On Monday the 18th oxfam.org published a revealing article titled, “An Economy For the 1%: How privilege and power in the economy drive extreme inequality and how this can be stopped”
According to their calculations,
In 2015, just 62 individuals had the same wealth as 3.6 billion people – the bottom half of humanity. This figure is down from 388 individuals as recently as 2010.
The wealth of the richest 62 people has risen by 44% in the five years since 2010 – that’s an increase of more than half a trillion dollars ($542bn), to $1.76 trillion.
Meanwhile, the wealth of the bottom half fell by just over a trillion dollars in the same period – a drop of 41%.
Meanwhile in in San Francisco people are protesting “Black Lives Matter” according to USA Today protesters were blocking bay bridge traffic, though it lasted less than an hour and was in honor of MLK. I bring this up for the rally’s that took place on inequality, especially in Oakland where a tent city was established and maintained for the longest protest regarding the 1%. I thought Monday would be a double whammy for protest groups in the area MLK’s Day and inequality? Surprisingly enough they do go hand in hand, as MLK has been quoted saying,
- “You can’t win against a political structure where you don’t have the votes. But you can win against an economic power structure when you have the…power to make the difference between a merchant’s profit and loss.” –1962, after demonstrations in Albany, Georgia
- “Equality means dignity. And dignity demands a job and a paycheck that lasts through the week.” –1963
As you can see from the chart below the recent wealth buildup has been sucked from the bottom half of the world to the top 1%. Many people may see this chart and say there is a looming correction when the trickle down effect comes into play, but I’m willing to bet that wont happen at least in my lifetime. Take a read from Warren Buffett who famously claims he pays less taxes than his secretary.
It begs the question, when will equality and dignity be demanded again. I can’t wait to see the protests begin anew.
Image and quote source: oxfam.org