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  1. #1
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    02.15.15 @ 05:38 PM
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    Default Richest 1% On Track To Own 50% Of All Wealth By 2016

    The richest one per cent of people globally are poised to own more than half of all wealth by next year, international inequality watchdog Oxfam warns in a report released today.

    The Oxfam was timed to coincide with the start of the upcoming Davos World Economic Forum, an annual gathering in the Swiss city of influential policymakers to discuss issues that affect the global economy.

    The group's research shows the share of wealth owned by the richest one per cent has increased from 44 per cent six years ago in 2009 to 48 per cent last year. And the uneven distribution doesn't just spike at the very end ó the top 20 per cent are still doing well for themselves.

    1 billion people earn $1.25 a day

    The poorest 80 per cent own just 5.5 per cent of the world's wealth. That means four-fifths of everyone on Earth have an average of $3,851 US to their name.

    Although people tend to assume the cut-off to be included in the one per cent would be a gargantuan amount of money, the reality is quite different: the average wealth of the "one percenters" is $2.7 million.

    Oxfam made headlines this time last year with a similar report, which found that the world's 85 richest people had as much wealth as the poorest 50 per cent ó more than 3.5 billion people.

    "One in nine people do not have enough to eat and more than a billion people still live on less than $1.25 a day," Oxfam said in a release.

    "Do we really want to live in a world where the one per cent own more than the rest of us combined?" Winnie Byanyima, Oxfam's executive director, said in a statement. "The scale of global inequality is quite simply staggering, and despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast."

    The group says a few simple policies could help tip the scales back towards a more equitable solution. They include investing in things like universal health care and education for everyone, ensuring global standards for child and elder care, and closing the wage cap between men and women.

    The group's paper outlines a few policies that the global community could work towards to make a real dent in inequality. They include:

    ó Clamping down on tax dodgers by closing tax-evading loopholes that are only available to multinational corporations and extremely rich individuals

    ó Share the global tax burden more fairly by shifting the onus of taxation away from consumption and income and on to capital and wealth.

    ó Introduce minimum wage standards and work towards a living wage for all workers.

    The report cites a few sectors in particular for being major roadblocks to inequality, by using their pre-existing power and influence to sway legislation in their favour.

    The health-care and financial services industries spent almost $900 million to lobby the U.S. government for favourable legislation in 2013, and more than $200 million was spent on lobbying in the EU, Oxfam said.

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  3. #2
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    10.25.16 @ 04:18 PM
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    Only way to solve the problem is for everyone else (not me) to send all their money to the 3rd world.

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    Atomic Punk I Coulda Hada VH's Avatar
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    10.25.16 @ 10:41 PM
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    "The past ain't what it used to be"

    "Music is like candy. You throw out the rappers"

    "Be careful what you wish for because you just might lose what you already have"

    "Women and Children First ... The REAL Van Halen III"

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    05.16.15 @ 09:42 AM
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    Kill, kill, kill the [rich] white man.

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    07.15.16 @ 10:31 PM
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    Because the economy is improving soooooo much...
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  8. #6
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    10.23.16 @ 01:32 PM
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    So who is volunteering to tell everyone that makes $17+ an hour that they need to pay more taxes because they are part of the global 1%?

    I can't imagine that's going to go over well. Good luck with that, HuffPo.
    CNN may think my opinion matters, but you shouldn't.

  9. #7
    Atomic Punk
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    10.25.16 @ 11:02 PM
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    But unless wealth suddenly becomes finite and the rich starty get richer only by making the poor poorer, then what is the part that I should be truly concerned about? If I am poor and I maintain my status quo while Bill Gates makes another billion dollars, has he taken it from my pocket?

    I mean, while income inequality might be increasing in America, hasn't the personal well-being gap continued to close? With technological advances that have lined the pocket of, say, the aforementioned Bill Gates, can't more and more Americans afford laptops, internet access, TVs, cars, etc.? Relatively poor Americans can even afford flights (Southwest out here has $99 deals), which was once reserved for the upper classes.

    The assumption here, I think, is that it is always bad when the rich get more, no matter what happens, which I think is a false assumption.

    As far as the global poor, income redistribution can't and won't work. What has lifted more people out of poverty than anything else is capitalism. Even the pretentious rock star has figured that out:

    What won't help is making energy more expensive by moving away from fossil fuels. The number one problem facing humans is poverty. Since problems that kill children are worse for a society than things that kill adults or the elderly, risks to one's health are measured by days off the average life. By far, poverty takes more days off of the average life than anything else (9 years). The easiest way to keep poor people poor is to increase the cost of energy.

    I think you have two distinct paths being looked at here. One is to move away from fossil fuels, increase the cost of energy by moving strictly to renewable energy, and redistribute wealth globally, where people earning $34,000 and up in the US and elsewhere give up half of their income, in an attempt to normalize wealth in the world. The other is to work on spreading economic freedom to the poorest countries, continue to keep the price of energy low so they can industrialize, and turn our focus towards dealing with climate change (which we've done pretty well so far, as deaths from extreme weather events fell 98% from 1900-2010).



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