Monday, March 01, 2004

Same Old Story

The 2004 Forbes Billionaires list is quite amazing. There are now 587 billionaires worth a combined $1.9 trillion. For comparisons sake, only recently has the U.S. federal budget crossed the $2 trillion threshold (If Bush wants to cut some taxes and use the military, might I recommend confiscating the worth of these 587 billionaires and funding general operations for a year?). The level at which billionaires operate is essentially incomprehensible. Take the fact that Warren Buffet's net worth increased by over $12 billion. Or the Walton clan, worth roughly $100 billion in total. Do the combined employees of WalMart earn that much in a year (with 1.3 million or so employees, we're talking average earnings of $75000 per to reach this level)? What's the likelihood that those 1.3 million employees (and their families) are collectively worth the $100 billion of the 5 or 6 members of the Walton clan at the top of the list? Not good.

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