6 Walmart Heirs Hold More Wealth Than 42% of Americans Combined

[one...two...tree 2,762]

The recession has devastated the finances of many Americans, but it has been very good to the Walton family. Since 2007, Walmart stores have been flooded with millions of folks who've lost their shirts in the housing bust, stock market crash, and stalled job market—people who can no longer afford to buy anything that isn't made in China and sold by someone making close to minimum wage. Using newly released data from the Federal Reserve's Survey of Consumer Finances (listed as "SCF" below), labor economist Sylvia Alegretto has put together this chart on the diverging fortunes of the Waltons and their customers:

As Josh Bivens of the Economic Policy Insitute points out, the six Walmart heirs now have more wealth than the bottom 42 percent of Americans combined, up from 30 percent in 2007. Between 2007 and 2010, the collective wealth of the six richest Waltons rose from $73 billion to $90 billion, while the wealth of the average American declined from $126,000 to $77,000 (13 million Americans have negative net worth). Here's a chart of how many average Americans it has taken over time to equal the wealth of the Waltons:

It may be no accident that rising income inequality in America since the 1970s has coincided with Walmart's meteoric expansion:

http://www.motherjon...come-inequality

[lostinblue 1,989]

What a blessing walmart is to poor people. They can buy some decent clothes for their children and not send them to school in rags.Wal-Mart “gets a large fraction of Food Stamp dollars,” which contributes 25% to 40% of revenue at select stores, according to Nestle. “These companies, therefore, have a vested interest in making sure Food Stamps are allowed for any purchase at all.”

The fact that Wal-Mart and Family Dollar are outperforming the S&P 500 by a rate twice as high as the large average should tell you a bit more about the underlying nature of our economy.

You could spend $15 for a pair of jeans at walmart or spend 35-40 at sears. Both jeans are made overseas, Yes a blessing for the poor in this country.

[one...two...tree 2,762]

What a blessing walmart is to poor people.

Sure. The way cheap, fast food is to their health. Everything comes with a price. The idea that we have cheap things to our benefit has been proven a failure as the charts clearly show for anyone who isn't blind.

[I AM NOT THAT GUY 5,715]

God rewards success.

[Bad_Daddy 2,209]

Sure. The way cheap, fast food is to their health. Everything comes with a price. The idea that we have cheap things to our benefit has been proven a failure as the charts clearly show for anyone who isn't blind.

So what do you suggest those six Walmart heirs do with their money? How would you spend their money for them?

[Penguin_ie 6,002]

I live in the area of Walmart HQ. Certainly, our local unemployment rate would be much worse without them, and the vendors they attract. Plus, a very nice museum.

[spookyturtle 9,466]

Not too long ago, Bill Gates was worth the same as all of the WalMart heirs combined. But he has since give away about $40 billion. Hard working, game changing people.

[Bad_Daddy 2,209]

Not too long ago, Bill Gates was worth the same as all of the WalMart heirs combined. But he has since give away about $40 billion. Hard working, game changing people.

Does today's Socialist America really want billionaire entrepreneurs? Their money could be better spent on government welfare programs in order to help provide more flash mobs, looting, and inner city shootings.

Edited July 19, 2012 by Bad_Daddy

[I AM NOT THAT GUY 5,715]

Not too long ago, Bill Gates was worth the same as all of the WalMart heirs combined. But he has since give away about $40 billion. Hard working, game changing people.

[spookyturtle 9,466]

Does today's Socialist America really want billionaire entrepreneurs? Their money could be better spent on government welfare programs in order to help provide more flash mobs, looting, and inner city shootings.

Exactly. They should use their money so more people don't have to work. That would give them more time to perfect their criminal skills. Too many dumb criminals today.

[Bad_Daddy 2,209]

+1

I never did understand the yuppie's undying love for Steve Jobs and anything Apple. The guy was a total jerk off not to mention it was Microsoft that pulled Apple out of financial hot water some years back when Apple was going under.

