Just 1 percent of the world's population controls nearly half of the planet's wealth, according to a new study published by Oxfam ahead of the World Economic Forum's annual meeting. The study says this tiny slice of humanity controls $110 trillion, or 65 times the total wealth of the poorest 3.5 billion people.
The report also points out the incredible statistic that the world's 85 richest people own as much as the poorest 50 percent of humanity. Curiously the tabloid press chose to lead on a story about Coronation Street when this news was released.
70 percent of the world's people live in a country where income inequality has increased in the past three decades. Governments have been making "hard choices." But it turns out they were not all that hard for the millionaires.
In the USA the gap between rich and poor has grown at a faster rate than any other developed country.
And why Oxfam? Oxfam is remembered as a safe charitable concern collecting money for the poor while the rich get comfortably richer. Why the difference? One reason has got to be the complete failure of the political elite to address this issue. The Labour Party used to have equality at the heart of its professed philosophy. Now it is indistinguishable from the Conservative Party.
The reason given by the Labour leadership and their apologists is that "Socialists cannot win elections." That is the reason Socialists all over the world have hailed the victory of Kshama Sawant in Seattle. A Socialist campaign can win in the heart of the United States. Though cowards flinch and traitors sneer, fighting for the working class, fighting against poverty is likely to be more effective than writing to your MP! In my case Oxfam suggested I ask what millionaire Peter Bottomley is doing to address inequality of wealth. I look forward to his answer but I am not holding my breath :)
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