Hope all is well! Hope your summer has been relaxing and fruitful in connecting with family and friends. We all are saddened by the forest fires that have been raging in Canada, Greece and in other places around the world, including one in beautiful Maui, an island I have visited multiple times and fell in love with.
In keeping to our continuing theme of sharing some of MyLLife projects, in this issue we are touching on a new project ready to staff and launch. This is about economic and social injustice in our country and around the world. USA is the richest country in the world, yet as much as 60% of US household does not have $1,000 in savings for emergency or difficult financial needs. This is untenable and does not speak well for the American Dream which continues to attract people from all over the world. This also reflects serious economic and social injustice that should not exist in an affluent society like ours where we should not only let people live in dignity but also be a role model for the world, if we are serious about American leadership in the world.
This is a man-made tragedy, and it does not have to be this way. Many of these household have people who are gainfully employed by large corporations who are showing record profits even in this pandemic. These employees do the heavy lifting such as running machines in factories, taking care of customers in restaurants, transporting goods to distance places, harvesting grains, fruits and vegetables to feed the citizens, taking care of patients and elderly in hospitals and nursing homes, to mention a few essential professions among many.
To shed some lights on this, we are going to dig into the financial performance of the largest 100 USA companies to start with and see how these companies take care of their various stakeholders, many of whom comes from the household that we mentioned earlier. To get a glimpse of these companies as a collective, we looked at the balance sheet and income statements for 2021. Collectively these companies have $33.3T in Asset. To contrast with US economy, this is bigger than US GDP which is currently at $23T. Citizens and consumers in USA and around the world provide these companies with $9.1T of revenue each year. Again, for perspective this is twice the US Federal Budget of $4.8T. These companies then generate $1T of net income each year from these revenue streams. One big question, what happens to this $1T?
