Career Calling

December 10, 2011

The Walton Family and 30% of Americans

Filed under: Economics — claycerny @ 1:38 pm
Tags: , , ,

A study has found the 6 heirs to the Walton (Wal-Mart) fortune have a net worth that is equal to the bottom 30% of American (give or take 90 million people).  Is this fair?  Some would say, “why not?”  The Waltons earned this money and they should keep it.  Others would point to the cost to society when a few are so rich and many more are so poor. 

I side with the second group.  Nearly one out of five children in the U.S.live in poverty.  Did they earn it?  Do they deserve it?  Changes in the tax code would help bring resources to these people, resources that have been cut over the last 30 years as the wealth of families like the Waltons have soared.

Working people need to stop buying into slogans about “class warfare” and “job creators.”  When a Wal-Mart is built, small stores in that community are closed.  Entrepreneurs are replaced by minimum wage workers, many of whom make so little that they are eligible for government aid for food, housing and health.  Yes, the tax payers support many employees of companies like Wal-Mart.  This is a bad deal for America, unless you’re one of the six members of the Walton family.

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