With financial woes in the US piling up there is an extreme wealth disparity that keeps growing. According to a Washington Post article, the top 1% of Americans own more than the lowest 90% combined.
At this point, minimum wage jobs do not cover basic needs and $7.25 an hour keeps many working families in poverty while the debt keeps growing. The average American has over $6300 in credit card debt alone. That’s $12.6k for the over 40% of two-parent families in the US that are holding this kind of debt.
Students have been stricken with $1.5 Trillion in student loan debt, a number that has grown markedly over the last few years. The class of 2017 graduated with close to $40k in debt on average!
What could possibly help? Maybe billionaires are the answer. Though most would consider a cadre of billionaires getting together to be the start of a massive global conspiracy if the around 2200 billionaires on the planet decided to use their money for good collectively, what could they accomplish?
Luckily, you don’t have to search too far to find the answer. Below, our friends at Self Lender researched to see what financial good the richest of the rich could do if they just put their pocketbooks to it.
The results are astonishing! With likely less than most of these .00003 per cent of the population spend on a fancy vacation, the group of super-rich could quickly bring the minimum wage up to $15 an hour. Also, a slightly larger investment could eradicate all credit card debt in the US.
The infographic below shows what might happen if you could get every billionaire to give a little bit. In the meantime though, keep paying your premiums.
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Brought to you by our friend at the Self Lender
Post submitted by Emily Campbell
Edited by Temitope Adelekan