· Globally, in 2006, prior to the Great Recession, one percent of the world’s population was believed to control 40 percent of the world’s wealth.[i] Inequality grew in the wake of the recession.[ii]
· In US, “total income reported on the top 400 individual tax returns rose 20% in 2014, according to Internal Revenue Service data released” Dec 1, 2016. Minimum adjusted gross income for this group was $126.8 million. Their average tax rate was 23.13%.[iii]
· Ownership of the world’s largest corporations is highly centralized in a core group of 1318 corporations with interlocking ownerships, according to a revealing network analysis of 43,000 global corporations published in 2011 by Stefania Vitali, James B. Glattfelder, and Stefano Battiston.[iv] Further analysis revealed a tightly linked “super entity” of 147 corporations, mainly in finance, with interconnected ownership. Consequently, less than one percent of corporations essentially controlled 40 percent of the entire network. Furthermore, the study found that 734 “top holders of stock accumulate 80% of the control over the value of all TNCs.”[v]
· Rising Impoverishment Threatens Basic Security: In 2012, one in seven Americans relied on food stamps.[vi] By 2013, one in five Americans relied on food stamps.[vii] Food banks faced record demand. Eligibility and demand for free lunches in public schools grew, straining school lunch programs nationally.[viii]
[i] “40% of world's wealth owned by 1% of population,” CBCNews, December 5, 2006, accessed January, 3 2012, http://www.cbc.ca/news/business/story/2006/12/05/globalwealth.html; and James Randerson, “World's richest 1% own 40% of All Wealth, UN Report Discovers,” The Guardian, December 6, 2006, accessed January 3, 2012, http://www.guardian.co.uk/money/2006/dec/06/business.internationalnews.
[ii] Simon Clark, “Credit Suisse Says Global Inequality Rose After Financial Crisis,” The Wall Street Journal, October 14, 2014, accessed September 17, 2015, http://blogs.wsj.com/moneybeat/2014/10/14/credit-suisse-says-global-inequality-rose-after-financial-crisis/.
[iii] Richard Rubin. (December 2, 2016). Tax Returns Show Rise for the Rich. The Wall Street Journal, A2.
[iv] Stefania Vitali, James B. Glattfelder, and Stefano Battiston, “The Network of Global Corporate Control,” PLOSone (2011), accessed December 3, 2011, doi: 10.1371/journal.pone.0025995.
[v] Vitali, Glattfelder, and Battiston, “The Network of Global,” 36.
[vi] Jim Abrams, "Ag Dept Unveils New Steps to Stop Food Stamp Fraud," Lake Country News Sun, August 13, 2012, accessed, August 14, 2012, http://newssun.suntimes.com/news/14448564-418/ag-dept-unveils-new-steps-to-stop-food-stamp-fraud.html.
[vii] Ali Meyer, "Record 20% of Households on Food Stamps in 2013," CNS news, January 21, 2014, accessed January 22, 2014, http://cnsnews.com/news/article/ali-meyer/record-20-households-food-stamps-2013.
[viii] Alan. Bjerga, "School Lunches Strained by Recession, Farm Panel Told, Bloomberg. com, March 4, 2010, http://www.bloomberg.com/apps/news?pid=20601103&sid=aPCZteEfTvaw&refer=u.