http://www.theguardian.com/public-leaders-network/2015/jan/20/economic-system-enriches-most-powerful-oxfam
Oxfam calculates that by next year, for the first time, the wealth of the richest 1% of the world’s population will overtake that of the remaining 99%. This is shocking proof, if more were needed, that away from all the theory and hot air about inclusive growth, our current system is wired to do exactly the opposite: to enrich the most powerful. Either we fix this now in a controlled way or it will fail later, with unknowable but probably chaotic consequences. Political instability and violence should give us greater reason now to tackle inequality, poverty and exclusion, rather than fresh excuses not to. [....]Inclusive growth should allow the poorest people in our societies to gain a greater share of the pie at the expense of the richest. Inclusive growth should result in more and better paid jobs, and good quality services for everyone, particularly in health and education. [...] To reach the most marginalised people in our societies it is crucial to have effective welfare systems. [...] “Extreme inequality isn’t just a moral wrong. It undermines economic growth and threatens the private sector’s bottom line. All those gathering at Davos who want a stable and prosperous world should make tackling inequality a top priority.”
4 comments:
How do we tackle inequality on a global scale? There are more poor people now than at any point in history. I believe that in order to give people more agency then we need to ensure the security of their lives. People won't stand up to "the man" when their children are dying of treatable diseases and they can't grow food anymore because of desertification. I believe inequality can be fixed from the bottom-up, and it really won't happen until a proper standard of living is universally found.
After reading this article, Obama’s Middle Class Economics seems to be stemming from appropriate motivation. A democratic president would not want to experience the realization that 1% of the nation is wealthier than the other 99% combined. With a few years left in is candidacy, I am sure he will be pushing hard to get some sort of legislation passed through congress to reverse this trend.
In a capitalist economy everyone has a 'fair' shot at accumulating as much wealth as possible. So why do we target inequality so much?
Fairness doesn't just happen though. Because of things like the legacy of institutionalized racism, manipulations of tax laws, and "anti-homeless" laws in many states (http://www.huffingtonpost.com/2014/07/16/anti-homeless-laws-study_n_5592322.html) boundaries to success are created that often can't be overcome. A poor kid and a rich kid don't have the same chance at getting into college.
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