FacebookTwitterRedditEmail

It’d Be Simpler if We Just Gave All Our Money to the Nearest Billionaire

In attempting to comprehend the staggering fortunes possessed by the world’s multi-billionaires, consider this: There are only six countries in the world with a gross domestic product bigger than the wealth possessed by 400 richest people in the United States. Could it really be that these titans produce more than the entire country of Brazil? Or Italy? Or Canada?

At the same time, more than 47 million people in the United States rely on government food assistance, and despite the federal food-stamps program (known formally as the Supplemental Nutrition Assistance Program), there are 49 million United Statesians who go hungry at least some of the time.

These two sets of facts are not unrelated.

The corporate media breathlessly reported, once again, on Fortune magazine’s annual list of the 400 richest people in the U.S., just published. These 400, Fortune reports, have a collective net worth of $2.3 trillion — an increase of $270 billion from last year. While this top of pyramid saw their net worth rise 12% in just the past year, the net worth of the bottom 75 percent has declined by more than five percent since 2010.

The top ten on the Fortune list are familiar. Bill Gates, thanks to leveraging the personal-computer operating-system monopoly his company was once handed, continues to rank first. The Koch brothers, David and Charles, are tied for fourth at $42 billion each and four members of the Walton family, recipients of the capital amassed by Wal-Mart Stores Inc., are each among the top ten and collectively worth $144 billion.

The best democracy you can buy

As you might imagine, those billions buy a lot of political power. The Walton and Gates families are two of the three families that are the biggest bankrollers of the effort to place education under corporate control through charter schools. The Waltons amassed their fortunes through ruthless exploitation of its workers and relentlessly pressuring its suppliers to move production to China and then Bangladesh in search of ever lower wages.

Wal-Mart also enjoys vast subsidies — the company has received more than $1 billion in government giveaways, and a study of the costs of those subsidies and the public-assistance programs that Wal-Mart employees must use due to their miserably low pay add up to nearly $1 million per store. The average pay of a Bangladeshi garment worker who makes Wal-Mart’s products is US$75 to $100 per month.

Like the Waltons, the Koch brothers inherited their company. Koch Industries is one of the country’s worst polluters of the air and water as well as a major source of greenhouse gases. They are spending hundreds of millions of dollars in an effort to buy Congress and state legislatures in this election cycle alone; are major funders of the extremist American Legislative Exchange Council (ALEC) that literally writes legislation for its corporate membership; and even attempted to take control of the Cato Institute, the far-right libertarian “think tank” that, despite agitating for the end of Social Security, was apparently not extreme enough for them.

The struggle for tens of millions to eat

At the other end of the spectrum, the charity organization Hunger in America estimates that 49 million people in the U.S. are “food insecure” and that 20 percent of the country’s households with children are food insecure. But those figures are based on U.S. Department of Agriculture statistics that are considered likely to be conservative. For example, the Food Research and Action Center, in its most recent study (for 2012) reported that 18.2 percent of those surveyed in a poll conducted by Gallup answered yes when asked if they did not have enough to eat at least once in the past 12 months. That translates to 57 million people.

The more than 47 million people who relied on food stamps in the U.S. in 2013 is an all-time high and, by way of comparison, the $80 billion cost of the program is less than the net worth of brothers Charles and David Koch. That net worth keeps rising despite the money they pour into their political pressure groups; the two have more than doubled their fortune in just the past four years. The cost of food stamps is also comparable to the $78.4 billion in profits that Wal-Mart has racked up in its five most recent fiscal years.

Let us remember that profit comes from a capitalist paying employees less than the value of what they produce. As Karl Marx demonstrated, the value of a product would be the same if the workers sold the commodity themselves, thereby retaining the full value of what they produced rather than having much of it taken by the capitalist. The portion taken by the capitalist therefore is the source of the capitalist’s profit and not the circulation of the product.

There is a reason that we are enduring a decades-long race to the bottom. Although the corporate press would like you to believe the propaganda that vast fortunes result from the magical acumen of captains of industry, the reality is ruthless exploitation. Inequality does not fall out of the sky.