[The Nature Boy 4,224]

The recession has devastated the finances of many Americans, but it has been very good to the Walton family. Since 2007, Walmart stores have been flooded with millions of folks who've lost their shirts in the housing bust, stock market crash, and stalled job market—people who can no longer afford to buy anything that isn't made in China and sold by someone making close to minimum wage. Using newly released data from the Federal Reserve's Survey of Consumer Finances (listed as "SCF" below), labor economist Sylvia Alegretto has put together this chart on the diverging fortunes of the Waltons and their customers:

As Josh Bivens of the Economic Policy Insitute points out, the six Walmart heirs now have more wealth than the bottom 42 percent of Americans combined, up from 30 percent in 2007. Between 2007 and 2010, the collective wealth of the six richest Waltons rose from $73 billion to $90 billion, while the wealth of the average American declined from $126,000 to $77,000 (13 million Americans have negative net worth). Here's a chart of how many average Americans it has taken over time to equal the wealth of the Waltons:

It may be no accident that rising income inequality in America since the 1970s has coincided with Walmart's meteoric expansion:

http://www.motherjon...come-inequality

I worked over 75 hours last week, because I manage a manufacturing operation that produces a product that is sold in Sams/Walmartabd we had a major promotion to get out. . Most of my people worked at least 65 hours last week, and many of them with the overtime made over 1000.00 dollars last week. Those people are not on welfare and spend money in the local economy.

Let me tell you a little bit about the guy that started our company. Grew up poor. Worked his butt off and started two business that failed. He then came up with an idea and spent 1 year driving back and forth to Bentonville harassing them non-stop until 1 store bought 1 pallet. It sold like hotcakes. He begged, borrowed and put everything he owned in hock to build a small factory that is today employing over 100 people. He worked 80 hours a week and spent weeks at a time on the road pushing his product. He has a lot in common with Sam Walton who also built his company from scratch. Despite what Obama thinks , no one is responsible for either mans success but them.

I am not sure what lack of frontal lobe activity makes you and others think that you have a right to their success or mine for that matter. A simpleton could understand that if you take the wealth from the Waltons and redistribute it , that it will not produce lasting substitutable jobs and growth.. Does TARP, n which we redistributed Billions, that just vaporized into air ring a bell ?

You really want to help the poor. Get more Sam Waltons going. Lower coperate taxes. Make capital available , stop paying people to have babies and sit on their backsides. Not sure how you think destroying the capital infrastructure of this country by giving people money they did not earn will help ? .

[Bad_Daddy 2,209]

I worked over 75 hours last week, because I manage a manufacturing operation that produces a product that is sold in Sams/Walmartabd we had a major promotion to get out. . Most of my people worked at least 65 hours last week, and many of them with the overtime made over 1000.00 dollars last week. Those people are not on welfare and spend money in the local economy.

Let me tell you a little bit about the guy that started our company. Grew up poor. Worked his butt off and started two business that failed. He then came up with an idea and spent 1 year driving back and forth to Bentonville harassing them non-stop until 1 store bought 1 pallet. It sold like hotcakes. He begged, borrowed and put everything he owned in hock to build a small factory that is today employing over 100 people. He worked 80 hours a week and spent weeks at a time on the road pushing his product. He has a lot in common with Sam Walton who also built his company from scratch. Despite what Obama thinks , no one is responsible for either mans success but them.

I am not sure what lack of frontal lobe activity makes you and others think that you have a right to their success or mine for that matter. A simpleton could understand that if you take the wealth from the Waltons and redistribute it , that it will not produce lasting substitutable jobs and growth.. Does TARP, n which we redistributed Billions, that just vaporized into air ring a bell ?

You really want to help the poor. Get more Sam Waltons going. Lower coperate taxes. Make capital available , stop paying people to have babies and sit on their backsides. Not sure how you think destroying the capital infrastructure of this country by giving people money they did not earn will help ? .

[spookyturtle 9,466]

I never did understand the yuppie's undying love for Steve Jobs and anything Apple. The guy was a total jerk off not to mention it was Microsoft that pulled Apple out of financial hot water some years back when Apple was going under.

You should troll an Apple forum sometime. They talk about the guy like he is a god. I swear if it came out that he was a pedophile there'd be millions of people handing out candy at the playground.

[Bad_Daddy 2,209]

You should troll an Apple forum sometime. They talk about the guy like he is a god. I swear if it came out that he was a pedophile there'd be millions of people handing out candy at the playground.

I can guess. Iv'e read a few of the post in the apple forum on tomshardware and when you ask one of them what they like about their apple the always revert to the "feel and looks" of whatever apple ripoff product their referring to. What's ironic is that apple doesn't support innovation like MS products. No open source with apple. Linux yes, MS somewhat, and apple...it is what it is.