Look At All This Socialist Redistribution

According to Forbes magazine, growth in the net worth of the wealthiest Americans “far outpaced” the rest of the economy over the past year.

(Reuters) – The net worth of the richest Americans grew by 13 percent in the past year to $1.7 trillion, Forbes magazine said on Wednesday, and a familiar cast populated the top of the annual list, including Bill Gates, Warren Buffett, Larry Ellison and the Koch brothers. […]

“The gap between the very rich and merely rich increased and helped drive up the average net worth of The Forbes 400 members to an all-time record $4.2 billion,” said Forbes Senior Wealth Editor Luisa Kroll.

Collectively, this group’s net worth is the equivalent of one-eighth of the entire U.S. economy, which stood at $13.56 trillion in real terms according to the latest government data. But the 13 percent growth in the wealth of the richest Americans far outpaced that of the economy overall, helping widen the chasm between rich and poor.

Forbes attributed the growth in net worth in part to the performance of the stock market and a recovering real estate market.

I suppose Fox News is right. There is redistribution happening in this country, but isn’t going to the bottom. Some of those who the money is going too probably are members of the 47 percent who pay no federal income taxes, however.

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  • MrDHalen

    These are the numbers that scare me!!! Concentration of wealth into fewer and fewer hands has never ended well.

    • bphoon

      Does the word plutocracy come to mind?

      • MrDHalen

        History demands its destruction and the bill for that is scary.

        • http://drangedinaz.wordpress.com/ IrishGrrrl

          Yep, a whole lot of violence and innocents hurt. Bloody Revolutions suck especially in a country like ours. We are supposed to have system of government where such is not necessary! /exasperated sigh

  • D_C_Wilson

    And the stock market is hitting major highs.

    Barack Obama: Worst. Socialist. Ever.

  • Brutlyhonest

    I saw the Forbes list mentioned on cbs the other night, and thought it odd they only covered the top 3 (Gates, Buffet & Ellison). I was shocked to read the cock brothers were 4 & 5. I guess pelley didn’t want to have to explain who those asshats are?

  • KABoink_after_wingnut_hacker

    Republicans have lost their way.
    They are the new aristocracy combined with a theocracy of the southern evangelicals.
    Just like the king and queen on a chessboard flanked by bishops and protected by expendible pawns.
    Isn’t this what the founders of America were fleeing?