Posts
I just read a report about the 12 richest Americans, whose combined wealth now totals more than $ 1 trillion.
Now I'm trying to get a feeling for what $1,000,000,000,000 means in terms not just of wealth but of power and influence. Here's one approach, my blue-whale-scale.
The median American household is currently worth around $97,300. That means half of US households are worth more and half are worth less. For convenience, let's round that $97,300 up to $100,000. Remember, this is net worth, not income.
The ratio between $1,000,000,000,000 and $100,000 is a factor of 10,000,000.
That means that the twelve richest Americans are worth ten million times as much as the median US household. Or that it would take the combined worth of ten million median households to equal the wealth of the 12 richest Americans.
Let's represent the dozen people whose combined worth is a trillion dollars by a blue whale, earth's largest and heaviest animal. A blue whale might weigh in at 100 metric tonnes or 100,000 kg.
Now, picture a table that matches up wealth with weight. That's our blue-whale-scale. At the top is $1,000,000,000,000, the blue whale and 100,000 kg. We'll keep dividing by ten as the sea creatures get smaller and lighter along with the wealth they represent.
For example, the next step down would be $100,000,000,000. Jeff Bezos and Bill Gates are worth more than $100 billion each. On the whale scale, they would weigh in at 10 metric tonnes each and might be represented by one of the smaller whales, say a Minke, "just" 10 meters long.
It takes four divisions by ten to get down to the wealthiest one percent of US households, those worth $10,000,000 and up. On our whale scale they would weigh in at a measly one kilogram, or 2.2 pounds. That's way below whales now; closer, say, to a decent-sized trout.
We need to divide by another 100 to get to the median US household's roughly $100,000 net worth. On our blue-whale-scale, that family would weigh in at just 10 grams, about the same as two nickels. In the fish world, that might be represented by a sardine; you know, the kind you buy packed into a tin, or that swarm by the thousands as shown below.
As blue whales make their majestic way through the oceans, I doubt that they worry much about, or perhaps even notice, the millions or billions of tiny fish who happen to share the ocean with them. I'm guessing it's the same with the multi-billionaires with whom we happen to share the economic, financial and political systems that we--like fish in the sea--live within.
Of course, if you're below the wealth median--for example in the 25 percent of US families whose net worth is $10,000 or less-you're not represented by a sardine on the whale scale, but by a guppy or a minnow.
And if you're in the 20 percent of American families whose net worth is close to (or below) zero--the best you can hope for is to be represented by krill--the swarms of minute sea creatures on whom--go figure--those huge blue whales feed.
---
For Robert Reich's take on this issue, click here.
Now I'm trying to get a feeling for what $1,000,000,000,000 means in terms not just of wealth but of power and influence. Here's one approach, my blue-whale-scale.
The median American household is currently worth around $97,300. That means half of US households are worth more and half are worth less. For convenience, let's round that $97,300 up to $100,000. Remember, this is net worth, not income.
The ratio between $1,000,000,000,000 and $100,000 is a factor of 10,000,000.
That means that the twelve richest Americans are worth ten million times as much as the median US household. Or that it would take the combined worth of ten million median households to equal the wealth of the 12 richest Americans.
Blue Whales can reach a length of 100 feet and weigh up to 330,000 pounds. Why am I bringing this up?
Credit: pikrepo.com
Let's represent the dozen people whose combined worth is a trillion dollars by a blue whale, earth's largest and heaviest animal. A blue whale might weigh in at 100 metric tonnes or 100,000 kg.
Now, picture a table that matches up wealth with weight. That's our blue-whale-scale. At the top is $1,000,000,000,000, the blue whale and 100,000 kg. We'll keep dividing by ten as the sea creatures get smaller and lighter along with the wealth they represent.
For example, the next step down would be $100,000,000,000. Jeff Bezos and Bill Gates are worth more than $100 billion each. On the whale scale, they would weigh in at 10 metric tonnes each and might be represented by one of the smaller whales, say a Minke, "just" 10 meters long.
It takes four divisions by ten to get down to the wealthiest one percent of US households, those worth $10,000,000 and up. On our whale scale they would weigh in at a measly one kilogram, or 2.2 pounds. That's way below whales now; closer, say, to a decent-sized trout.
We need to divide by another 100 to get to the median US household's roughly $100,000 net worth. On our blue-whale-scale, that family would weigh in at just 10 grams, about the same as two nickels. In the fish world, that might be represented by a sardine; you know, the kind you buy packed into a tin, or that swarm by the thousands as shown below.
A school of sardines near Costa Rica
Credit: Wikimedia
Of course, if you're below the wealth median--for example in the 25 percent of US families whose net worth is $10,000 or less-you're not represented by a sardine on the whale scale, but by a guppy or a minnow.
And if you're in the 20 percent of American families whose net worth is close to (or below) zero--the best you can hope for is to be represented by krill--the swarms of minute sea creatures on whom--go figure--those huge blue whales feed.
Krill
Credit: wikimedia commons
For Robert Reich's take on this issue, click here.
REA
1 comment:
I love the blue whale scale! Where is Ahab when we need him?
Post a Comment