Oxfam's released its annual report on inequality, timed to coincide with the World Economic Forum, and unlike previous reports (which focused on attractive but misleading stats about the relative wealth of poor and rich people), the new one focuses on the growth in the fortunes of the world's richest people, a stat that is a much more reliable indicator of growing inequality.
In the new report, Oxfam reveals that the planet's richest 2,000 billionaires got $762 billion richer in 2017 -- an average of $381 million each. One seventh of that gain, if apportioned to the world's poorest, would eradicate extreme poverty.
Oxfam is absolutely right, then, to shine a light on the extreme inequality of the world in 2017. Wealth creation is all well and good, but giving new wealth primarily to the world’s billionaires is literally the worst possible way to distribute it. Oxfam’s longstanding proposal for a wealth tax on billionaires makes perfect sense. They don’t need the money; the world’s poorest do. What’s more, as the Oxfam report details, the top 1% too often make their money by exploiting the very poor. Nothing about this is just, especially when a good 35% of billionaire wealth was simply inherited.
Reward work, not wealth [Oxfam]
Oxfam's excellent inequality report [Felix Salmon/Cause and Effect]
(via Late Stage Capitalism)
(Image: Sophie abasa, CC-BY-SA)
Wage stagnation in the USA has many causes: both the destruction of trade unions and the erosion of labor protections in the law (these two things are connected) are obvious culprits, and do much to explain how real wages could be falling even as unemployment has gone down.
Kudos to the Gates Foundation, seriously: after spending $775m on the Intensive Partnerships for Effective Teaching, a Big Data initiative to improve education for poor and disadvantaged students, they hired outside auditors to evaluate the program's effectiveness, and published that report, even though it shows that the approach did no good on balance and arguably […]
San Francisco is one of the most expensive places in the world to live -- six figure incomes are considered "low" and even the tiniest homes are farcically expensive.
Summer’s here, which brings not only warmer weather but also the unsettling realization that the year is more than halfway over. So, for those who weren’t as productive as they would have liked during the first half of 2018, we’ve rounded up 5 skill course bundles you can start learning today to help you finish […]
It’s good to be proactive, but when it comes to preparing for an emergency situation, one of the most important items you can pack is a flashlight. After all, whatever else you include in your kit won’t be of much use if you can’t see what you’re doing. The Viper 1000-Lumen Tactical Flashlights not only […]
Chances are you took a handful of language classes in high school, and aside from a smattering of conjugations and vocabulary words, the only things you likely remember are the dry, rehearsed sentences that did little to make you speak like a true native. If you’re still hoping to learn a new language but want […]