Wealth Gap widens to 1920's Proportions

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Wealth Gap Widens

Scribe: N. Tru Bass

Email: ntb@thethinkering.com

 

In 2017, 3.5 billion of the poorest people in the world saw no increase in their personal wealth while the richest one percent of the population earned 82 Percent of every dollar earned.

A new Oxfam report was released on Monday as the wealthiest people in the world meet in Davos Switzerland citing, the money is in Switzerland this week. The report released on Monday called, “Reward Work, Not Wealth,” documented hundreds of millions of people are struggling to survive on poverty pay while the wealthy elite to accumulate vast fortunes.

“The proletarians have nothing to lose but their chains. They have a world to win. Workingmen of all countries, unite!” --Karl Marx

Middle class workers have wealth has risen slowly compared to billionaire wealth that has risen by an annual average of 13 percent since 2010. Between March 2016 and March 2017 the number of billionaires rose at an unprecedented rate of one every two days. The report highlights that in just four days a CEO from one of the top five fashion brands to earn what a Bangladeshi garment worker will earn in his or her lifetime.

Not since the 1920’s have income disparity been as great as it is in 2018. U.S. income inequality has been growing for almost three decades and it caught fire last year according to an analysis of the IRS. Experts say the richest Americans surged last year due in part to they cashed in stock holdings to avoid higher capital gains taxes that happened in January.

Six years ago, the incomes of the top 1 percent rose nearly 20 percent compared with a 1 percent increase for the remaining 99 percent of Americans. The jump began in 2009 just after the 2008 recession was technically said to be over, the top 1 percent enjoyed benefits of rising corporate profits and stock prices, 95 percent of the income gains reported since 2009 have gone to the top 1 percent.

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Comments

This is so true people need to wake  up and see what is really important here! The little fish going against each other when the big fish is running off with all the gains.

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