Friday, February 06, 2015

Are We past the point of no return when it comes to Inequality?

Summary
            This article is about the wealth inequality between the highest 1 percent and lower 99 percent of the population. The article gives several statistics on wealth in the 1 percent, stating that since 2009 the global wealth of the 1% rose from 44 to 48 percent. As of today, the richest 85 people own as much, if not more, than half the world combined. Those in the middle, roughly 5.6 billion people, have just under $4,000. The long-term prospects for the world economy are in need of this inequality reducing. Policies are going to need to be made to stop inequality from increasing, without this change, the future looks very bleak, except for those in the top 1 percent. The article states that instituting a global wealth tax would help curb this inequality rise. Also with this solution, another exists according to the article. That is raising marginal rates on that top 1 percent to having 70 percent.

Critic
            This article has a lot of great information on an issue that is important for many people. I personally do not know anyone that is currently making in the top 1 percent and that is causing the economy to become weighted towards those that are making the amount. I believe that a change is very much so needed because if it is not made, then the global economy will become tilted towards the top 1 percent. When it is made that those at the top 1 percent owns just as much wealth as those at the bottom 99 percent, then there is a need for change. I believe that if change does not come soon, then those at the bottom 99 percent are going to have to scrape for the ability to just survive. With the global economy being like a funnel, first going to the top 1 percent, then slowly trickling down to the rest of the population, there is hardly anything left to work with.


Elizabeth Causby
Friday, February 6, 2015

5:00pm

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