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Author Topic: Nation's Poorest 1% Now Controls Two-Thirds Of U.S. Soda Can Wealth  (Read 1081 times)
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WhiskeyGirl
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« on: August 16, 2008, 10:45:18 PM »

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Nation's Poorest 1% Now Controls Two-Thirds Of U.S. Soda Can Wealth

May 23, 2008

Can magnates like this Chicago-based entrepreneur often take advantage of obscure deposit loopholes in ME, VT, NY (5¢), and MI (10¢)
 
WASHINGTON—A report on growing disparities in the concentration of U.S. aluminum-can wealth, released Tuesday by the Department of Commerce, revealed that 66 percent of the nation's recyclable assets are now held by the poorest 1 percent of the population.

According to the sobering report, the disproportionate distribution of soda-can wealth is greater than ever before, and has become one of the worst instances of economic inequality in the nation's history. Data showed that over-salvaging of cans by a small and elite group of can-horders has created a steadily growing and possibly unbridgeable gap between the rich and the mega-poor.

"Although our nation's upper middle class actually consumes the most beverages, a staggering percentage of these cans wind up in the hands of a very few," said economist Cynthia Pierce, who worked as a consultant on the three-year, $14 million government study. "It's a troubling trend. And as a tiny fraction of the population continues to maintain its stranglehold on redeemable can wealth, it's a trend that shows no sign of slowing."

According to Pierce, the study points to a distinct economic advantage for the most can-affluent—those who possess the resources necessary to collect, transport, separate, and accumulate more and more cans than the rest of the population.

(snip)

"It's not fair," Chicago native Melissa Arnold said. "Something should be done to even the playing field."

In an attempt to mitigate the disparities in soda-can wealth distribution, Congress is currently exploring numerous options, including levying an 80 percent tax on the incomes of those possessing 100 or more refundable containers, with the ultimate goal of eliminating all recycling programs by 2010.


read the entire story here -

http://www.theonion.com/content/news/nations_poorest_1_now_controls_two
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