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Holly Sklar, "Economy Booming for Billionaires", ZNet Commentary, 4 October 2006.

Millionaires are so last millennium. The new Forbes 400 list of richest Americans is billionaires only.

If you're net worth is a mere $999 million, forget it. A billion means a thousand million, and that's the Forbes 400 minimum -- up from $900 million in 2005.

Donald Trump and two of his kids grace the Forbes 400 cover, but ranked No. 94 with $2.9 billion, Trump's a long way from No. 1 Bill Gates with $53 billion.

The combined wealth of the 400 richest Americans is a record-breaking $1.25 trillion. That's about the same amount of combined wealth held by the 57 million households who make up half the U.S. population.

The economy is booming for billionaires. It's a bust for many other Americans.

A record 400 Americans are billionaires -- and a record 47 million Americans have no health insurance.

America has 400 billionaires -- and 37 million people below the official poverty line.

The official poverty line for one person was just $9,973 in 2005 (latest data). That wouldn't cover the custom-made men's shoes ($4,120} and Hermes purse ($6,250) on the Forbes Cost of Living Extremely Well Index. The official poverty line of $15,577 for a three-person family is lower than the cost of the Patek Philippe men's gold watch ($17,600).

The Forbes 400 minimum is up $100 million since 2005, but the federal minimum wage has been stuck at $5.15 an hour -- just $10,712 a year -- since 1997. GOP leaders in Congress have been holding a raise for minimum wage workers hostage to more giant tax cuts for wealthy inheritors.

Wealth isn't trickling down. It's flooding up -- from workers to bosses, small investors to big, poorer to richer.

The heirs to Wal-Mart founders Sam and Bud Walton have a combined $82.5 billion -- while the children of Wal-Mart workers swell the ranks of state health insurance programs for the neediest.

In today's corporate America, workers see gutted paychecks and pensions despite rising worker productivity, while CEOs get golden pay, perks, pensions and parachutes. The pay gap between average workers and CEOs has grown nine times wider since the 1970s.

The number of billionaires is a record high, but the share of national income going to wages and salaries is at a record low.

U. S. corporate profits increased 21 percent in the past year, Market Watch reported in March. "Profits have been so high because almost all of the benefits from productivity improvements are flowing to the owners of capital rather than to the workers," said Market Watch.

The wealthiest 1 percent of Americans (minimum net worth $6 million) owned 62 percent of the nation's business assets, 51 percent of stocks and 70 percent of bonds as of 2004, according to the latest data from the Federal Reserve Survey of Consumer Finances -- which excludes the Forbes 400. That's way up from 1989, when the wealthiest 1 percent owned 54 percent of business assets, 41 percent of stocks and 52 percent of bonds.

Our growing economy is not producing a growing middle class, but a richer aristocracy.

The high point for median household income -- the income of the household in the middle -- was $47,671 in 1999, adjusted for inflation. In 2005, median household income was $1,345 less at $46,326. In the same period, the Forbes 400 gained more than 100 billionaires.

Government policies are fueling rising inequality. Taxpayers with incomes above $1 million will see their after-tax income grow by about 6 percent this year thanks to tax cuts the nation can't afford.

In an economy where money is flowing up to the very top, even college-educated workers are going backward. Inflation-adjusted median household income was lower in 2005 than 1999 even when the householder had a bachelor's degree, master's degree, professional degree or doctorate.

The problem is much bigger than the rich getting richer, while the poor get poorer. The really rich are getting richer at the expense of most everyone else.

Solutions include restoring the link between rising worker productivity and pay, raising the miserly minimum wage, narrowing the obscene pay gap between workers and CEOs, rolling back tax cuts for the wealthy -- and stop taxing income from work more than income from capital gains.

Our concept of poverty is beyond belief.

I have witnessed what real poverty is.

If you have never visited a third world country you would see what abject poverty is all about. I saw people that makes our typical homeless person look rich.

Laborers were making Rs 80 a day. If you run that out to 365 days the income is Rs 29,200, if you convert at the rate of exchange in place when I visited in July that comes to a grand total of $646.73 a year. Compared to the $15,000+ and the $10,000+ mentioned in the article it is almost nothing, plus most, if not all, of the people in the U.S. that fall into that category are eligible for welfare and or food stamps.

Just to compare salary with cost of small items, I saw a jar of grape jam that sold for Rs 321, that's just over 3 days pay for a 8 oz jar of jam. Something tells me that those that are in that level of the society don't get to the supermarket very often.

Originally Posted by Senior Chief

Our concept of poverty is beyond belief.

I have witnessed what real poverty is.

