Rich get richer in the USA

This video from the USA is called Paul Krugman on the rich getting richer.

By David Walsh:

America’s “Fortunate 400” control vast wealth

7 March 2008

The richest four hundred American taxpayers have amassed immense wealth, and that amount is steadily increasing, according to figures reported by the Wall Street Journal Wednesday.

The Journal piece and the latest celebration of the world’s billionaires carried out by Forbes magazine point to an increasingly and malignantly polarized American and global social order, with fabulous riches accumulated at one pole and widespread social wretchedness at the other.

The data published in the Wall Street Journal article come from an Internal Revenue Service (IRS) study of wealthy US taxpayers in 2005, an update of a report conducted five years earlier. The study reveals that the 400 super-rich—who represent approximately .0003 percent of the nation’s 134 million taxpayers—reported total income of $85.6 billion in 2005, an average of $213.9 million each.

To be a member of this exclusive crowd, “the Fortunate 400,” as one academic terms the group, an individual had to report an income of at least $100.3 million in 2005, a sharp increase from the $74.5 million such membership would have required only the year before.

Drive mounts for US government bailout of banks: here.

Britain’s rich get richer even as recession begins to bite: here.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.