5 Facts About How America Is Rigged for a Massive Wealth Transfer to the Rich

[Triana]

A recent posting detailed how upper middle class Americans are rapidly losing ground to the one-percenters who averaged $5 millionin wealth gains over just three years. It also noted that the global 1% has increased their wealth from $100 trillion to $127 trillion in just three years.

1. Each Year Since the Recession, America's Richest 1% Have Made More Than the Cost of All U.S. Social Programs

In effect, a reverse transfer from the poor to the rich. Even as conservatives blame Social Security for being too costly.

Much of the 1% wealth just sits there, accumulating more wealth. The numbers are nearly unfathomable. Depending on the estimate, the 1% took in anywhere from $2.3 trillion to $5.7 trillion per year. (All numeric analysis is detailed here.)

Even the smaller estimate of $2.3 trillion per year is more than the budget for Social Security ($860 billion), Medicare ($524 billion), Medicaid ($304 billion), and the entire safety net ($286 billion for SNAP, WIC [Women, Infants, Children], Child Nutrition, Earned Income Tax Credit, Supplemental Security Income, Temporary Assistance for Needy Families, and Housing).

THE REST:

http://www.alternet.org/economy/5-facts-about-how-america-rigged-massive-wealth-transfer-rich