Yea, but you’re being an optimist. The math is worse than that. :-(

If you take the Forbes 400, the average net worth on that list is 6.7B. So, there’s an aggregate net worth there of 2.7 trillion dollars.

Now, what’s THAT worth?

  1. Well, if you took that money and divided it up among the rest of the US population, everyone would get a one-time windfall of $8,375. While that amount of money is nothing to be sneezed at, it is insufficient to drive permanent change in the way wealth is distributed in our society.
  2. 2.7 trillion dollars would fund the Federal deficit for the next four years only, based on projections.
  3. The fiscal imbalance of the entitlements (SS, Medicare, Medicaid) (IOW, the amount of money needed to make them solvent over the next 75 years) was estimated at 66 trillion BEFORE the 2008 meltdown (I can’t find where it’s been calculated since, probably because the economists who try keep committing suicide.)

And, of course, that’s just for the US. If you look at it on a worldwide basis, the situation is far worse.

Hence, although inequality is without a doubt a problem, it is not THE economic problem facing the US. The problem is attaining the economic growth required to sustain the overall standard of living in this country.

My $.02.

Written by

Data Driven Econophile. Muslim, USA born. Been “woke” 2x: 1st, when I realized the world isn’t fair; 2nd, when I realized the “woke” people are full of shit.

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