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What Could $700 Billion Buy?
Patrick Ayers
According to Michael Moore, “The richest 400 Americans … own MORE than the bottom 150 million Americans combined…. Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion. Why don’t they just spend the money they made under Bush to bail themselves out? They’d still have nearly a trillion dollars left over to spread amongst themselves!” (michaelmoore.com, 10/1/08)
Here’s what that $700 billion could have bought instead of bailing out the mega-rich:
- A check for $53,800 for each of the 13 million children living in poverty in the U.S.
- Jobs for two years at $35,000 per year for the 10 million unemployed workers in the U.S.
- Renewable electricity for 72 million homes for 10 years.
- Out-of-pocket medical expenses for every American for the next 7 years.
- 5 million green jobs, as part of a massive 10-year program to develop renewable energy and end dependence on oil (www.apolloalliance.org).
- Healthcare for 20 million people for 10 years.
- The construction of 5.5 million affordable housing units.
- A $5,000 cash bonus for every working American.
- New Orleans and the Gulf Coast could be rebuilt three-and-a-half times.