Reports show that the top 1%
has increased wealth by 60%.“Globally the incomes of the top 1% have increased
60% in twenty years. The growth in income for the 0.01% has been even greater.”
While inequality has grown over the past couple decades due to major
institutions, the focus has been on ending only half the problem, and that's
extreme poverty. To tackle inequality completely, you need to look at both
sides, so that means ending extreme wealth as well.
Oxfam, an anti-poverty
group, laid out a few reasons why extreme wealth is the problem. Extreme
inequality is economically inefficient, as "they limit the overall amount
of growth, and... that growth fails to benefit the majority." Inequality
also has a dangerous authority in politics. Massive amounts of
money means massive amount
of political power, which will definitely affect the outcome against
people with less means.
Oxfam also noted that
massive inequality leads to environmental destruction. “Those in the 1% have been estimated to use
as much as 10,000 times more carbon than the average US citizen,” the report
states. “Increasing scarcity of resources like land and water mean that assets
being monopolized by the few cannot continue if we are to have a sustainable
future.” And lastly, Oxfam argues that inequality is unethical.
Solutions to stop this
problem include decent work for decent wages, free public services, access to
quality education, and regulation and taxation. In a world with scarce amount
of resources, inequality is the most important thing we need to get under
control.
http://www.alternet.org/news-amp-politics/global-inequality-skyrockets-report-says-top-1-have-increased-wealth-60-over-last
Kayla Gammie
6:40 pm
2/15/13
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