Monday, January 20, 2014

Income distribution does matter

"Global inequality has increased to the extent that the £1 trillion combined wealth of the 85 richest people is equal to that of the poorest 3.5 billion - half of the world's population - according to a new report from development charity Oxfam.

And the report, entitled Working For The Few, claims that growing inequality has been driven by a "power grab" by wealthy elites, who have co-opted the political process to rig the rules of the economic system in their favour."

"About two-thirds of adults are dissatisfied with how wealth and income are distributed in the U.S., according to a new survey. The Gallup poll was conducted ahead of President Obama’s State of the Union address, which is expected to include a focus on income inequality."

If you have a certain amount of income being generated, and an extraordinary amount of it gets sucked up by just a few people, then you are encouraging poverty.  This is a similar situation in the Middle Ages when a Lord had his castle and ran everything, and everybody else was a serf dependent on the few crumbs left outside the castle.  Is this what we want?

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