85 richest people own as much as bottom half of population, report says

[Coyotl]

85 richest people own as much as bottom half of population, report says
By Jim Puzzanghera
January 20, 2014 http://www.latimes.com/business/money/la-fi-mo-oxfam-world-economic-forum-income-inequality-20140120,0,7080817.story

The 85 richest people on Earth have the same amount of wealth as the bottom half of the population, according to a new report that highlights growing income inequality as political and business leaders gather for the annual World Economic Forum in Davos, Switzerland.

Those wealthy individuals are a small part of the richest 1% of the population, which combined owns about 46% of global wealth, according to the report from British humanitarian group Oxfam International. .................

The study found the richest 1% had $110 trillion in wealth -- 65 times the total wealth of the bottom half of the population.
That bottom half of the population owned about $1.7 trillion, or about 0.7% of the world's wealth. That's the same amount as owned by the 85 richest people, the report said.

The findings undermine democracy and make it more difficult to fight poverty ...................

[daleanime]

1. K&R....

[johnnyreb]

2. Thet still sounds like commie-nism.

We need to get it down to one man having all the money, and the rest of us sharing a penny. 'Cawz a po-er man never gave me a jawb!

[Coyotl]

3. Huh? That makes very little sense. Ramble away ....

[johnnyreb]

6. Down here, that's the kind of reply you get when you ask people where the concentration ends.

At least in the low-country. So I just remind 'em to donate to Bottlecaps for Billionaires.

[MynameisBlarney]

11. Your snarkometer.

Re-calibrate it.

[DirkGently]

4. Okay. As long as they promise not to

... use that diproportionate wealth to wield disproportionate power over everyone else, everything should be ... should be ... fine.

Um.

[Jefferson23]

5. Gee, I wonder how that came to be. Hail the oligarchs! n/t

[rhett o rick]

7. If you work hard and pull yurself up by your bootstraps you too can be one of the 85.

[hrmjustin]

8. But we can't raise taxes on the poor rich people.

[rhett o rick]

9. In all series-ness if we drew a line between now and when 100 people own all of the wealth

how would a capitalist answer the question, "is this the desired outcome? if not, what capitalism mechanism will turn this around?"

[Logical]

10. Increase the minimum wage, but not much to do about people.....

Making a lot of money.

[Silent3]

12. Imagined right-wing response: This just shows that only 85 people managed to escape...

...the crushing burden of taxes and regulation! Lower taxes even more and get rid of those pesky regulations, and the rest of us will be able to break free and reach those same soaring heights!

[frwrfpos]

13. they are coming for that last .7%

They want it all and will use propaganda and violence to take the last few crumbs from our mouths. They are sociopaths and vert dangerous to society.

[Spitfire of ATJ]

14. Raise taxes on the rich to 90% then allow them to deduct PAYROLL but only for American workers.

[jtuck004]

15. Perhaps we should carry signs and rebuke them sharply.

.html?sort=3&o=0" target="_blank">Here.

[Coyotl]

18. No doubt this discussion already shames them horribly.

They'll have it all fixed voluntarily in a snap.

[riderinthestorm]

16. Disgusting and outrageous!

[Douglas Carpenter]

17. 85 makers and half a world of takers - if we were to follow the current prevailing philosophy

[pampango]

19. Their policy proposals deal with progressive taxation, stronger unions and safety net.

Rich and poor countries alike are affected. Financial deregulation, skewed tax systems and rules facilitating evasion, austerity economics, policies that disproportionately harm women, and captured oil and mineral revenues are all examples given in this paper. The short cases included are each intended to offer a sense of how political capture produces ill-gotten wealth, which perpetuates economic inequality.

This dangerous trend can be reversed. The good news is that there are clear examples of success, both historical and current. The US and Europe in the three decades after World War II reduced inequality while growing prosperous. Latin America has significantly reduced inequality in the last decade – through more progressive taxation, public services, social protection and decent work. Central to this progress has been popular politics that represent the majority, instead of being captured by a tiny minority. This has benefited all, both rich and poor.

The particular combination of policies required to reverse rising economic inequalities should be tailored to each national context. But developing and developed countries that have successfully reduced economic inequality provide some suggested starting points, notably:

• Cracking down on financial secrecy and tax dodging;
• Redistributive transfers; and strengthening of social protection schemes;
• Investment in universal access to healthcare and education;
• Progressive taxation;
• Strengthening wage floors and worker rights;
• Removing the barriers to equal rights and opportunities for women.

http://www.oxfam.org/sites/www.oxfam.org/files/bp-working-for-few-political-capture-economic-inequality-200114-en.pdf

The policy recommendations in the report center on progressive taxation, strengthening the safety net ("redistributive transfers", healthcare and education), stronger unions (worker rights and higher minimum wages) and removing barriers to women.

These are the same ideas we see all the time at DU. Shows how far ahead we are.

[Incitatus]

20. Those 85 people must work harder than 3.5 billion people.

[imthevicar]

21. I Hate to Say this, (Cassendra didn't get half of what she deserved.-Heinline) But If

Nothing is done about this, And no One comes along to save the wealthy from themselves? Which is what FDR Did. When it becomes Very Messy, (and if nothing is done, and soon, history shows that it WILL.) When the SHTF, and The Elite walking to their fates, will look about and implore to all who have been under their boot for so long, Why are you doing this to me and my family? Trust me when I say their is a "Madame Therese Defarge", Taking notes someplace today in the US. and she will be in the position to do something about her Slight Perceived or not.

Don't shoot me I'm Just the Messenger!