Billionaires and Inequality

There are now 788 billionaires in the US, or at least there was in 2019 according to a study by Wealth-X which issues a comprehensive report yearly, that is 12% more than the year before. Collectively they control $ 3.4 trillion which is 14% more than they did in 2018. The US actually has more billionaires than any other country, more than the next 5 countries combined. China is second with less than half the US number. In 2016 the 620 billionaires in the US controlled $2.6 trillion. The growth among the mega rich which is partly due to the tech boom is now the subject of much discussion. It is becoming more and more inescapable that the US has economic policies which favor billionaires and end up placing workers at a disadvantage. Are the rich too rich, many are now beginning to ask?  Given it is an election year it is assumed the question will be a continued topic. When considering how difficult it is for many workers to be paid a living wage, how many jobs are being lost to automation, how many are unemployed with no assurance they will be able to get their job back due to Covid-19, when several studies show the US trending towards being a plutocracy, how rich is too rich is not only an important topic it is a must.

Leave a Reply