Tue, 21 November 2017
A new report released by Chuck Collins and Josh Hoxie of the Institute for Policy Studies, "Billionaire Bonanza 2017: The Forbes 400 and the Rest of Us," reveals that only 3 people in the US hold wealth equivalent to the bottom 50% of the population, about 160 million people. The wealth divide is getting more severe every year. Just 7 years ago it was 400 people who owned wealth equivalent to the bottom 50%, now they own wealth equal to the bottom 64%, 204 million people. The numbers of people with zero wealth or who are in debt is also growing and is worse for black and Latinos than whites. We discuss the current wealth divide, what's behind it, how the new tax proposal will affect it and how to resolve it. For more information, visit www.ClearingtheFOGRadio.org.