According to Charlie May, writing for Salon.com, while “78 percent of Americans are living paycheck to paycheck,” the wealth of the “world’s richest grew” by $1 trillion over the last year.
This increase, which further widens the disparity between the globe’s richest and poorest people, is four times higher than it was in 2016 and marks the end of a year in which there was also a 23 percent increase on the Bloomberg Billionaires Index. Keeping a daily tab on 500 of the world’s richest people, Bloomberg says that each of the people on the index “added an average $2.7 billion to their fortunes every day in 2017.”
This news comes in the wake of “the Republican Party and the Trump administration recently rushing the most substantial overhaul to the nation’s tax code in decades,” says May, and after the president informed his “friends in his Mar-a-Lago club [that] they had all just gotten “a lot richer.””
The tax bill which proposes cuts to Medicare, Social Security, and Medicaid and is expected to have the greatest “impact on working-class Americans,” passed despite its “deep unpopularity,” and with “zero substantial evidence to prove that its promises would come into fruition.” says May.
“What’s been overlooked is the brazen neglect of working Americans, who Trump claimed to champion while on the campaign trail,” says May. It is the “wealthiest only [who] continue to reap the benefits at the expense of everyone else.”