Mind-Blowing Fact of the Day
December 7, 2011 at 11:26 AM Leave a comment
There are times when I just want to take my head off and set it down:
In 2007 (the most recent SCF [Survey of Consumer Finances]) the cumulative wealth of the Forbes 400 was $1.54 trillion or roughly the same amount of wealth held by the entire bottom fifty percent of American families. This is a stunning statistic to be sure.
Upon closer inspection of the Forbes list reveals that six Walton’s—all children (one daughter in-law) of Sam or James “Bud” Walton the founders of Wal-Mart—were on the list. The combined worth of the Walton six was $69.7 billion in 2007—which equated to the total wealth of the entire bottom thirty percent!
And think about it. It’s not as if the Walton children are busting their butts stocking shelves. They accumulated their gargantuan wealth by virtue of an inheritance. They didn’t have to lift a finger.
Entry filed under: Corporatocracy, Fascist America, Financial Crisis, Our Tax Dollars. Tags: .
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