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Bernie Sanders Is Right: 3 Billionaires Really Do Have More Wealth Than Half of America
And in addition to the 3 billionaires Bernie mentioned, we should also be worried about the expanding fortunes of multi-generational wealth dynasties
byChuck Collins
The wealthiest 3 billionaires in the U.S. – Jeff Bezos, Bill Gates and Warren Buffett — now have as much wealth as the bottom half of the U.S. population combined.
Those were the first words spoken at last week’s 2020 Democratic Debate, citing a wealth inequality study by the Institute for Policy Studies.
In fact, Sen. Bernie Sanders mentioned the study, Billionaire Bonanza, several times during the debate.
(graph at link)
Fact checkers at The New York Times, the Washington Post and CNN verified Sen. Sanders’ claims.
These extreme levels of wealth inequality are possible, in part, because the bottom fifth of U.S. households are underwater, with zero or negative net worth. And the next fifth has so few assets to fall back on that they live in fear of destitution.
“We’re developing into a plutocracy,” said former Federal Reserve Chairman Paul Volcker.
https://www.commondreams.org/views/2019/07/01/bernie-sanders-right-3-billionaires-really-do-have-more-wealth-half-america#
