Factoid 'O The Day
by digby
According to the most recent information, the Forbes 400 now have a greater net worth than the bottom 50% of U.S. households combined.
In 2009, the total net worth of the Forbes 400 was $1.27 trillion.
The best information now available shows that in 2009 the bottom 60% (yes, now it's 60%, not 50%) of U.S. households owned only 2.3% of total U.S. wealth.
Total U.S. household net worth -- rich, middle class and poor combined -- at the time the Forbes list came out was $53.15 trillion. So the bottom 60% of households possessed just $1.22 trillion of that $53.15 trillion, less than the Forbes 400.
Thus the Forbes 400 unquestionably have more wealth than the bottom 50%.
Sadly, I think most Americans might believe that's normal. Thirty years of aristocratic propaganda has taken its toll. But it's possible that's starting to change a bit. When they start saying that everyone's problems are caused by greedy Kindergarten teachers the argument starts to fall apart.
H/t to Michael Moore
From: Michael Moore