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xchrom

(108,903 posts)
Mon Oct 6, 2014, 07:39 AM Oct 2014

How 14 People Made More Money Than the Entire Food Stamp Budget for 50,000,000 People

http://www.alternet.org/economy/it-happened-again-how-14-people-made-more-money-entire-food-stamp-budget-50000000-people



For the second year in a row, America's richest 14 individuals made more from their annual investments than the $80 billion provided for people in need of food. Nearly half of the food-deprived are children. Perversely, the food stamp program was CUT because of a lack of federal funding.

In a testament to the inability -- or unwillingness -- of Congress to do anything about the incessant upward re-distribution of America's wealth, the richest 14 Americans increased their wealth from $507 billion to $589 billion in ONE YEAR from their investment earnings. As stated by Forbes, "All together the 400 wealthiest Americans are worth a staggering $2.29 trillion, up $270 billion from a year ago."

The Richest 14 Made Enough Money to Hire Two Million Pre-School Teachers or Emergency Medical Technicians

Billions of dollars of wealth, derived from years of American productivity, have been transferred to a few financially savvy and well-connected individuals who have spent a generation shaping trading rules and tax laws to their own advantage. It's so inexplicably one-sided that the 2013 investment earnings of the richest 1% of Americans ($1.8 trillion) was more than the entire budget for Social Security ($860 billion), Medicare ($524 billion), and Medicaid ($304 billion).

Why Does So Little of Our National Wealth Go to Feed People or Provide Jobs?

The fruits of American productivity go to the richest Americans, who can afford to hold onto their fortunes, defer taxes indefinitely, and then pay a smaller capital gains rate when they eventually decide to cash in. Worse yet, they can stash their winnings overseas, tax-free. It is estimated that $7.6 trillion of personal wealth is hidden in tax havens. That means, stunningly, that $1 of every $12 of worldwide wealth is hidden in a haven.
27 replies = new reply since forum marked as read
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How 14 People Made More Money Than the Entire Food Stamp Budget for 50,000,000 People (Original Post) xchrom Oct 2014 OP
Just disgusts me marym625 Oct 2014 #1
I'd like to see a breakdown of how much of their income is tax dollars vs how much brewens Oct 2014 #2
Their actual income would be small relative to the increase in asset value GeoWilliam750 Oct 2014 #3
And because they control so much money... theHandpuppet Oct 2014 #4
The cost of food stamps programs has more than tripled in the last 15 years. Calista241 Oct 2014 #5
I smell troll wilt the stilt Oct 2014 #9
Troll my ass. Being honest helps our party. Calista241 Oct 2014 #13
Here's a thought right off the top of my head, denvine Oct 2014 #14
Welcome to DU! You speak for me here. riderinthestorm Oct 2014 #17
Indeed.. hifiguy Oct 2014 #20
I think the use of troll was inappropriate. However, you set yourself up by giving a statistic rhett o rick Oct 2014 #26
Should not one look at the per capita in addition to the absolute LanternWaste Oct 2014 #19
That isn't surprising. As the wealthy continue to steal wealth from the lower classes and rhett o rick Oct 2014 #23
They've used propaganda too Buddha2B Oct 2014 #6
Being "financially savvy" has nothing to do with it..... daleanime Oct 2014 #7
Kicked and recommended! Enthusiast Oct 2014 #8
Tax free bums dogcatdog Oct 2014 #10
And we have not BrainDrain Oct 2014 #11
Our nation is not broke, but the money is concentrated in the constipated. Scuba Oct 2014 #12
When you have a loose Fed monetary policy coupled with a suppression of wages... Yavin4 Oct 2014 #15
The entire 535 member US Congress and White House is devoted to representing those 14 people. eom whereisjustice Oct 2014 #16
The entire reason why idiots in Congress can get away with subverting the People's wishes berni_mccoy Oct 2014 #18
But Koch said their prosperity is under attack J_J_ Oct 2014 #21
but if we don't vote for the party that cuts food stamps and coddles the rich, MisterP Oct 2014 #22
Our party does not stand up and obstruct the budget until we get more funding for food stamps. JDPriestly Oct 2014 #25
K&R. JDPriestly Oct 2014 #24
Publicly Funded Elections would be the Great Equilizer!!!!! Too bad few are willing to push for Dustlawyer Oct 2014 #27

brewens

(13,586 posts)
2. I'd like to see a breakdown of how much of their income is tax dollars vs how much
Mon Oct 6, 2014, 08:00 AM
Oct 2014

they paid in taxes. I'd be willing to bet they are way in the black tax wise.

GeoWilliam750

(2,522 posts)
3. Their actual income would be small relative to the increase in asset value
Mon Oct 6, 2014, 08:06 AM
Oct 2014

Although I have a funny feeling that it would still be beyond the needs of some small towns.

theHandpuppet

(19,964 posts)
4. And because they control so much money...
Mon Oct 6, 2014, 08:24 AM
Oct 2014

...they'll never be confronted. The older I get, the more convinced I become that democracy and unfettered capitalism are fatally incompatible.

Calista241

(5,586 posts)
5. The cost of food stamps programs has more than tripled in the last 15 years.
Mon Oct 6, 2014, 08:26 AM
Oct 2014

In 2000, we spent $18b on food stamp programs. In 2012 we spent $85b.

 

wilt the stilt

(4,528 posts)
9. I smell troll
Mon Oct 6, 2014, 08:52 AM
Oct 2014

in 2000 we were in an incredible boom. In 2012 we were in the most significant economic collapse since the great depression. When was the last time we had seen an actual decline in property values nationwide which is never taken in consideration when we talk about the economic collapse. it was the great depression.

