America’s 20 richest people have more money than these 152 million people

This article appeared on End Of The American Dream and MarketWatch.

“America’s 20 wealthiest people — a group that could fit in one Gulfstream G650 jet — are now worth $732 billion, which means they have more wealth than the 152 million people who make up the least wealthy 50% of U.S. households, according to a report released Wednesday by the Institute for Policy Studies. What’s more, the “Forbes 400” wealthiest individuals in the U.S. now have a net worth of $2.34 trillion.”

So when Bernie Sanders says almost the very same thing you think “Well he is running for president and this is his hook.”

I ask you now what do you think?

Just yesterday the Los Angeles Times posted the following:

“The nation’s income gap increased 10% over the past 20 years, and roughly twice that rate for people in their prime earning years, according to a new study.

The income gap swelled 21% for those between the ages of 35 to 44, and 17.6% for people aged 45 to 54, according to the analysis by financial website Bankrate.com. The study analyzed the period from 1992 to 2012.

The study is the latest to highlight rising income inequality, and is troubling because it shows the dichotomy worsening for people in their key earnings years.

“The prime earning years for most people — when they’re in their 30s and 40s — are also the most important when it comes to setting up a future position on the wealth spectrum,” according to the study. “While some are quickly advancing toward becoming rich, others are just as quickly falling behind.”

According to the study, the income gap is widest among people 65 and older, although it grew only 3%, the slowest rate for any age group over the last 20 years.

Citing data from the Census Bureau, the bottom fifth of U.S. households earn an annual average of $11,490, the study said.

The next fifth take in $29,696. The middle tier earns $51,179 and the next group takes home $82,098. The top fifth earns $181,905, and the top 5% earns $318,052.”

The problem is that neither Hillary Clinton nor any of the GOP presidential candidates have even opened a dialog on this issue.

Thus even though there is more than enough data, none of the leading candidates want to face the unpleasant reality that the average American family is growing poorer.

Why should you vote in a presidential race when your needs are not even part of the discussion? Wait, there is one candidate who has brought this topic to the forefront.

Why My son Isn’t Voting Anymore

He’s a smart man who moved to the San Francisco Bay area to complete his college education. After graduation he worked at a few Silicon Valley computer companies then decided there is more to life than making big bucks.

Along the way he was inculcated by the liberal/progressive viewpoints that are so prevalent in that region. He was ecstatic over Barack Obama’s win of the White House. The speech at Grant Park in Chicago enthralled him. He believed that the new president would change the world for the better. That the new president would turn around the country and provide the new start that so many had anticipated.

He came to visit for my birthday and wedding anniversary. Now that the party is over he tells me that he is beyond disappointment with our government. There is no point in voting in any election any more. The president, he says, had the opportunity to do the sorts of things that FDR did to employ the unemployed, build the kinds of infrastructure that so many previous presidents had inspired, and start the kinds of new education that would carry the United States as a leader throughout the 21^st century.

We talked about the president’s failure to quickly end the wars in Iraq and Afghanistan. We talked about the president’s failure to assertively stand up to Vladimir Putin.

He spoke about Ralph Nader as the man who spoke the truth but was denied participation in debates with Al Gore and George W. Bush.

How can I console my son? I pointed out that someone will be elected president. He will have to make a choice. That the system has been designed to deny third party candidates an honest opportunity and you just have to accept this reality. I pointed out that the public may be sufficiently disillusioned with the Democrats and that a Republican will most likely win the White House. He said it won’t make any difference.