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Vance: How wealthy are the rich in the United States and the world?
Letter To The Editor

From Diana Vance

Monroe

To the Editor:

The wealth of the 1% of the rich is equal to the other 99% of the country. In fact the richest 1% have as much wealth as the rest of the world combined. This has been going on since 1970. As of 2021 the world’s billionaires have an estimated net worth of $13.1 trillion dollars.

However from 2000 to 2015 we had two recessions and it was a period of wage stagnation in the United States for Americans in the lower middle class. From 2000 to 2018 the average growth of household incomes slowed to an average rate of only 0.3%.

The main cause was a minimum wage of $7.25 per hour that began in 2007 and was kept there until 2019. That was 12 years of wage stagnation caused by two recessions and the minimum wage being so low for so long.

Under Trump the rich got the biggest tax cut in estate taxes, tax rates for millionaires were cut and the corporate tax cut was the biggest tax rate cut ever. Why should billionaires pay no taxes?

Finally the minimum wage was lifted to $15 per hour. Inequalities needed to be reduced. Tax credits is one way, subsidizing child care, infrastructure and broadband internet infrastructure to 40% of rural America are other ways.

One source said the billionaires are different. To me they are people who make money by keeping wages low for 12 to 15 years while CEO’s made $10.6 million per year. During the 12 years of wage stagnation inflation adjusted income for the Middle Class rose 21% but for the top 0.1% it rose 400%.

That is why President Joe Biden created the programs like he did. He has been around Washington DC for over 40 years and has witnessed all the history of inequality in our economy and the role the rich and the Republicans played in it.

He is also aware that American billionaires grew their wealth by 55% or $1.6 trillion dollars during the COVID-19 pandemic while other Americans lost jobs and lost businesses but they did not lose the will to oust President Trump. He gave the rich the biggest corporate tax cut ever and had no strategy for the COVID-19 pandemic, plus he said “I am not responsible.” He was our president. And he turned his back on us. Yes, he is a loser. And most of us know it.