[BfB(oG)] serious talking points for billionaires

[Jim Buell]

UFE, the folks behind Poster Nation, have some serious facts for us 
billionaires and others to consider about the direction that wealth is 
taking in these United States. These are no surprise to folks who've read, 
e.g. Jim Hightower's superb books, but their summary in a short list is 
worth sticking to the fridge and committing to memory. This is stuff all us 
anti-corporatists need to shout from the rooftops, 'cause we sure aren't 
gonna see it on CNN.

Jim

------------------
From: research at ufenet.org (UFE Research Dept.)
To: andrew at wanderbody.com
Subject: talking points
Date: Wed, Jul 26, 2000, 4:34 PM

In 1989, there were 66 billionaires in the United States, and 31.5 million
people living below the poverty line. In 1999, there were 268 billionaires
in the United States, and 34.5 million people living below the poverty line.
The latest figures from the Federal Reserve Board indicate that the top1
percent of households has more financial wealth than the bottom 95% of
households combined.
The median black household had a net worth of only $10,000 in 1998-about
12% of the $81,700 in median wealth for whites. Median black financial
wealth was only$1,200 - a mere 3% of the $37,600 in median financial wealth
for whites.
The median Hispanic household had a net worth of only $3,000 in 1998-just
4% of whites. Median Hispanic financial wealth in 1998 was actually zero.
Between 1947, median family income grew by 2.8% a year, adjusting for
inflation. From 1973 to 1997, median family income grew by only 0.35% a
year.
Between 1977 and 1999, the top 20 percent of households increased their
annual after-tax income by 43%, while the middle fifth gained only 8
percent, and the bottom fifth lost 9 percent.
Between 1990 and 1998, CEO pay rose by 443%, while average worker pay
increased 28%, only slightly ahead of inflation.
The pay gap between CEOs and workers is now 475 to1 - 11 times as large as
the 42-to-1 gap in 1980.
The minimum wage used to bring a family of three with one full-time worker
above the poverty line. Now it doesn't bring a full-time worker with one
child above the poverty line.
There are more children homeless today than at anytime since the Great
Depression.
One family in 68 filed for bankruptcy in 1998 - more than saw a child
graduate from college.
Over 85% of the value of all stocks and mutual funds owned by households is
held by the richest 10 percent.
An estimated 86 percent of the benefits of the increase in the stock market
between 1989 and 1997 went to the top 10 percent of households, with 42
percent going to the richest 1 percent.
Nearly one out of five households have zero or negative net worth (greater
debts than assets), an increase from the 1980s.
Weekly wages for average workers in 1998 were 12 percent below 1973,
adjusting for inflation. Productivity grew nearly 33 percent in the same
period.
Even after increases since 1996, the median hourly wage is still 1.4% lower
than it was in 1973, adjusting for inflation.
Families have sunk deeper into debt. Household debt as a percentage of
personal income rose from 58 percent in 1973 to an estimated 85 percent in
1997.
Between 1983 and 1998 (the last completed Federal Reserve Survey of
Consumer Finances), the inflation-adjusted net worth of the top 1 percent
swelled BY 42 percent. The bottom 40 percent of households lost an
astounding 76 percent of net worth.

UFE Research Dept.
United for a Fair Economy
37 Temple Place 2nd Floor
Boston, MA 02111
Phone 617-423-2148
Fax: 617-423-0191
Web: http://www.ufenet.org
If you found this message helpful, please consider supporting the research
work of United for a Fair Economy by becoming a member.
$25 a year, or whatever you can afford.




-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://lists.cu.groogroo.com/mailman/archive/billionaires/attachments/20000729/35273e40/attachment.html