[Congressional Record Volume 161, Number 175 (Thursday, December 3, 2015)]
[Extensions of Remarks]
[Page E1707]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         ``BILLIONAIRE BONANZA''--WEALTH INEQUALITY IN AMERICA

                                 ______
                                 

                       HON. JANICE D. SCHAKOWSKY

                              of illinois

                    in the house of representatives

                       Thursday, December 3, 2015

  Ms. SCHAKOWSKY. Mr. Speaker, I rise today to bring my colleagues' 
attention to a recent report from the Institute for Policy Studies, 
``Billionaire Bonanza: the Forbes 400 and the Rest of Us.''
  This report exposes just how drastic wealth inequality in America has 
become. As a whole, America is now wealthier than it has ever been 
before. But that wealth is concentrated in the hands of just a few 
Americans. The 20 wealthiest individual Americans have more wealth than 
the lowest 50% combined--that is, 20 Americans with more wealth than 
152 million Americans.
  The report ``Billionaire Bonanza'' found that the wealthiest 186 
members of the Forbes 400 own as much wealth as the entire Latino 
population in America. The wealthiest 100 households in America own 
about as much wealth as the entire African American population in the 
United States. Economic inequality is also racial inequality.
  Congress needs to enact common-sense policies to close the loopholes 
that have allowed for this extreme wealth inequality. It is time to 
raise revenue so we can increase opportunities for those at the lowest 
rung of the economic ladder to climb toward the top. I thank Chuck 
Collins and Josh Hoxie, the authors of this critical report, and I urge 
my colleagues to consider their proposals and to take action against 
the unsustainable concentration of wealth in America.

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