checkyourfact.com | 2/15/2019 | Staff
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Billionaires Aren't The Problem... Bought & Paid For Politicians Are! #BigGovSucks

Posted by Turning Point USA on Sunday, February 3, 2019

The conservative student organization Turning Point USA posted a meme that claimed that the wealth of all the billionaires in the U.S. could fund the federal government for less than eight months.

…Our problem isn’t how much billionaires have… It’s how much politicians spend,” the Feb. 3 meme read.

Claim - Figures - Forbes - US - Billionaires

The claim was based on figures produced by Forbes in 2016, when U.S. billionaires were estimated to have a combined net worth of $2.4 trillion. It cost $2.6 trillion to run the government for eight months in fiscal year 2016.

The estimated number and collective net worth of billionaires has increased since 2016, and their combined wealth could now run the government for nine or so months. Although Turning Point isn’t far off the mark, the figure is no longer “less than” eight months.

Fact - Check

Fact Check:

The meme mentioned the wealth of U.S. billionaires in response to comments made by Democratic Rep. Alexandria Ocasio-Cortez at a Martin Luther King Jr. event in January. She agreed that living in a system that allows for billionaires is not a moral outcome per se.

Billionaires - Ocasio-Cortez - System - Billionaires - Parts

“I don’t think that necessarily means that all billionaires are immoral,” Ocasio-Cortez said. “But I do think a system that allows billionaires to exist when there are parts of Alabama where people are still getting ringworm because they don’t have access to public health is wrong.”

A spokesperson for Turning Point told The Daily Caller News Foundation that the meme drew inspiration from a Feb. 1 tweet from Antony Davies, an economics professor at Duquesne University and co-host of a podcast produced by the libertarian Foundation for Economic Education.

US - Billionaires - % - Wealth - Government

“The 550 US billionaires together are worth $2.5 trillion. If we confiscated 100% of their wealth, we’d raise enough to run the federal government for less than 8 months,” Davies tweeted. “Perhaps our problem isn’t how much billionaires have...
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