If you have never visited a third world country you would see what abject poverty is all about. I saw people that makes our typical homeless person look rich.

Laborers were making Rs 80 a day. If you run that out to 365 days the income is Rs 29,200, if you convert at the rate of exchange in place when I visited in July that comes to a grand total of $646.73 a year. Compared to the $15,000+ and the $10,000+ mentioned in the article it is almost nothing, plus most, if not all, of the people in the U.S. that fall into that category are eligible for welfare and or food stamps.

Just to compare salary with cost of small items, I saw a jar of grape jam that sold for Rs 321, that's just over 3 days pay for a 8 oz jar of jam. Something tells me that those that are in that level of the society don't get to the supermarket very often.

That's right. Poverty is the fault of the individual. It only takes a good work ethic to drag yourself out of the gutter. And everyone knows that the poor (those 50-odd million Americans) are just plain lazy. They simply do not want to work.

Work is the ticket out of the gutter. Even a minimum wage job gives you the opportunity of saving money and investing in stocks and bonds. Small investments of 20% of personal income WILL lead to greater fortunes. Everyone knows that such schemes result in big payoffs.

With all of the winnings made through a few shrewd investments, a person can invest more and more until they finally have the liquidity to purchase Goldman Sachs. Its all smooth sailing after that. Yes, it is that easy. The poor are not just lazy. They are also stupid. Remember, povery is YOUR fault and not that of society. Society bears no responsibility at all. Everyone knows that the rich are not connected and have no influence on government policy. If they can succeed without society, so should the poor person.

And, in any case, there are no poor in America. That classification is a scam used by socialists to extort the rich. Socialists are just covetous liars. The US is marked by fiscal equality and not any gap between rich and poor. The latter word is only a propaganda construct. There are in fact only three groups of US citizens: the wealthy, the moreorless-wealthy and the soon to be-wealthy. There is no working class, either. America is a classless society of rich people.

Other countries (like those wretched souls of the 3rd World) have real poverty. Compared to these people, Americans don't have any problems at all. Real poverty means rummaging through garbage to find your daily meal. Real poverty means working in a coal mine for 1 dollar a day. Real poverty means having to sell half your children into slavery in order to feed the other half. None of this exists in the United States.

Compared to the 3rd World, the US does not have any problems at all. The average Upper Mongolian would just love to become an American homeless person. They would love to come to the land of milk and honey and either beg for a little beer money or purchase majority status in Goldman Sachs. The Mexicans know this little secret and their border to the US is testament to the superior American way of life. You can either be a rich homeless beer-guzzling loafer or you can be a rich CEO. The difference is only academic.

Pretty sure Bill Gates dropped out of college and started from nothing......

However the issue with these CEOs getting million dollar bonuses for laying off 1000 workers and cutting the bottom line while pumping up the productivity, well it is just blasphemous...

The sick profits of the Oil companies while the cost of petroleum based energy goes through the roof is just ridiculous, problem with that is ever damn politician owns stock in some form of Oil company...I have some friends that work for oil companies and man are they loving their stock is going through the roof....Point then I guess buy some stock in the oil industry...

The world is a crazy twisted place, perhaps it is time for a 21st century style tea party, how will we do it who knows but life always finds a way...Best advice get off your lazy ass and use this as a drive to become the next Bill...But what do I know what do any of us know I think if we ever figure it out it might just be on our back as we pass on to the next stage...



P.S. I just read a article on Hunter S. Thompson, god he was an interesting man perhaps even a great man.

Originally Posted by Ollie Garchy

That's right. Poverty is the fault of the individual. It only takes a good work ethic to drag yourself out of the gutter. And everyone knows that the poor (those 50-odd million Americans) are just plain lazy. They simply do not want to work.

I do work. I live comfortably well. I live withing my means. I drag my butt out of bed every day at 0500 and usually get back to bed around 2300.

Work is the ticket out of the gutter. Even a minimum wage job gives you the opportunity of saving money and investing in stocks and bonds. Small investments of 20% of personal income WILL lead to greater fortunes. Everyone knows that such schemes result in big payoffs.

I used to work 60+ hours a week just to make ends meet at $4.75 an hour. With a wife and two children to support the 20% of income that I could have saved went to prociding foodna dclothing and a roof over their heads.

With all of the winnings made through a few shrewd investments, a person can invest more and more until they finally have the liquidity to purchase Goldman Sachs. Its all smooth sailing after that. Yes, it is that easy. The poor are not just lazy. They are also stupid. Remember, povery is YOUR fault and not that of society. Society bears no responsibility at all. Everyone knows that the rich are not connected and have no influence on government policy. If they can succeed without society, so should the poor person.

