- js reader version
- view hidden posts
- tags and related articles
by Andrew Gumbel
Saturday, Sep. 20, 2003 at 8:08 PM
Collectively, the 400 richest Americans are worth nearly one TRILLION dollars and it's mostly the top one percent who are pocketing Bush's tax cuts.
Meanwhile, WalMart managers are teaching employees how to obtain food stamps.
foodstamps.jpeg, image/jpeg, 350x525
America's rich get richer thanks to tax-cutting Bush
Andrew Gumbel, The Independent, 20 September 2003
Los Angeles - America's richest people have seen a 10 per cent increase in their net worth over the past year, the latest list of individual fortunes in Forbes magazine reveals.
The latest Forbes 400 list is further evidence that the affluent are thriving under President Bush even as unemployment continues to rise and the income of average workers remains stagnant.
The list, published yesterday, showed that Bill Gates of Microsoft remains the world's richest man. He has spent ten years at the top and now has an estimated net worth of bn, more than the GDP of most small or developing countries. The figure was up bn on last year's.
Number two was the superstar investor Warren Buffett, with bn. Number three was Mr Gates' erstwhile founding partner at Microsoft, Paul Allen, with bn.
Forbes ascribed the fattening portfolios of the super-rich to the recovery of internet and other tech stocks after the dot-com meltdown of 2000-2001.
Jeff Bezos of the online retailer Amazon.com had the biggest percentage gain. His fortune leapt more than bn to .1bn. This was the first year the Forbes 400 saw an increase in their wealth after two straight years of decline.
Collectively, the top 400 were worth 5bn - a figure reached by computing the value of publicly traded stocks and estimating the value of private stocks by assessing a fair market value for them.
The improving fortunes of those on the list also reflected the largesse being shown to the richest Americans by the Bush administration.
They are the main beneficiaries of tax cuts that will pump 0bn into the economy - most of it into the pockets of the top 1 per cent - this year alone. They have also benefited from measures such as the repeal of estate taxes and the lifting of various government regulations on industry and large businesses.
Such economic benefits are being enjoyed on a highly unequal basis, according to the Economic Policy Institute, a Washington think-tank.
Unemployment stood at 6.2 per cent in July, the most recent figure available, or 10.2 per cent when broader indicators of under-employment and generally failing to make ends meet are factored in.
Real wages, which have grown about 2 per cent per year for the past several years, stopped growing entirely in 2002.
The disparity is perhaps best illustrated by the heirs of Sam Walton of the WalMart discount store empire. The five Walton children were valued at .5bn each in the Forbes list, making them the richest single family on Earth.
At the same time, WalMart is being lambasted - most notably in the California governor's recall election - for paying its workers so poorly that personnel managers hand out information to new recruits on how to obtain government food stamps.
--- US Rich List ---
1. Bill Gates: bn
2. Warren Buffett: bn
3. Paul Allen: bn
4. Walton heirs: .5bn each
5. Larry Ellison: bn
6. Michael Dell: bn
7. Steve Ballmer: .2bn
8. Cox heirs: bn each
9. John Kluge: .5bn
10. Mars heirs: .4bn each
11. Sumner Redstone: .7bn
Report this post as:
Change Links September 2018 posted
More Scandals Rock Southern California Nuke Plant San Onofre
Site Outage Friday
Change Links August 2018
Setback for Developer of SC Farm Land
More problems at Shutdown San Onofre Nuke
Change Links 2018 July posted
More Pix: "Families Belong Together," Pasadena
"Families Belong Together" March, Pasadena
Short Report on the Families Belong Together Protest in Los Angeles
Summer 2018 National Immigrant Solidarity Network News Alert!
Watch the Debate: Excluded Candidates for Governor of California
Change Links June 2018 posted
The Montrose Peace Vigil at 12 Years
Unity Archive Project
Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi
CA Senate Bill 1303 would require an independent coroner rather than being part of police
Three years after OC snitch scandal, no charges filed against sheriffs deputies
California police agencies violate Brown Act (open meetings)
Insane Company Wants To Send Nuke Plant Waste To New Mexico
Change Links May 2018
Worker-Owned Car Wash on Vermont Closed
GUIDE TO REBEL CITY LOS ANGELES AVAILABLE
lausd whistle blower
Help KCET and UCLA identify 60s-70s Chicano images
UCLA Luskin: Casting Youth Justice in a Different Light
Change Links April 2018
More Local News...
Antrhopocène, le grand effondrement
Creative Destruction Hack Diamonds Windows/iOS/Android - Creative Destruction Generator
The Dictatorship of Corporations
18 Lethal Consequences Of Hunting
Paraphysique de l'outplacement déontologue
Creative Destruction Hack Mod Generator
Shopping du bashing
After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again
“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen
Probabilités de fin d'humanité
Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW
Propagande de virus, virus de propagande
Steer clear of work morality!
Sweatshop Lodge Ceremony Continues in US Fed Prisons Led by Inmates
Paraphysique de l'origami
The Shortwave Report 09/07/18 Listen Globally!
August 2018 Honduras Coup update
Du réussissement putréfié
Brett Kavanaugh Filled The 5th Circuit With Execution Judges
Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts
Paraphysique de contextualité
Crisis Regulation in Global Capitalism
Ex-voto de réification
Please Oppose Warmonger, Execution and Torture Supporting Bush Operative Brett Kavanaugh
Paraphysique d'exploitation occultation
Ryan Zinke Is Charging Taxpayers For A Trophy Hunters' Council
More Breaking News...