In 2017, America’s 2% Made Enough Money To Fund Entire Safety Net


Facebook's Mark Zuckerberg and Amazon's Jeff Bezos together accumulated enough wealth in 2017 to fund SNAP for a year.

The top two percent of Americans walked away from 2017 significantly wealthier -- it was a far more lucrative year for them than it was for the rest.

But how much did those wealthiest Americans accumulate? According to Common Dreams, enough to fund the entirety of the U.S. social safety net.

U.S. wealth increased by $8.5 trillion in 2017, with the richest 2% getting about $1.15 trillion (details here), which is more than the total cost of Medicaid (federal AND state) and the complete safety net, both mandatory and discretionary, including the low-income programs that make up the social support package derisively referred to as 'welfare.'

Another stunner: The richest 2-5%, those Americans with an average net worth of about $2.5 million, accumulated enough wealth in 2017 to pay for the safety net FOUR TIMES.

Two of America's wellknown billionaires actually acquired enough wealth in the past year to fully fund the Supplemental Nutrition Assistance Program (SNAP) for a year.

Food stamps provide about $1.50 per meal for 42 million Americans, mostly children, the elderly, and the disabled, at a cost in 2017 of $64 billion. In the past year Jeff Bezos and Mark Zuckerberg have together accumulated over $64 billion in new wealth.

Jeff Bezos has used tax havens and high-priced lobbyists to avoid the taxes owed by his company. Mark Zuckerberg created a 'charitable' foundation, which in reality is a tax-exempt limited liability company, leaving him free to make political donations or sell his holdings, all without paying taxes. But in one year the two of them made enough from their investments to feed most of America's hungry.