World's 26 richest people own as much as poorest 50%

According to an Oxfam report, in 2018 the 26 richest people on Earth own as much as the poorest 50 percent. In 2017 the number was 43. In 2016 the number was 61.

The richest in the world are getting richer at an accelerated rate, dramatically increasing income equality.

It's absurd to think that 26 billionaires hold as much wealth as 3.8 billion of the poorest people in the world.

Comments

Do we need wealthy philanthropists?

I was watching a Fox news report where the reporter was commenting on the idea that the ultra-rich get taxed at 70%. She cited examples of several people who had donated millions to charity and asked the viewers what we would do if we didn't have these philanthropists to help us. But making a show of doing good while benefiting from unfettered capitalism doesn't make you a some kind of change agent, but a fraud. If you're just blunting the edge of rampant inequality with a fortune you made preying on people who lack healthcare, union or job security, you aren't exactly off the hook for being a capitalist huckster. You're making yourself feel better, and perhaps making it less likely hordes of angry people storm your gated estate. Philanthropy isn't a moral get-out-jail-free card. You can't escape a broader responsibility to humankind with a few perfunctory handouts.

Drip down economics

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Is socialism fringe?

Fox News in a story on the " Socialism Rising " talks about the new crop of democrats entering congress and their "socialist" ideals as being a fringe movement. Ideals, like accessible healthcare and education, funded in part by higher marginal tax rates for the ultra-wealthy are seen as insane concepts. It's like calling the metric system a fringe idea. Every country in the world uses it except Burma, Liberia, and the US. according to the author of the 1981 book Metric Madness: Over 150 Reasons for NOT Converting to the Metric System , the conversion process was considered by many to be a communist conspiracy. In fact, most of the western world embraces those ideals. College tuition in most European countries is free or relatively inexpensive . American tuition costs are among the highest in the world. Almost all developed countries offer universal healthcare . United States is one of the few countries that do not guarantee access to healthcare. These kin...

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