How is a person supposed toake these "few shrewd investments" without some knowledge of what to do, when to do it, how to do it, and why to do it?

And, in any case, there are no poor in America. That classification is a scam used by socialists to extort the rich. Socialists are just covetous liars. The US is marked by fiscal equality and not any gap between rich and poor. The latter word is only a propaganda construct. There are in fact only three groups of US citizens: the wealthy, the moreorless-wealthy and the soon to be-wealthy. There is no working class, either. America is a classless society of rich people.

Other countries (like those wretched souls of the 3rd World) have real poverty. Compared to these people, Americans don't have any problems at all. Real poverty means rummaging through garbage to find your daily meal. Real poverty means working in a coal mine for 1 dollar a day. Real poverty means having to sell half your children into slavery in order to feed the other half. None of this exists in the United States.

Compared to the 3rd World, the US does not have any problems at all. The average Upper Mongolian would just love to become an American homeless person. They would love to come to the land of milk and honey and either beg for a little beer money or purchase majority status in Goldman Sachs. The Mexicans know this little secret and their border to the US is testament to the superior American way of life. You can either be a rich homeless beer-guzzling loafer or you can be a rich CEO. The difference is only academic.

Overall I was uncertain whether to take your commentary as sarcasm or serious. So I took it a little of both ways. Make of it what you will.

Originally Posted by Ollie Garchy
That's right. Poverty is the fault of the individual. It only takes a good work ethic to drag yourself out of the gutter. And everyone knows that the poor (those 50-odd million Americans) are just plain lazy. They simply do not want to work.

I really hope you are being sarcastic because statements such as this really burn me up, they are usually written by people who have no idea what it is to be down on your luck and flat on your as*

Its simply a myth that poor people are lazy. In fact most people that live in poverty are FULL-TIME EMPLOYED. They simply dont make enough to live on. Some of these people are required to 2 even 3 jobs just to make ends meet. The Cost of living is actually at $9 (something cents). The current Federal minimum wage is $5.15. How on earth is somebody suppose to survive on that?

While I was at school I lived 4 years on a full time salary of $5.15 an hour and the only way I was able to surivive was by living at home with my parents, I was lucky. I was single, I was able to find a job, and I was able to live at home. I also lucky in the fact that I was young, healthy, educated, had no dependants, and frankly, was white. (Lets face it, the darker your skin, the tougher it is to get a good job in the U.S). If would have never survived otherwise. If anyone thinks I was simply lazy, they can just go f*** themselves.

If anybody whose lazy its the ultra-rich snobs who live on other peoples sweat while making judgements like this. The Article mention the Walton family, case in point. They are Billionaires. They build one of their giant turds which puts small retail stores out of business but then rehires the locals at lowest wages and the worst benefits they can.

Thats being lazy.

Um so Bill Gates a man that came from nothing is lazy?

And quite frankly I dont know to many people making minimum wage, I have seen plenty of help wanted signs at McDonalds offering 7+ an hour....

Further more laziness def has a lot to do with it...I hate when people use the excuse that they cant afford college...it is simple BS, I couldnt afford it but guess what I did it...

I mean crap this McDonalds offers 401k and Health insurance...and it isnt even for managment positions
http://www.employmentguide.com/brows...eyword_string=

Originally Posted by Donkey

Um so Bill Gates a man that came from nothing is lazy?

And quite frankly I dont know to many people making minimum wage, I have seen plenty of help wanted signs at McDonalds offering 7+ an hour....

Further more laziness def has a lot to do with it...I hate when people use the excuse that they cant afford college...it is simple BS, I couldnt afford it but guess what I did it...

I mean crap this McDonalds offers 401k and Health insurance...and it isnt even for managment positions
http://www.employmentguide.com/brows...eyword_string=

Bill Gates didnt come from nothing. His parents were very rich. His father was a famous Seattle Lawyer and his mom was President of a Bank. And we are not talking about College, (there are many ways to pay for College) we are talking about supporting yourself and a family and thats a trickier situation when you've got nothing. Your lucky to be in a place that has a job. There are places (like the Mid-West) where even crummy jobs are hard to find.

there will never not be poor people. someone is always going to be poorer than someone else. what america can and i believe tries to do is make the standard of living higher for everyone in this country.

Originally Posted by mmarsh

I really hope you are being sarcastic because statements such as this really burn me up, they are usually written by people who have no idea what it is to be down on your luck and flat on your as*

How could anyone think that my last entry was not satire? Come on, dudes.