A startling figure has just been released showing the ever-widening gap in wealth between the world’s upper echelons and nearly everyone else — the eight richest men on the planet are now worth as much as 3.6 billion people.
Oxfam plans to release its report at the World Economic Forum — a convention for top business executives, academics, and policy makers — which begins on January 17 in Davos, Switzerland, and this year will focus on “responsive and responsible leadership.”
While it might be tempting to view the statistic of so few people having amassed as much wealth as 3.6 billion as the problem in itself, it should be noted many of the businesses they own or run receive government welfare, incentives, and benefits the rest of us would never be privy to.
“Oxfam said it didn’t name the richest 8 billionaires in its report because its goal is to call attention to the political and economic mechanics that are creating widening inequality,” CBS News reports. “Still, the 8 billionaires are those at the top of the Forbes’ billionaire list, many of whom have pledged to spend large portions of their fortunes on charity.”
Gawain Kripke, the director of policy and research at Oxfam America, noted, “It puts in in stark terms the biblical proportions of the economic health of the world, where 8 people have as much economic power as 3.6 billion people. “There is a moral frame to this: is it right, that so much economic power adhere to those few individuals? Is our economy working right if this is what is happening? Is it moral that so many people struggle when so much wealth is available?”
After considering further information from Credit Suisse, Oxfam revised last year’s figures which had found 62 people as wealthy as the ‘bottom’ half of the population. This year’s statistic, now just eight people with that same wealth, shocked the authors of the report — and they’ve suggested measures to take to begin bridging the divide. As the New York Times reports:
“They include higher taxes on wealth and income to ensure a more level playing field and to fund investments in public services and jobs, greater cooperation among governments on ensuring workers are paid decently and the rich don’t dodge their taxes. And business leaders should commit to paying their fair share of taxes and a living wage to employees.”
However, though economic inequality as shown in the Oxfam report indeed illustrates astonishing differences in advantage around the globe, it isn’t wealth for its own sake driving the problem — nor is it stratification. In many cases, top executives can procure assistance from the government — both personally and for the businesses they own.
While you’re told by the Sean Hannitys of the world that the government takes from the rich to redistribute to the poor, the reality is actually the opposite. The state fleeces the poor and middle class in America, and that money is, in turn, redistributed to the most wealthy Americans.
David Brunori, a Forbes contributor, noted three years ago concerning a report titled, “Subsidizing the Corporate One Percent,” that “three-quarters of all state economic development subsidies went to just 965 corporations since the beginning of the study in 1976. The Fortune 500 corporations alone accounted for more than 16,000 subsidy awards, worth $63 billion – mostly in the form of tax breaks.
“Think about that. The largest, wealthiest, most powerful organizations in the world are on the public dole. Where is the outrage?
Back when I was young, people went into a frenzy at the thought of some unemployed person using food stamps to buy liquor or cigarettes. Ronald Reagan famously campaigned against welfare queens.
The right has always been obsessed with moochers. But Boeing receives $13 billion in government handouts and everyone yawns, when conservatives should be grabbing their pitchforks.”
Some of the biggest corporations receive tax breaks on enormous CEO bonuses. They can claim tax deductions for luxury vehicles, jets, chauffeurs, and other big-ticket items in the name of ‘security’ for top executives. Grossly inflated subsidies are provided to the oil and gas industry, the pharmaceutical industry, and the agriculture industry, or Big Ag. Corporations garner tax subsidies from state and local governments. And the biggest corporations fund lobbyists — and win hundreds of billions in federal contracts.
And those are only a few of the ways corporations and executives game the system to amass huge fortunes.
“We have a situation where billionaires are paying less tax often than their cleaner or their secretary,” Max Lawson, Oxfam policy advisor, told the Associated Press.
Perhaps it isn’t taxes that are the problem either — but the fact these elite businessmen manipulate the system of taxation for their own advantage in a way the average person would never be able to do. In fact, the tax code itself is written in favor of government-connected megacorporations. It is, by design, a means of extracting wealth from the lowever, middle, and upper class and redistributing it to the extremely wealthy in the 1%.
The ruling elite in the United States quite literally hand-pick politicians and pay for their campaigns to put them in office. More than half of all donations provided to the 2016 presidential candidates, in both parties, proves this notion as they came from a mere 158 families.
“policies that take from the many and redistribute to the already rich few through stealth techniques that rarely make the news but can be found in the public record. Among these policies are a failure to enforce the laws of business competition, severe restrictions on unions and subsidies galore for big companies.”
When the topic of the ultra-rich controlling elite is brought up, most of the time the free market gets the blame. But most of these opinions fail to take the role of the state into consideration.
“Such massive inequality reflects not market economics but political influence that tilts the economic playing field,” explains Johnson. “And because of their political influence, those at the very top get tax favors, especially the deferral of taxes into the distant future, which transforms the burden of taxes into a bonanza of increased profits.”
But because the gap continues to grow unhindered, Oxfam concluded, as CBS News explained, “the bottom half of the U.S. population has been ‘shut off from economic growth for over 40 years.’”
