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Global wealth inequality widened last year as billionaires increased their fortunes by $2.5 billion per day, anti-poverty campaigner Oxfam said in a new report.
While the poorest half of humanity saw their wealth dwindle by 11%, billionaires' riches increased by 12%. The mega-wealthy have also become a more concentrated bunch. Last year, the top 26 wealthiest people owned $1.4 trillion, or as much as the 3.8 billion poorest people. The year before, it was the top 43 people.
[...] To address many of these ills, Oxfam advocated raising taxes. It estimated that a 1% wealth tax would be enough to educate 262 million out of school children and to save 3.3 million lives. As of 2015 returns, Oxfam says that only four cents in every tax dollar collected globally came from tariffs on wealth, such as inheritance or property. The report also claims that the rich are hiding $7.6 trillion in offshore accounts
Previously: Only 1% of World's Population Grabbed 82% of all 2017 Wealth
(Score: 1) by khallow on Wednesday January 23 2019, @02:02AM (1 child)
Anand Giridharadas has a book that needs selling. Please buy.
As to his argument, sure, the world isn't perfect, but it's interesting how he exaggerates the imperfection. For a topical example,
There's no mention that Oxfam's measure of wealth inequality is nonsense, is there? Or that the number of billionaires (a huge reason for the wealth increase by itself) increased by 13% from 1949 to 2208 [wikipedia.org]. Or that the real bottom half of humanity continues to get better as it has since around 1970? But the "voting public" has grown more recentful and suspicious as a result.
In reality, with real facts [soylentnews.org], the people of the world are doing the best they have ever done, no matter how many centuries you choose to go back.
There's plenty more bull where that came from. He decries how low return on investment that health care, research, education, etc has become without mentioning that it's still great health care, research, etc. Wealth inequality or vague "social arrangements" aren't responsible for the entropy of societal systems.
The modern doomsayers of our time can't sell books, if people don't believe the sky is falling. But you can help. Just be a complete, gullible mark, swallow every lie they dish out, and make sure you enter the credit card # right when you buy that scary book that's going to tell you how everything is some rich dude's fault, except for the modern, shiny, generous societies that resulted.
Want to make global wealth inequality smaller for reals rather than merely complain about it for tax purposes? First, measure it accurately with future income and public safety nets included. That right there will show a remarkable improvement in wealth inequality. Continuing the good work, increase global economic immigration, reduce or eliminate professional licensing requirements, (following the little bit of not terrible advice of the main story) a revenue neutral, zero loophole 1% wealth tax (turn it into a UBI) - otherwise outright ignoring the rich, global women suffrage, and eliminating a great deal of global corruption, protectionism, and counterproductive regulatory policies (particularly in the developed world where most of the wealth lies).
Also be aware that wealth inequality is here to stay - that's a big part of why it's such a great target for concern trollers like Oxfam and Giridharadas in the first place. People never will be equally interested, competent, and lucky at accumulating wealth. It's a perceive problem that will stay a perceived problem no matter what is done. Please also be aware that rich people aren't the only ones who aren't winners in a lessened global wealth inequality situation. So are those living in the developed world.
(Score: 1) by khallow on Wednesday January 23 2019, @04:02AM
Oops. Miscalculated that. Still an 8% increase in population combined with inflation probably explains most of the 12% increase in alleged wealth of billionaires.