Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
CNN: Wealthiest 1% will soon own more than rest of us combined, Oxfam says
Wealthiest 1% will soon own more than rest of us combined, Oxfam says
1/191/5
(CNN)Turns out, the rich really are getting richer. And they'll soon own more than the rest of us put together.
So says a new report, which estimates that the richest 1% will have as much wealth as the other 99% combined by next year.
"The richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014," Oxfam says in a report Monday.
At that rate, the wealthiest will own more than 50% by next year, according to the report....
1/191/5
(CNN)Turns out, the rich really are getting richer. And they'll soon own more than the rest of us put together.
So says a new report, which estimates that the richest 1% will have as much wealth as the other 99% combined by next year.
"The richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014," Oxfam says in a report Monday.
At that rate, the wealthiest will own more than 50% by next year, according to the report....
This made me think of Moyers report last April~
"Government = Protection Racket for the 1 Percent"
...And at state and local levels, while the poorest fifth of Americans pay an average tax rate of over 11 percent, the richest one percent of the country pay — are you ready for this? — half that rate. Now, neither Nature nor Nature’s God drew up our tax codes; that’s the work of legislators — politicians — and it’s one way they have, as Chief Justice John Roberts might put it, of expressing gratitude to their donors: “Oh, Mr. Adelson, we so appreciate your generosity that we cut your estate taxes so you can give $8 billion as a tax-free payment to your heirs, even though down the road the public will have to put up $2.8 billion to compensate for the loss in tax revenue.”
All of which makes truly repugnant the argument, heard so often from courtiers of the rich, that inequality doesn’t matter. Of course it matters. Inequality is what has turned Washington into a protection racket for the one percent. It buys all those goodies from government: Tax breaks. Tax havens (which allow corporations and the rich to park their money in a no-tax zone). Loopholes. Favors like carried interest. And so on. As Paul Krugman writes in his New York Review of Books essay on Thomas Piketty’s Capital in the Twenty-First Century, “We now know both that the United States has a much more unequal distribution of income than other advanced countries and that much of this difference in outcomes can be attributed directly to government action.”
Recently, researchers at Connecticut’s Trinity College ploughed through the data and concluded that the US Senate is responsive to the policy preferences of the rich, ignoring the poor. And now there’s that big study coming out in the fall from scholars at Princeton and Northwestern universities, based on data collected between 1981 and 2002. Their conclusion: “America’s claims to being a democratic society are seriously threatened… The preferences of the average American appear to have only a minuscule, near-zero, statistically non-significant impact upon public policy.” Instead, policy tends “to tilt towards the wishes of corporations and business and professional associations.”...
http://billmoyers.com/2014/04/21/government-protection-racket-for-the-1-percent/
15 replies
= new reply since forum marked as read
= new reply since forum marked as read
Last edited Mon Jan 19, 2015, 10:43 AM - Edit history (1)
Oxfam blog post(mainly posted so I can find it directly again
