BOGUE, Kan. - A Jan.11 writer to Reader Forum [Hays Daily News] blustered about "non-factual distortion" by the Obama administration and supporters, then made his own claims.
[CLAIM: "All the money from the richest 400 Americans wouldn't pay our bills for a week."] In 2011 the richest 400 were together worth $1.5 trillion. (Forbes Magazine) Current annual federal spending is estimated at $3.6 trillion; state at $1.43; local, $1.63 trillion. So, the 400's wealth would fund all federal spending for 5 months, state for one year, local for 11 months. All federal, state, and local spending for about 3 months.
Incidentally, the richest 400 gained 12 percent. from 2010 to 2011. Since 2006, their net worth increased by $250 billion, about 17 percent. On the other hand, "Over the past five years Americans, on average, have seen no disposable income growth if you adjust for population and inflation. This also explains why they're spending like it's 2006 -- because they don't have more money to spend. No wonder the recovery continues to feel like a recession: that's an awfully long time to go without a raise."