It Takes A Government
Grant To Raise A Billionaire…
…
According to a group called Responsible Wealth, everyone
on the Forbes 400 richest Americans list owes their
wealth partly to taxpayer-financed inheritance, public
research and contracts, public schools and universities,
communications, transportation and other critical
infrastructure, and a bunch of other government institutions
from the Federal Reserve, courts, Treasury, Defense
and Commerce Departments.
Warren Buffett, No. 2 on
the Forbes 400, attended a publicly-supported state
school, the University
of Nebraska in Lincoln, and is quite clear that his
investment wealth depends on America's social and
economic infrastructure. "I personally think
that society is responsible for a very significant
percentage of what I've earned," said Buffett. "I
happen to work in a market system that happens to
reward what I do very well -- disproportionately
well."
Larry Page, No. 43 on the Forbes 400,
co-founded Google, which went public this year. Page
graduated
from a state school, the University of Michigan,
and then attended Stanford University for graduate
work, where Google was born. Government grants underpin
the lucrative research in Silicon Valley and at Stanford
University. The Internet platform, without which
Google would not exist, is built on a foundation
of taxpayer-funded research and
development.
H. Ross Perot, Jr, No. 40 on the Forbes
400, grew his company Electronic Data Systems (later
sold to
General Motors) by focusing on computer systems and
services for Medicare, a government program. The
company's growth -- and windfall profits -- really
took off when it began reselling the Medicare claims
processing system it had developed for Texas Blue
Cross under a research and development contract paid
for by federal funds.
Yet while the Forbes 400 richest
Americans are doing better this year -- their collective
wealth rose
$45 billion since 2003 -- the average taxpayer is
not. Median household income fell for the fourth
year in a row last year
See http://www.responsiblewealth.org/notalone.