Oxfam argues ‘governments should be designed for the bottom 99 percent of income earners’ instead of benefiting only the wealthy elite.
Although the charity omitted the names of the eight billionaires in its analysis, the Times noted, “Oxfam used Forbes’ billionaires list that was last published in March 2016 to make its headline claim. According to the Forbes list, Microsoft founder Gates is the richest individual with a net worth of $75 billion. The others, in order of ranking, are Amancio Ortega [$67 billion], the Spanish founder of fashion house Inditex, financier Warren Buffett [$60.8 billion], Mexican business magnate Carlos Slim Helu [$50 billion], Amazon boss Jeff Bezos [$45.2 billion], Facebook creator Mark Zuckerberg [$44.6 billion], Oracle’s Larry Ellison and Bloomberg, the former mayor of New York [$40 billion].”
Winnie Byanyima, executive director of Oxfam International will attend the forum in Davos, and criticizes what the report actually shows, stating,
“It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day. Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.”
Sadly, the response to this inequality will be more tax programs that will strike the poor and middle class the hardest — creating even more divide by funneling money upward toward those at the top of government.
Not until the state’s power to take money from its citizens is reined in will this flood of upward redistribution of wealth recede.
#1: rlk To: Deckard (#0)
rlk posted on 2017-01-16 13:17:10 Reply Private Reply
#2: Deckard To: rlk (#1)
Is that what the voices in your head are telling you?
Let me see if I get this straight - welfare and food stamps for those who have lost their jobs due to government policies = BAD.
Corporate welfare, bailouts, and government hand-outs for billionaires = GOOD.
Deckard posted on 2017-01-16 13:25:42 Reply Private Reply
#3: nativist nationalist To: Deckard (#0)
8
MenLiberals Have as Much Money as Half the Entire Worldnativist nationalist posted on 2017-01-16 13:53:28 Reply Private Reply
#4: rlk To: Deckard (#2)
Yup!
Half the entire world is composed of genetically deficient rejects who deserve to be poor because of their deficient life styles and beliefs. They believe they are entitled to economic, political, and social equality although they have contributed nothing to anything except arrogant demanding economic redistributionist bull shit at the United Nations.
rlk posted on 2017-01-16 14:14:58 Reply Private Reply
#5: A Pole To: rlk (#4)
A Pole posted on 2017-01-16 16:11:11 Reply Private Reply
#6: paraclete To: A Pole (#5)
They are the ogres of capitalism there are no saints in capitalism. Let me remind you what Jesus said. It is harder for a camel to pass through the eye of a needle than for a rich man to enter the kingdom of heaven. In order to become saints they would need to give away all their wealth and follow Jesus and that doesn't mean putting it in a foundation where they still control it. the rich young man in Jesus day couldn't do it and neither can they.
paraclete posted on 2017-01-16 18:50:21 Reply Private Reply
#7: nolu chan To: Deckard (#0)
The top 8:
75
67
60.8
50
45.2
44.6
40
40
422.6B Top 8 total
3.6B people have the same economic power.
422.6B/3.6B =
$117.39 the average economic power of half the people in the world?
nolu chan posted on 2017-01-16 19:20:31 Reply Private Reply
#8: rlk To: nolu chan (#7)
It's available by theft.
rlk posted on 2017-01-16 19:45:20 Reply Private Reply
#9: GrandIsland To: Deckard (#0)
GrandIsland posted on 2017-01-16 19:47:17 Reply Private Reply
#10: paraclete To: GrandIsland (#9)
How can you say facts are bullshit? You are completely dulluded and drank the capitalist koolaid. That is a short list, I wonder where we get to when we list all the billionaires?
The fact is we can't allow these robber barons to hog all the wealth. They don't need it, if they used it to create jobs there would be no unemployment
paraclete posted on 2017-01-16 20:02:40 Reply Private Reply
#11: GrandIsland To: paraclete (#10)
You are a socialist piece of shit... I don't talk to socialist. F' off libtard.
GrandIsland posted on 2017-01-16 22:23:53 Reply Private Reply
#12: buckeroo To: GrandIsland (#11)
buckeroo posted on 2017-01-16 22:26:56 Reply Private Reply
#13: GrandIsland To: buckeroo (#12)
GrandIsland posted on 2017-01-16 22:28:45 Reply Private Reply
#14: buckeroo To: GrandIsland (#13)
buckeroo posted on 2017-01-16 22:32:11 Reply Private Reply
#15: GrandIsland To: buckeroo (#14)
Kinda like your crossing guard horseshit? F' you, kook
GrandIsland posted on 2017-01-16 22:34:35 Reply Private Reply
#16: buckeroo To: GrandIsland (#15)
buckeroo posted on 2017-01-16 22:37:24 Reply Private Reply
#17: GrandIsland To: buckeroo (#16)
Only in your Stinky Peter Puff man-crush mind. lol
GrandIsland posted on 2017-01-16 22:47:52 Reply Private Reply
#18: buckeroo To: GrandIsland (#17)
Have you no conscience at all?
buckeroo posted on 2017-01-16 22:53:06 Reply Private Reply
#19: Fred Mertz To: buckeroo (#18)
Fred Mertz posted on 2017-01-16 22:55:27 Reply Private Reply
#20: Stoner To: paraclete (#6)
You might want to research again.
