“There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”
Growing Gulf Between Rich and Rest of US
by Holly Sklar
Guess which country the CIA World Factbook describes when it says, “Since 1975, practically all the gains in household income have gone to the top 20 percent of households.”
If you guessed the United States, you’re right.
The United States has rising levels of poverty and inequality not found in other rich democracies. It also has less mobility out of poverty.
Since 2000, America’s billionaire club has gained 76 more members while the typical household has lost income and the poverty count has grown by more than 5 million people.
Poverty and inequality take a daily toll seldom seen on television. “The infant mortality rate in the United States compares with that in Malaysia — a country with a quarter the income.” says the 2005 Human Development Report. “Infant death rates are higher for [black] children in Washington, D.C., than for children in Kerala, India.”
Income and wealth in America are increasingly concentrated at the very top — the realm of the Forbes 400.
You could have banked $1 million a day every day for the last two years and still have far to go to make the new Forbes list of the 400 richest Americans.
It took a minimum of $900 million to get on the Forbes 400 this year. That’s up $150 million from 2004.