Wealth inequality stands at its highest since the turn of the 20th century - the so-called 'Gilded Age' - as the proportion of capital held by the world's 1,542 dollar billionaires swells yet higher. The report, undertaken by Swiss banking giant UBS and UK accounting company PwC, discusses the roles technology and globalization play in the status quo, and appears two weeks after the IMF recommended that the rich should pay more tax to address the enormous disparity.
(Score: 3, Informative) by The Mighty Buzzard on Sunday October 29 2017, @04:15PM (1 child)
Using an inflationary currency was designed to take care of that by making truly stagnant money (of which there is very, very little) worth less every year, thus providing incentive to reinvest in the economy. And it would if we could manage enough growth to allow for it. Destroy the middle class and you destroy growth though.
My rights don't end where your fear begins.
(Score: 1, Insightful) by Anonymous Coward on Sunday October 29 2017, @06:57PM
The use of an inflationary currency was designed to avoid a deflationary death spiral. It's well established that the richest are more likely to have large portions of their money tied up in stocks that are relatively resistant to inflationary pressures.
What's destroying the middle class is the kind of policies that you're advocating for. Allowing the rich to hoard so much money that they can't even spend it all makes it all but impossible for the poor to make enough to keep up with inflation, let alone get ahead.
The problem here isn't economic growth, the problem is that it's being hoarded by the greedy rather than distributed to the engines of the economy, the working class.