Extremely Rich People

[Bob_Dobbs]

underfunded? at some $560B? we spend more on the military than any other nation in history. i believe i said,

Originally posted by Bob_Dobbs,
we spend more on military than the next 13 runners-up combined. our military is not significantly larger than others. what does the hundreds of billions of non-salary military money go to

our military is GROSSLY inefficient if it is "underfunded". it is ridiculously overfunded, if anything.

[Mr.Vicchio]

And its still underfunded, undersupplied.

EDUCATE YOURSELF.

Our military is not cheap. When I was stationed onboard a ship, we had constant problems fighting for the funding to get much needed repairs.

[KSoDBartman]

We are also present in 40 countries around the world, doing various bitchwork for the UN, in addition to keeping our nation secure.

[Gorgo]

The money may or may not be going to the wrong place, but the so-called Defense Department is an obscene drain on the economy.

Underfunded?

Originally posted by Mr.Vicchio,
And its still underfunded, undersupplied.

EDUCATE YOURSELF.

Our military is not cheap. When I was stationed onboard a ship, we had constant problems fighting for the funding to get much needed repairs.

[Gorgo]

Here's where your income tax money goes:

http://www.warresisters.org/piechart.htm

Certainly that money does not go to make soldiers wealthy, or make sure that soldiers have top notch equipment. It goes to make sure defense contractors are wealthy. If that's what you mean by underfunded, then you may be right. If you mean that there is not enough money going to the so-called "Defense Department," then I have to disagree.

[Osborn F Enready]

Mr Vicchio, you have to realize I too was in the Navy, aboard the LST 1188, USS Saginaw, and the reason those ships and every military installation, troop, or unit has problems getting things effectively with their money is because the government is inefficient at checking WHAT and HOW MUCH it pays for with each dollar. Defense contractors, and goverment supply companies are FAMOUS for their overcharging, and blatant FRAUD of government/taxpayers funds. Do I need to mention Haliburton, who has been coddled by the Government and used EXCLUSIVELY often times to supply, and aid the war effort?

Educate YOURSELF.

[castille]

Something I noticed: In Europe the rich people are usually old families (and most big companies are decades or centuries old, such as Siemens or TMP).

But in the US rich people are usually from poor or middle class families (ie. Bill Gates didn't exactly come from a royal family, and fellas like Colonel Sanders, Carnegie, etc were from poor backgrounds).

Is it just culture? In Europe is there a big social class gap (ie. the whole noble-birthright thing)_?

[Gorgo]

Written in '97:

http://www.zmag.org/zmag/articles/nov97sklar.htm

According to United for a Fair Economy, 42 percent of the Forbes 400 were Born on Home Plate. They inherited sufficient wealth not just to make them rich, but rich enough to make the Forbes 400 lineup. These include older billionheir dynasties like the Rockefellers and duPonts, and newer family fortunes from companies like Wal-Mart and the Gap. The Waltons of Wal-Mart hold positions 9 through 13 on the Forbes 400, with a combined $32 billion.

Multimillionheir Steve "flat tax" Forbes can relate. He inherited the leadership and majority stock in Forbes, Inc. from his father. The Forbes family is conspicuously absent from the 400, but Fortune magazine pegged Forbes’s personal wealth at $439 million in 1996, enough to make that year’s cut.

The estimated combined wealth of the Forbes 400 increased 31 percent from $477 billion in 1996 to upwards of $624 billion this year. When Forbes introduced the first 400 in 1982, their combined net worth was $92 billion. Today that wouldn’t even field a Forbes Five.

[Gorgo]

I don't know much about it, but isn't it the case that in Europe, class is more about family than wealth?

It seems like the old families looked down their noses at the noveau riche, didn't they? Has that changed?

My family has been around the U.S. of A. for a long time, married into John Alden's family and Ben Franklin's family, took part in the Boston Tea Party, and I don't think I've ever done more than casually meet a wealthy person.

[Bob_Dobbs]

nobility in europe is party talk and little more.

according to forbes, most rich americans were born that way. the startup billionaire is in the rare minority.

[harami]

Bob_Dobbs:

You must be misreading Forbes Magazine (or, have you read it at all?). When Forbes lists its "most wealthy people" each year, the fraction of the wealthiest who were born that way is not great, probably less than 20%. (Sorry, I did not count. You could, to rebut me.) If you look at the list 10 years ago and 20 years ago, you will see that it changes radically and dramatically. This is a tribute to our competitive economically dynamic society which has a great deal of churning in its "most wealthy" ranks.

I invite you do do some homework. Check Forbes list of the most wealthy this year and 10 years ago.

[Gorgo]

If you check my link, you'll see that most are far from rags to riches stories, either.