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Common Dreams reports
The world's richest 1 percent now own more wealth than [the remaining] 99 percent combined. This finding comes from Credit Suisse's Global Wealth Report for 2015, [redirects to a PDF] released last week. Last year, Credit Suisse found the richest 1 percent of adults owned 48 percent of global wealth. According to the new report, the [richest] 1 percent now hold 50.4 percent of all the world's household wealth.
Credit Suisse's findings are in line with Oxfam's prediction that global wealth inequality is only becoming greater. Last January, we predicted that the richest 1 percent would capture more than half of all household wealth by 2016. It looks like our prediction was right, but that we were too conservative, since it has happened a year early. Alas, our forecast was confirmed, but it's nothing to celebrate.
When you look at the very top of the global wealth pyramid, the situation is much more alarming. When we first calculated in January 2014, the 85 richest individuals own more wealth than the poorest half of the planet. This trend has also worsened since that time. Last January, it was down to 80 people.
The implications of rising extreme wealth inequality are greatly worrying. The highly unbalanced concentration of economic resources in the hands of fewer and fewer people impacts social stability within countries and threatens security on a global scale. It makes poverty reduction harder, threatens political inclusion, and compounds other inequalities.
(Score: 3, Insightful) by mmcmonster on Sunday October 25 2015, @03:05PM
Let me look at the people around me. They all make $100k/year. I would guess that most make $50k/year.
They all donate to the local food drives and when someone is properly sick (cancer, broken bones, etc.) they make sure they have a little extra money or whatever support they need to get by.
That is being human.
I don't begrudge the hard working who manages to make enough to retire early. The 'millionaire next door'. We all work hard to be that person. In fact, I'm kinda there already. Working to have a better retirement and secure my children's education and well being.
The multi-billionaires are different. The drive that makes the mega-billionaire makes them less human as well.
At some point it's not only too much, but it's too much by orders of magnitude.
(Score: 2) by Mr Big in the Pants on Sunday October 25 2015, @07:27PM
You would be wrong. While the AVERAGE wage is 50k, the MEDIAN wage (the one that counts) is $27k. For those that struggle with stats that means half of the US makes that or less...while the average just means the total money/number of people: a meaningless figure in this discussion.
This does not change the point - actually the difference brings it home. The wealthy sit at the top insulated from reality while the rest just have to put up with it,
In a 1st world country you tend to be able to put your head up your arse about it because the water level is so high that even the meager amount that trickles down for the middle class is enough to pay the food bill++. But that is more to do with technology.
Any time that water level drops, say due to disaster, you will quickly see how much like a a 3rd world country your economic system is. (e.g briefly during Katrina)
(Score: 2) by mmcmonster on Sunday October 25 2015, @08:09PM
I do agree that the mean income in the US sucks quite badly. The only reason the standard of living in the US hasn't fallen significantly in the last 40 years is that in most couples now both the husband and wife work full time.
Now, couple that with the higher incidence of divorce compared to 40 years ago, and you can see that the country is in for a world of hurt. It would explain the communal living situations that so many people in their 20s and 30s are getting into. Having roommates in their 30s, getting divorced but still living under the same roof for convenience/cost issues, moving back in with their parents making multi-generational households.
Frankly the only out I see is taxing the super-rich more and using the money to give a baseline income for everyone.
(Score: 0) by Anonymous Coward on Sunday October 25 2015, @10:37PM
> Any time that water level drops, say due to disaster, you will quickly see how much like a a 3rd world country your economic system is. (e.g briefly during Katrina)
Katrina is the perfect example. All the reporting on the news about mobs, looting and murders was 99% bullshit. [ajrarchive.org] The reality of Katrina was regular people coming together to selflessly help regular people to get through a disaster. Turns out that's what happens in practically every disaster - you might remember all the people rushing to the twin towers on 9/11.
When your own example disprove your theories, its time to dig a little deeper.
(Score: 2) by Mr Big in the Pants on Monday October 26 2015, @05:10AM
But what was your govt and police response? What did those in power do?
How many people died when they did not need to? What was the rebuild like?
And 911 was an international disaster that was used to the fullest to promote even more evil in the middle east.
Not sure why that disproves anything...