Saturday, March 30, 2024

We are considerably richer than YOW!

Was the myth of a Greek King named Midas who was granted the ability to turn everything he touched to gold meant as a message to be careful what you wish for? In the myth, once endowed with that ability then food, drink and his daughter were all turned into the yellow metal leading to his own death from starvation.

Socialists do not wish harm upon any individual of any class but when the current social system has developed to the point where the lives of anyone on the planet could be lived free from poverty, hunger and free from the ills inherent in capitalism, then the continuing magnitude increase in wealth of a minority and the power that gives over the lives of everyone is well past the point of acceptability.

Lest anyone, particularly in the ‘land of the free’ believes that such wealth comes from the i efforts of individuals within the ruling class and that they are fully deserving of it, then be aware that the wealth of the capitalist class comes from, and always has, the exploitation of the vast majority who are forced to sell their labour power in order to live.

Diversity, equity and inclusion occupy the thoughts and efforts of many in efforts to promote a fairer society for many considered to have been historically oppressed. These aspirations will only be fully attained with he abolition of global capitalism and its replacement by a Socialist society.

‘The wealthiest Americans got even richer last year and now possess $44.6 trillion in combined assets, thanks to the skyrocketing stock market, CNBC reported, citing new data from the Federal Reserve.

The Federal Reserve defines America’s top 1% as those with personal wealth amounting to more than $11 million. In the fourth quarter of last year, they saw their combined net worth rise by around $2 trillion, according to CNBC.

The rise was largely the result of a stock market rally at the end of the year, as the value of corporate equities and mutual fund shares held by the richest US citizens skyrocketed from $17.65 trillion to $19.7 trillion.

Middle-class Americans also reportedly saw their wealth increase, but Federal Reserve data indicates that the wealthiest 1% are the primary beneficiaries of the stock market rally, since the market gains remain heavily concentrated in the hands of the richest. The top 10% of Americans own 87% of individually held stocks and mutual funds, according to CNBC, while the top 1% hold half of it and account for 30% of the combined wealth.

The quarterly gain adds to a boom that began in 2020 with the Covid-19 pandemic market surge, CNBC says. Since that time, the net worth of the top 1% has risen by around $15 trillion – almost 50%.

Inequality, which was in decline in 2021 and 2022, began growing again in 2023, the media outlet said, noting that the wealth gap returned to pre-pandemic levels.’

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