New Report on Extreme Wealth Concentration in the U.S.
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New Report on Extreme Wealth Concentration in the U.S. - A new report from The Institute for Policy Studies, citing extensive new data from the most recent Forbes 400 report of the nation's wealthiest, combined with the latest study from the Federal Reserve's Survey of Consumer Finances, raises the alarm about the potential of the concentration of wealth to be a bubble that could explode and wreck the global economic order. When 3 individuals, Bill Gates, Jeff Bezos and Warren Buffett, posses as much wealth as 160 of the country's bottom half, then we have a major problem to deal with. This is the highest level of concentration of wealth since the eve of the 1929 Wall Street crash, which sparked the Great Depression. When broken down further into household wealth by ethnicity, the Black and Latino families are more than twice as likely than Whites to be locked in the bottom 1% of the national economy. The top 25 wealthiest have over a trillion dollars of wealth concentration, equivalent to that of 178 million Americans at the bottom. Outside of outright eating the rich people, what is our plan to overcome this divide before the nation explodes? (LIBMP3-3924)