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Monday, May 29th, 2023

These billionaires have more money than the US Treasury right now

Author:     JARED GANS
Source:     The Hill
Publication Date:     05/26/23 | 5:56 PM ET
 Link: These billionaires have more money than the US Treasury right now
Stephan:  

Think about this for a moment, in a nation of 334,233,854 people 24 billionaires each have more money than the U.S. Treasury today. Median household income in America can vary widely depending on the state. For 2021, the median household incomes range was $46,637 to $97,332, and in 2022 family income actually went down. Would you call that differential between the billionaires and middle class, wealth inequality? Do you think those 24 individuals live in a different world, with different values, than the rest of us? Do you think this inequality represents a healthy country?

Meta — the parent company of Facebook — co-founder Mark Zuckerberg and Berkshire Hathaway CEO Warren Buffett, two of the 24 having more money than the U.S. Treasury Credit: Associated Press/Mark Lennihan/Nati Harnik, File

As time winds down on how long lawmakers have to reach a deal to raise the debt ceiling to avoid the U.S. defaulting on its debt, the Treasury Department’s cash balance has been dropping. 

Data from the department’s website shows that its cash balance fell to $49.473 billion on Wednesday, a drop from about the $76.5 billion that it had at the close of Tuesday. 

The White House and congressional Republicans are in the midst of negotiations to try to raise the debt limit before it is reached, potentially as soon as June 5. 

As the Treasury’s cash balance drops, an increasing number of individuals in the United States and other countries throughout the world are worth more than what the government has.

The Bloomberg Billionaire Index, which issues a daily ranking of the world’s wealthiest people based on net worth, […]

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2 Comments

  1. Rev. Dean on Monday, May 29, 2023 at 4:55 am

    I am sick and tired of living at the lowest poverty level because I am on Social Security, and seeing these people having BILLIONS of dollars which should be given up to taxes so that the rest of us can share their wealth! This form of Capitalism just does not work correctly in a Democracy.

    • Rev. Dean on Monday, May 29, 2023 at 4:58 am

      P.S.: It would take me 4,000 LIFETIMES to make ONE BILLION DOLLARS! And that was when I was working; before I became disabled; caused by working too hard!