New Oxfam report says half of global wealth held by the 1%

[Asclepias]

We saw this coming, but it's still disgusting.

New Oxfam report says half of global wealth held by the 1 Business The Guardian

Billionaires and politicians gathering in Switzerland this week will come under pressure to tackle rising inequality after a study found that – on current trends – by next year, 1% of the world’s population will own more wealth than the other 99%.

Ahead of this week’s annual meeting of the World Economic Forum in the ski resort of Davos, the anti-poverty charity Oxfam said it would use its high-profile role at the gathering to demand urgent action to narrow the gap between rich and poor.

The charity’s research, published on Monday, shows that the share of the world’s wealth owned by the best-off 1% has increased from 44% in 2009 to 48% in 2014, while the least well-off 80% currently own just 5.5%.
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The only thing they will be discussing is how to continue the trend without the general public realizing it.

 

[Toro]

Actually, the past three decades have seen more people lifted out of poverty than at any other time in human history. UNESCO reports on this every few years.

Reality doesn't match the reports. In many cases, it's more of a meeting in the middle between the poor nations and the rich nations. The term "Global Economy" basically means "equalization to the lowest level". In other words, increased trade enables some nations to realize a gain in wealth, while others nations become less wealthy. A good example would be The United States. In the U.S., we've been forced to lower our standard of living, and work for less wages and company paid benefits. We have a large number of citizens receiving some form of government assistance, and a growing homeless population.

There has not been a meeting in the middle. Other nations have not become less wealthy.

I disagree. The United States is just one of several.

GDP is rising. The value of assets is rising. Incomes are rising. This is all measured and known.

What empirical evidence do you have to back up your argument?

A fair question, thanks for asking.

(1) GDP Rising --- "Gross Domestic Product" is a number that represents product and service output. [ "an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)." ] This number does not indicate a "growing wealth" across the board, including benefits to every citizen, whether they be lower, middle, or upper class. This a production number. Company XYZ in North Dakota could use technology and automation to produce 100,000,000 widgets a day, export them, and the company, the employees, the community, and the retail trade in that area would benefit. Of course the government would likewise benefit due to tax revenue. But, the poor of a small town in West Virginia that's living off of government assistance programs and unemployment checks would not realize any benefit at all, zip, zero, nada, zilch. In other words, the GDP number is not a wealth or prosperity index.

(2) The Value Of Assets Are Rising --- Home owners have lost $Billions in home equity, and have yet to realize the value of their homes as they were in 2007. Yes, real estate is coming back up in price, in many areas of the country, some more than others, but not to a break even point. Look at Detroit as an example. Due to extremely low interest rates, savings accounts are making less money than they were in 2007. Many pension funds are in trouble, and many citizens are being asked to accept less in retirement benefits as a result. Look at Detroit as an example. Some retail giants are closing stores all across the country, and mega malls are now ghost buildings, and some are being torn down.

(3) Incomes Are Rising --- Yes, some states have increased minimum wages, which is great, and long over due. But, also, we have more part-time workers, more temporary workers, more underemployed workers, more workers that have given up looking for work, and more college grads moving back home to live with parents until the jobs market improves. In addition, along with a slight increase in wages, employers are offering less company paid benefits. This, especially the added cost of healthcare, subtracts from any wage increase. Employees are paying higher insurance premiums, higher deductibles, and higher out-of-pocket expenses. Also, the cost of food, utilities, and rent have increased.

**** We are not getting wealthier. We are not a wealthy country, nor a wealthy citizenry. Our government borrows money each and every day just keep itself running. We have a large and growing population of poor, needy, and those less fortunate. We have wealth among the top elite, and yes, they are getting wealthier. But, look at the big picture, consider everyone across the board, and see if you really thing that we're getting wealthier as a nation, as a whole. Main Street America tells an entirely different story than GDP numbers, the bankers, and the wealthy of Wall Street and corporate America. Look at John Q. Public in small town America, the homeless, the poor, and the needy, then come back and tell me just how wealthy we are.

