Billionaire wealth

The total wealth of all US billionaires is estimated at about $4 trillion.

The US official budget deficit is about $3.2 trillion dollars at current spending levels.

That means if we confiscated 100% of the wealth of all US billionaires we could cover the current deficit spending for about fifteen months.

That’s before creating the new programs being demanded, like expanded Medicare, free college tuition, student loan forgiveness, guaranteed Social Security COLA of 3% and making Social Security sustainable.

In all probability there is no goal to reduce the deficit, more likely the opposite in which case it will grow and grow until inflation and interest rates become a problem. And, when that happens we will raise taxes on everyone in that generation and after.

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