Senator Bernie Sanders is correct when he says that 1% of our citizens control more wealth than the bottom 90%. A new report posted on cnn.com references an English company named Oxfam estimates that the richest 1% will have as much wealth as the other 99% combined by next year. Just Google these words: “does 1% of Americans own 90% of the wealth” and you will find numerous web sites that confirm the Sanders contention. The United States is the overwhelming home of millionaires.
From Forbes Magazine date October 15, 2015
“The United States has the world’s biggest millionaires club by a huge distance. No other country comes even close to matching it. According to Credit Suisse Global Wealth Report, the U.S. was home was home to 41% of the world’s millionaires in 2014, and its share grew by 46% in 2015.”
“Wealth has risen has risen in the U.S. for the seventh year in succession and the U.S. millionaire population now stands at 15/7 million, according to the report. The United Kingdom comes a distant second at 2.4 million, while Japan rounds of top three countries with a population of 2.1 million.”
This situation probably explains the ever higher costs of living in NYC, San Francisco, and Los Angeles.
So should we vote for Mr. Sanders based upon these facts? My response: 1) what would he do to change this reality? 2) Is this situation a bad thing?