GDP is a measurement of income.

EconPort - Income Approach to Calculating GDP

GDP is rising. Income is rising.

The value of assets are rising. Assets are wealth.

FRB Z.1 Release--B.100--Balance Sheet of Households and Nonprofit Organizations--December 11 2014

That not everyone is experiencing it is a different argument than "wealth is falling," as you claim.

We are the wealthiest nation on earth.

 

[Sonny Clark]

Reality doesn't match the reports. In many cases, it's more of a meeting in the middle between the poor nations and the rich nations. The term "Global Economy" basically means "equalization to the lowest level". In other words, increased trade enables some nations to realize a gain in wealth, while others nations become less wealthy. A good example would be The United States. In the U.S., we've been forced to lower our standard of living, and work for less wages and company paid benefits. We have a large number of citizens receiving some form of government assistance, and a growing homeless population.

There has not been a meeting in the middle. Other nations have not become less wealthy.

I disagree. The United States is just one of several.

GDP is rising. The value of assets is rising. Incomes are rising. This is all measured and known.

What empirical evidence do you have to back up your argument?

A fair question, thanks for asking.

(1) GDP Rising --- "Gross Domestic Product" is a number that represents product and service output. [ "an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)." ] This number does not indicate a "growing wealth" across the board, including benefits to every citizen, whether they be lower, middle, or upper class. This a production number. Company XYZ in North Dakota could use technology and automation to produce 100,000,000 widgets a day, export them, and the company, the employees, the community, and the retail trade in that area would benefit. Of course the government would likewise benefit due to tax revenue. But, the poor of a small town in West Virginia that's living off of government assistance programs and unemployment checks would not realize any benefit at all, zip, zero, nada, zilch. In other words, the GDP number is not a wealth or prosperity index.

(2) The Value Of Assets Are Rising --- Home owners have lost $Billions in home equity, and have yet to realize the value of their homes as they were in 2007. Yes, real estate is coming back up in price, in many areas of the country, some more than others, but not to a break even point. Look at Detroit as an example. Due to extremely low interest rates, savings accounts are making less money than they were in 2007. Many pension funds are in trouble, and many citizens are being asked to accept less in retirement benefits as a result. Look at Detroit as an example. Some retail giants are closing stores all across the country, and mega malls are now ghost buildings, and some are being torn down.

(3) Incomes Are Rising --- Yes, some states have increased minimum wages, which is great, and long over due. But, also, we have more part-time workers, more temporary workers, more underemployed workers, more workers that have given up looking for work, and more college grads moving back home to live with parents until the jobs market improves. In addition, along with a slight increase in wages, employers are offering less company paid benefits. This, especially the added cost of healthcare, subtracts from any wage increase. Employees are paying higher insurance premiums, higher deductibles, and higher out-of-pocket expenses. Also, the cost of food, utilities, and rent have increased.

**** We are not getting wealthier. We are not a wealthy country, nor a wealthy citizenry. Our government borrows money each and every day just keep itself running. We have a large and growing population of poor, needy, and those less fortunate. We have wealth among the top elite, and yes, they are getting wealthier. But, look at the big picture, consider everyone across the board, and see if you really thing that we're getting wealthier as a nation, as a whole. Main Street America tells an entirely different story than GDP numbers, the bankers, and the wealthy of Wall Street and corporate America. Look at John Q. Public in small town America, the homeless, the poor, and the needy, then come back and tell me just how wealthy we are.

GDP is a measurement of income.

EconPort - Income Approach to Calculating GDP

GDP is rising. Income is rising.

The value of assets are rising. Assets are wealth.

FRB Z.1 Release--B.100--Balance Sheet of Households and Nonprofit Organizations--December 11 2014

That not everyone is experiencing it is a different argument than "wealth is falling," as you claim.

We are the wealthiest nation on earth.

I've stated my case, and believe that it is correct. And, I respect your right to express yours. Disagreement is fine, you're entitled to your opinion.