leftofabbie
Well-known member
- Joined
- May 11, 2012
- Messages
- 723
- Reaction score
- 86
- Location
- North Woods Wisconsin
- Gender
- Undisclosed
- Political Leaning
- Progressive
How hard is it to understand? American citizens and non-profits together are worth somewhere in the neighborhood of $60 trillion.
A cool $56 trillion of that is in the hands of the wealthiest 25% of the population. These are the folks our Republican friends in Congress keep protecting from tax increases. (Source: Wealth in the United States - Wikipedia, the free encyclopedia )
The population of the US is about 314 million. (Source: U.S. & World Population Clocks ). That means the wealthiest 78 1/2 million people are worth about $710 million each, on average.
The US national debt is just under $16 trillion. (Source: U.S. National Debt Clock : Real Time )
Therefore, the wealthiest 25% of us could pay off the national debt, and still be worth about $510 million each, again on average.
Wealth is even more concentrated as you approach the wealthiest Americans. The Koch brother increased their wealth by about $4.5 billion dollars in 2010. Each. That's net, after taxes. You would need to win a tax-free, $100 million lottery 45 different times last year to take home that much. (Source: Forbes: Koch Brothers Now Worth $50 Billion | ThinkProgress)
In fact, wealth is so concentrated that the top 10% own 71% of everything. (Source: US wealth distribution: 10% of US citizens own 70.9% of all US assets | Peace . Gold . Liberty | Ron Paul 2012 ).
Now, you can find numbers that differ a little here, some in one direction, some in another. Change the numbers in my post if you can find reputable alternatives.
But regardless of what tweaking might be done, it's pretty clear that America has plenty of wealth to meet our debts. What we may lack is the political will to do it any way except on the backs of everyday working Americans. Time will tell.
But we should all be working together to make sure those who can most afford it pay their fair share. After all, it's their assets our military, police and fire departments protect. It's their products that are shipping on the roads we pay for. It's their employees who were trained in our schools. They need to pay their fair share.
A cool $56 trillion of that is in the hands of the wealthiest 25% of the population. These are the folks our Republican friends in Congress keep protecting from tax increases. (Source: Wealth in the United States - Wikipedia, the free encyclopedia )
The population of the US is about 314 million. (Source: U.S. & World Population Clocks ). That means the wealthiest 78 1/2 million people are worth about $710 million each, on average.
The US national debt is just under $16 trillion. (Source: U.S. National Debt Clock : Real Time )
Therefore, the wealthiest 25% of us could pay off the national debt, and still be worth about $510 million each, again on average.
Wealth is even more concentrated as you approach the wealthiest Americans. The Koch brother increased their wealth by about $4.5 billion dollars in 2010. Each. That's net, after taxes. You would need to win a tax-free, $100 million lottery 45 different times last year to take home that much. (Source: Forbes: Koch Brothers Now Worth $50 Billion | ThinkProgress)
In fact, wealth is so concentrated that the top 10% own 71% of everything. (Source: US wealth distribution: 10% of US citizens own 70.9% of all US assets | Peace . Gold . Liberty | Ron Paul 2012 ).
Now, you can find numbers that differ a little here, some in one direction, some in another. Change the numbers in my post if you can find reputable alternatives.
But regardless of what tweaking might be done, it's pretty clear that America has plenty of wealth to meet our debts. What we may lack is the political will to do it any way except on the backs of everyday working Americans. Time will tell.
But we should all be working together to make sure those who can most afford it pay their fair share. After all, it's their assets our military, police and fire departments protect. It's their products that are shipping on the roads we pay for. It's their employees who were trained in our schools. They need to pay their fair share.