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Six of the Top Ten U.S. Billionaires Are Kochs and Waltons

November 25, 2013 ·

The profits of corporate giants that crash our economy and corrupt our politics deserve your outrage. But the efforts to curb them need your creative energy.

This blog originally featured in YES! Magazine.

(Truthout/Flickr)For the first time ever, according to Forbes magazine, the 400 richest Americanshave more than $2 trillion in combined wealth. And, a fifth of that amount is held by just 10 individuals. Of those top 10 richest Americans, six hail from two families—the Kochs and the Waltons—who are destroying our economy and corrupting our politics. We all should be outraged.

Arguably, the two most urgent tasks in this country are to transform our economy and to clean up our politics, and these two families stand in the way of both.

Our economy is addicted to fossil fuels and Charles and David Koch’s company,Koch Industries, is a key driver with investments in pipelines and refineriesacross the United States. These two Koch brothers rank four and five on the billionaire list.

In addition, our economy is marked by stagnating wages, which have sunk to povertylevels for millions of workers. The key driver of our low-wage economy is Walmart, with its 11,000 stores worldwide that pay so little that many of its workers get by on food stamps. The four main heirs to Walmart’s founder, Sam Walton, rank numbers six, seven, eight, and nine on the billionaires list. Three sit on the Walmart board, including Rob Walton, the board chair. (Other U.S. billionaires have made their fortunes in destructive Wall Street financial firms and through the generous government handouts of what President Eisenhower called "the military-industrial complex.")

The problem is, of course, not just economics. It’s the way that economics interacts with politics. The Koch brothers have poured some of their combined $72 billion in wealth into conservative and tea party politicians at the governor and state legislature levels.

Read the original in full on YES! Magazine's blog.


John Cavanagh
IPS Director

Fellow
Global Economy