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September 29, 2005

The Rich Get Richer

Sure, the US national poverty rate has risen for 4 consecutive years and median income is stagnant. But the good news is that, according to the recently released Forbes 400, the nation's 400 wealthiest individuals collectively added $125 billion to their assets last year. (A quick back-of-the-envelope calculation tells me that's the equivalent of roughly $3,400 per fellow American in poverty.)

No surprise, two Cascadians continue to figure prominently in the rankings. Bill Gates ($51 billion) and Paul Allen ($22.5 billion) rank number 1 and 3, respectively.

Posted by Eric de Place | Permalink

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Comments

Well, the NeoLiberal economists tell us we are so much happier because this wealth trickles down to us and we...uh...um, no, even they aren't saying that anymore. Never mind.

Posted by: Dan Staley | Sep 29, 2005 3:23:27 PM