…the four hundred richest U.S. taxpayers had a combined income in 2000 that exceeded the combined incomes of four of the countries of Mr. Bush’s tropical tour. The difference was astounding: the $57 billion in combined income of Botswana, Nigeria, Senegal, and Uganda [TC: Botswana and Senegal are relative success stories in Africa, and Nigeria has oil] was the income of 161 million people, who average $350 in income per year, whereas the $69 billion was the income of four hundred individuals.
That is from Jeffrey Sachs’s new The End of Poverty: Economic Possibilities for Our Time. And you got it right, there is no typo, that is 400 people richer than 161 million people.
Left-wingers think: "My goodness, how can so few have so much? They were lucky anyway. Let us raise marginal tax rates."
Randians think: "Hail the productive powers of capitalism!"
Rawlsians think: "They didn’t produce that wealth, we did."
Others think: "My goodness, Africa is screwed up."
The economist? The economist wonders why there is not more trade between the two groups…