Also inflation has to be factored in. Please don't give us this crappy "numbers".

Calista241

(5,586 posts)
13. Troll my ass. Being honest helps our party.
Mon Oct 6, 2014, 09:26 AM
Oct 2014

If it comes up, we better have an answer why spending is 3x what it was 15 years ago.

If it's not enough, then we better have a reason why it's not enough.

denvine

(800 posts)
14. Here's a thought right off the top of my head,
Mon Oct 6, 2014, 10:01 AM
Oct 2014

It is up because wages have not kept up with inflation. We have people working who cannot support a family, therefore they need food stamps to supplement their earnings. The top percentage earners fight minimum wage hikes with all their power. Their greed is keeping many people from getting off of food stamps. Since most of the economic gains have gone to the top 10% on the backs of the lower 90%, it has put more people in the ranks of people who need food stamps to survive. As the wealth goes to fewer and fewer people, the ranks of the poor get larger and larger, hence the increase in food stamps. We now have veterans needing food stamps because there has been such a squeeze on all services, including veterans benefits.

 

hifiguy

(33,688 posts)
20. Indeed..
Mon Oct 6, 2014, 11:59 AM
Oct 2014

And the super rich have literally tens of TRILLIONS (yes, TRILLIONS) parked around the world doing absolutely nothing. Time for torches, pitchforks and tumbrels.

 

rhett o rick

(55,981 posts)
26. I think the use of troll was inappropriate. However, you set yourself up by giving a statistic
Mon Oct 6, 2014, 03:33 PM
Oct 2014

without any explanation, that conservatives use to justify calls for safety net cutbacks. I absolutely agree with the conservative meme that we need to get spending under control. But if you aren't willing to start with cutting the defense budget, then we are thru talking.

 

LanternWaste

(37,748 posts)
19. Should not one look at the per capita in addition to the absolute
Mon Oct 6, 2014, 11:49 AM
Oct 2014

Should not one look at the per capita in addition to the absolute (presuming the absolute is taking COLA and other factors into account)?

 

rhett o rick

(55,981 posts)
23. That isn't surprising. As the wealthy continue to steal wealth from the lower classes and
Mon Oct 6, 2014, 03:09 PM
Oct 2014

move jobs overseas, more and more of the lower classes are going to foodbanks and soup kitchens and using foodstamps. Ironically I think your use of statistics was intended to disparage those on foodstamps but it really points our the growing wealth gap.

Buddha2B

(116 posts)
6. They've used propaganda too
Mon Oct 6, 2014, 08:42 AM
Oct 2014

Right Wing "Libertarianism" seems to be a by-product of deliberate propagandizing.

Ayn Rand and all other idiots who have invented fiction to justify their selfishness.

But their real amazing feat has been getting a whole bunch of Republican poor cheering them on.

daleanime

(17,796 posts)
7. Being "financially savvy" has nothing to do with it.....
Mon Oct 6, 2014, 08:48 AM
Oct 2014

I'm beyond words, this is just too disgusting.

Enthusiast

(50,983 posts)
8. Kicked and recommended!
Mon Oct 6, 2014, 08:52 AM
Oct 2014

That old trickle down, supply side. It has proven to be destructive to our democracy.

dogcatdog

(8 posts)
10. Tax free bums
Mon Oct 6, 2014, 08:53 AM
Oct 2014

All taxes to support America are the albatross of the middle class. The rich get off tax free. That's America

Yavin4

(35,438 posts)
15. When you have a loose Fed monetary policy coupled with a suppression of wages...
Mon Oct 6, 2014, 10:03 AM
Oct 2014

then you get this huge transfer of wealth from labor and savers to the uber wealthy. American labor has little to no political or economic power. They cannot raise their wages in accordance to the loose monetary policy. This allows for inflation without hyper inflation.

Loose monetary policy is going to largely benefit the top 1% because it makes their assets grow exponentially.

 

berni_mccoy

(23,018 posts)
18. The entire reason why idiots in Congress can get away with subverting the People's wishes
Mon Oct 6, 2014, 10:33 AM
Oct 2014

and not get thrown out.

 

J_J_

(1,213 posts)
21. But Koch said their prosperity is under attack
Mon Oct 6, 2014, 01:46 PM
Oct 2014

It will never be enough, they will never be happy.

Why are we enabling junkies?

We must stop them from stealing from the rest of us,

put them in rehab

then perhaps probation and years of therapy

But we cannot allow these junkies to continue to harm millions of people because of their dishonorable sociopathic habit

MisterP

(23,730 posts)
22. but if we don't vote for the party that cuts food stamps and coddles the rich,
Mon Oct 6, 2014, 02:30 PM
Oct 2014

the party that'll cut food stamps all the way and coddle the rich way harder will get in!

JDPriestly

(57,936 posts)
25. Our party does not stand up and obstruct the budget until we get more funding for food stamps.
Mon Oct 6, 2014, 03:12 PM
Oct 2014

The right-wing of our party gets its funding from some of the same people who fund the obstructionist party that cuts food stamps.

We have to decide whether we are for or against higher taxes for the rich. And we need candidates who will run on promises to raise taxes on the rich. We cannot afford compromise on this issue.

Dustlawyer

(10,495 posts)
27. Publicly Funded Elections would be the Great Equilizer!!!!! Too bad few are willing to push for
Mon Oct 6, 2014, 03:45 PM
Oct 2014

them.

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