Rich Getting Richer

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Rich Getting Richer

By Dr Arvind Kumar

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ccording to recently released Forbes magazine’s annual survey, the combined net worth of the 400 richest Americans climbed 8% this year, to $1.37 trillion. Wealth rose for 217 members of the list, while 85 saw a decline. For instance, Charles and David Koch, the energy magnates each gained $5.5 billion of wealth over the past year. Each is now worth $21.5 billion. The super-rich got even wealthier this year, 109 of the richest 400 are in finance or investments. Only twice before in American history has so much been held by so few. Another survey reveals that the 25 top hedge-fund managers got an average of $1 billion each, The number in poverty in America rose to a post-war high. The median wage continues to deteriorate. And some 20 million Americans don’t have work. And yet the Bush tax cuts of 2001 and 2003, which conferred almost all their benefits on the rich, continue. Democrats have decided to delay voting on whether to extend them for the top 2 percent of Americans or for the bottom 98 percent until after the mid-term elections. Whatever is happening in US is occurring in other developing economies with open market system. The chasm between the rich and the poor is widening.

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