to create 30-foot I-beams to support the bridge deck. Steel rebar is also used in the project. The local engineer also reports that the Buy America requirements are not burdensome and are not an impediment to the project. The project came in under budget with $600,000 allotted, but only $430,000 needed to complete the project. The bridge construction is moving quickly and is expected to be completed shortly.
