The combined wealth of the world’s 1,542 billionaires rose by almost a fifth last year to $6 trillion. (UBS/PwC Billionaires Report 2017; FT 28 Oct 17)
In the two years ending in March of this year the companies in the S&P 500 spent $1.1 trillion on buy-backs. (Forbes; 24 JUL 17) Instead of investing in the future they bought back their past.
After this the top 24 American companies still sat on a cash hoard of $1.01 trillion. The top five had $620 billion between them, with Apple hogging $261 billion. (Business Insider; 29 Aug 17)
Business news reports on mergers, buy-outs and take-overs, games where billions change hands among billionaires. No new factories appear in the American landscape from these activities.
The 74 percent gains in productivity over the last 40 years (epi.org; Oct 2017) went to those with more than enough. The paycheck spenders saw stagnant wages.
Give $100 million to a billionaire, he tosses it onto the pile. More hoarded cash does nothing for our economy. We have tried that.
“You cannot push on a string,” economists said years ago. Pushing a product on a penniless public is not a moneymaker. Spread that $100 million among the paycheck people, they will give that string a good yank.
The tax plan currently before Congress shovels more money to the billionaire brotherhood. They gained near 20 percent on their holdings last year.
A Republican Congress may soon vote on your future gains. Has Congress heard from you today?