Pete Dolack writes the Systemic Disorder blog. He has been an activist with several groups.

More articles by:
bernie-the-sandernistas-cover-344x550
February 25, 2020
Michael Hudson
The Democrats’ Quandary: In a Struggle Between Oligarchy and Democracy, Something Must Give
Paul Street
The “Liberal” Media’s Propaganda War on Bernie Sanders
Sheldon Richman
The Non-Intervention Principle
Nicholas Levis
The Real Meaning of Red Scare 3.0
John Feffer
Cleaning Up Trump’s Global Mess
David Swanson
How Are We Going to Pay for Saving Trillions of Dollars?
Ralph Nader
Three Major News Stories That Need To Be Exposed
John Eskow
What Will You Do If the Democrats Steal It from Sanders?
Dean Baker
What If Buttigieg Said That He Doesn’t Accept the “Fashionable” View That Climate Change is a Problem?
Jack Rasmus
The Nevada Caucus and the Desperation of Democrat Elites
Howard Lisnoff
The Powerful Are Going After Jane Fonda Again
Binoy Kampmark
Viral Losses: Australian Universities, Coronavirus and Greed
John W. Whitehead
Gun-Toting Cops Endanger Students and Turn Schools into Prisons
Marshall Sahlins
David Brooks, Public Intellectual
February 24, 2020
Stephen Corry
New Deal for Nature: Paying the Emperor to Fence the Wind
M. K. Bhadrakumar
How India’s Modi is Playing on Trump’s Ego to His Advantage
Jennifer Matsui
Tycoon Battle-Bots Battle Bernie
Robert Fisk
There’s Little Chance for Change in Lebanon, Except for More Suffering
Rob Wallace
Connecting the Coronavirus to Agriculture
Bill Spence
Burning the Future: the Growing Anger of Young Australians
Eleanor Eagan
As the Primary Race Heats Up, Candidates Forget Principled Campaign Finance Stands
Binoy Kampmark
The Priorities of General Motors: Ditching Holden
George Wuerthner
Trojan Horse Timber Sales on the Bitterroot
Rick Meis
Public Lands “Collaboration” is Lousy Management
David Swanson
Bloomberg Has Spent Enough to Give a Nickel to Every Person Whose Life He’s Ever Damaged
Peter Cohen
What Tomorrow May Bring: Politics of the People
Peter Harrison
Is It as Impossible to Build Jerusalem as It is to Escape Babylon?
Weekend Edition
February 21, 2020
Friday - Sunday
Anthony DiMaggio
Election Con 2020: Exposing Trump’s Deception on the Opioid Epidemic
Joshua Frank
Bloomberg is a Climate Change Con Man
Jeffrey St. Clair
Roaming Charges: Billion Dollar Babies
Paul Street
More Real-Time Reflections from Your Friendly South Loop Marxist
Jonathan Latham
Extensive Chemical Safety Fraud Uncovered at German Testing Laboratory
Ramzy Baroud
‘The Donald Trump I know’: Abbas’ UN Speech and the Breakdown of Palestinian Politics
Martha Rosenberg
A Trump Sentence Commutation Attorneys Generals Liked
Ted Rall
Bernie Should Own the Socialist Label
Louis Proyect
Encountering Malcolm X
Kathleen Wallace
The Debate Question That Really Mattered
Jonathan Cook
UN List of Firms Aiding Israel’s Settlements was Dead on Arrival
George Wuerthner
‘Extremists,’ Not Collaborators, Have Kept Wilderness Whole
Colin Todhunter
Apocalypse Now! Insects, Pesticide and a Public Health Crisis  
Stephen Reyna
A Paradoxical Colonel: He Doesn’t Know What He is Talking About, Because He Knows What He is Talking About.
Evaggelos Vallianatos
A New Solar Power Deal From California
Richard Moser
One Winning Way to Build the Peace Movement and One Losing Way
Laiken Jordahl
Trump’s Wall is Destroying the Environment We Worked to Protect
Walden Bello
Duterte Does the Right Thing for a Change
FacebookTwitterRedditEmail