Bill Gates, Jeff Bezos And Warren Buffett Have More Money Than The Poorest 50% Of The U.S. Population Combined

Bill Gates, Jeff Bezos And Warren Buffett Have More Money Than The Poorest 50% Of The U.S. Population Combined by Michael Snyder – The Economic Collapse Blog

The problem is not that we have a few people that are rich – the problem is that we have so many that are poor.  As you will see below, three extremely wealthy individuals have as much money as the poorest half of the nation combined.  In a free market capitalist society, there are always going to be some that do better than others, and there is nothing wrong with that.  But in our society today, there are so few that are doing well.  At this point a majority of all Americans are living paycheck to paycheck, and “one in five households have zero or negative net worth”

In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth.

Those are just several of the striking findings of Billionaire Bonanza 2017, a new report (pdf) published Wednesday by the Institute for Policy Studies (IPS) that explores in detail the speed with which the U.S. is becoming “a hereditary aristocracy of wealth and power.”

That means that if you have no debt and a single dime in your pockets, you have more wealth than one-fifth of the entire country.

Okay, so let’s talk about the three men that have more wealth than the poorest 50 percent of the U.S. population combined.  Those three men are Bill Gates, Jeff Bezos of Amazon.com, and Warren Buffett.  I don’t want to take anything away from what those three have accomplished, because we need more risk takers and entrepreneurs.

Sadly, the level of small business creation has fallen in every presidential administration going all the way back to George H.W. Bush, and the percentage of Americans that are self-employed is hovering near all-time record lows.

As a nation, we desperately need to return to a culture that encourages free market capitalist thinking.  We want young men and women to create, invent, innovate and start new ventures.  But instead, today our culture encourages young people to become dependent on the government and on the big corporations, and as a result the middle class is evaporating.

As I discussed above, at this point 20 percent of all U.S. households have “either zero or negative wealth”

The rise at the wealthiest end of society comes as one in five US households live in what the report’s authors call the “underwater nation”, with either zero or negative wealth. Inequality is even more stark among minorities. Three in 10 black households and 27% of Latino ones have zero or negative wealth, compared with 14% of white families.

In recent years, unprecedented intervention by global central banks has created an absolutely enormous stock market bubble, but the real economy has continued to struggle.

Just look at what is happening to Sears.  This week they announced that they lost between $525 million and $595 million during the 3rd quarter of 2017.

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Michael Snyder

I am a voice crying out for change in a society that generally seems content to stay asleep.  My name is Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I have written four books that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters.  (#CommissionsEarned)  By purchasing those books you help to support my work.  I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I can only allow this to happen if this “About the Author” section is included with each article.  In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished.  This article may contain opinions on political matters, but it is not intended to promote the candidacy of any particular political candidate.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.