Stoner posted on 2017-01-17 07:22:36 Reply Private Reply
#21: A Pole To: nolu chan, Vicomte13, ConservingFreedom, Willie Green, hondo68, calcon, Deckard, TooConservative (#7)
A Pole posted on 2017-01-17 07:35:18 Reply Private Reply
#22: paraclete To: A Pole (#21)
No one listed the trillionaires, the people with the real power
paraclete posted on 2017-01-17 07:55:17 Reply Private Reply
#23: paraclete To: Stoner (#20)
What's the problem didn't I use the authorised version
paraclete posted on 2017-01-17 07:56:55 Reply Private Reply
#24: paraclete To: GrandIsland (#11)
You wouldn't know a socialist if you met one. The fact is I'm a conservative somewhat right of Donald Trump. To be conservative means that you believe everyone should pay their fair share of taxes, you believe society has value and should be supported, you believe that government should regulate to ensure the public are not ripped off, you believe that one vote has one value and there are no sweetheart deals for darling candidates. You believe in national borders being respected. You believe that you should not intervene in the affairs of other nations. You believe that lobbyists should not have access to elected officials
paraclete posted on 2017-01-17 08:08:06 Reply Private Reply
#25: Deckard To: GrandIsland (#9)
Gee whiz sushi-boy - you're always bitching about moochers.
The right has always been obsessed with moochers. But Boeing receives $13 billion in government handouts and everyone yawns, when conservatives should be grabbing their pitchforks.”
Nah - no hypocrisy there.
Deckard posted on 2017-01-17 10:02:37 Reply Private Reply
#26: Hondo68 To: A Pole (#21)
Polishing their jewels for the Trump inaugural ball?
Hondo68 posted on 2017-01-17 10:23:06 Reply Private Reply
#27: A Pole To: hondo68 (#26)
Bad boy.
A Pole posted on 2017-01-17 13:32:14 Reply Private Reply
#28: GrandIsland To: Fred Mertz (#19)
GrandIsland posted on 2017-01-17 22:43:30 Reply Private Reply
#29: GrandIsland To: paraclete (#24)
Conservatives don't run around talking OWS fear monger bullshit.... and bitch about people with more money that you have... like some lazy fucking entitled turd.
GrandIsland posted on 2017-01-17 22:48:28 Reply Private Reply
#30: paraclete To: GrandIsland (#29)
Who are you to tell me what I can and cannot believe? by the standards of my country I am conservative, I don't accept your tag that a conservative must be a redneck, gun totting bully, with half his teeth and an attitude the size of the Atlantic. A conservative preserves his way of life, which in my case is democracy, rule of law and the expectation of a fair go for all. You shout about liberty because you don't know what it is, well I do. I never need to feel threatened by a cop.
Most people with a lot of money got it by stealing it from others and therefore they should be taxed.
paraclete posted on 2017-01-17 23:29:27 Reply Private Reply
#31: GrandIsland To: paraclete (#30)
By the standards of your pea sized brain you THINK you're conservative... but you ain't. And in this FREE country, I have the right to tell you anything I damn well please... and you best developed thick skin to tolerate MY FREEDOM OF SPEECH... libtard.
GrandIsland posted on 2017-01-17 23:50:49 Reply Private Reply
#32: paraclete To: GrandIsland (#31)
paraclete posted on 2017-01-18 00:17:10 Reply Private Reply
#33: GrandIsland To: paraclete (#32)
GrandIsland posted on 2017-01-18 01:39:44 Reply Private Reply
#34: nolu chan To: A Pole (#21)
http://www.therichest.com/top-lists/top-250-richest-people-in-the-world/
Sir Evelyn Rothschild is #45.
David de Rothschild is #145
David Rockefeller's estimated wealth does not make the top 250 list.
http://www.fool.com/investing/2016/09/01/how-rich-is-the-rockefeller-family-today.aspx
nolu chan posted on 2017-01-18 01:52:55 Reply Private Reply
#35: paraclete To: GrandIsland (#33)
Digest this, Dump is a retard, which makes you a dumptard, or is that a trumpturd, it is easy to get the two confused
paraclete posted on 2017-01-18 02:47:12 Reply Private Reply
#36: Deckard To: GrandIsland, paraclete (#29)
GrandIsland hypocrisy -
Welfare and food stamps for those who have lost their jobs due to government policies = BAD.
Corporate welfare, bailouts, and government hand-outs for billionaires = GOOD.
Deckard posted on 2017-01-18 08:51:23 Reply Private Reply
#37: Deckard To: Stoner, paraclete (#20)
You are correct - it should say "easier" not "harder".
Deckard posted on 2017-01-18 11:03:15 Reply Private Reply
#38: Stoner To: Deckard (#37)
Thank You.
I thought paraclete would go back & look, and see his / her error. But I obviously was expecting too much.
Stoner posted on 2017-01-18 15:06:28 Reply Private Reply