Saturday, January 21, 2017

the pitchfork solution to world inequality

Each year Oxfam delivers a report about how the inequality in the world is getting worse and how this needs to stop. This year, I was encouraged by a marginal note from Nick Hanauer, one of the Super Rich, who warns his fellow billionarie's that:
‘No society can sustain this kind of rising inequality. In fact, there is no example in human history where wealth accumulated like this and the pitchforks didn’t eventually come out.’
- the pitchforks are coming ... for us Plutocrats
Now, what did that Oxfam report say?
  • Since 2015, the richest 1% has owned more wealth than the rest of the planet.
  • Eight men now own the same amount of wealth as the poorest half of the world.
  • Over the next 20 years, 500 people will hand over $2.1 trillion to their heirs – a sum larger than the GDP of India, a country of 1.3 billion people.
  • The incomes of the poorest 10% of people increased by less than $3 a year between 1988 and 2011, while the incomes of the richest 1% increased 182 times as much.
  • A FTSE-100 (Financial Times Stock Exchange 100) CEO earns as much in a year as 10,000 people in working in garment factories in Bangladesh.
  • In the US, new research by economist Thomas Piketty shows that over the last 30 years the growth in the incomes of the bottom 50% has been zero, whereas incomes of the top 1% have grown 300%.
  • In Vietnam, the country’s richest man earns more in a day than the poorest person earns in 10 years.
more details here

Oxfam report: AN ECONOMY FOR THE 1%
the strengths and weaknesses of capitalism
Land of the Free, Home of the Poor

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