A new report out by OxFam has some alarming numbers on income distribution, in what they are calling a “growing tide of inequality”. One of the most alarming facts is that the 85 richest people in the world have as much money as the 3.5 billion poorest. They also highlight some other alarming details:
Almost half of the world’s wealth is now owned by just one percent of the population.2
• The wealth of the one percent richest people in the world amounts to $110 trillion. That’s 65 times the total wealth of the bottom half of the world’s population.
• The bottom half of the world’s population owns the same as the richest 85 people in the world.
• Seven out of ten people live in countries where economic inequality has increased in the last 30 years.
• The richest one percent increased their share of income in 24 out of 26 countries for which we have data between 1980 and 2012.
• In the US, the wealthiest one percent captured 95 percent of post-financial crisis growth since 2009, while the bottom 90 percent became poorer.
For us here in the good ole’ USA, that last fact should really be a warning sign. If you look at it in graph form, then you should become sick to your stomach:
We are leading the way in what in what the report refers to as the second greatest economic risk in the next 16-18 months. But I’m sure that won’t stop Republicans from pushing their “less taxes for the top earners is how to fix the economy” line of bullshit that has lead us here.