BURLINGTON, Vt., Oct. 4 – U.S. Sen. Bernie Sanders (I-Vt.) said today that the “incredible and obscene” level of income and wealth inequality in America has become a danger to our economic and political systems – and must be addressed.
According to a new Forbes magazine tally, the 400 wealthiest Americans are now worth $2.29 trillion. Their combined wealth grew last year by $270 billion – a 13 percent increase. These billionaires now own more wealth than the bottom half of America – more than 150 million people.
While the very rich become richer, most Americans have become poorer. Median family income has declined by almost $5,000 since 1999 and more than half of the American people have less than $10,000 in savings.
“Never before in the modern history of our country have so few had so much and so many had so little. This incredible and obscene level of wealth and income inequality is a grave danger to our economy and our political system,” Sanders said.
“Congress must summon the courage to take on their big money campaign contributors and pass legislation that asks the wealthy to start paying their fair share of taxes and overturns the disastrous Supreme Court decision on Citizens United.”
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