Former Labor Secretary Robert Reich has highlighted the wealth gap issue once again, citing a news article based on an Oxfam data report.
“The richest 1% took home nearly twice as much wealth as the rest of the world put together over the past two years. If that doesn’t convince you wealth inequality is out of control, I don’t know what will,” Reich tweeted.
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The Oxfam report stated the richest 1% grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99% of the world’s population. During the past decade, the richest 1% had captured around half of all new wealth, the report released last week indicated.
Oxfam International Executive Director Gabriela Bucher said while ordinary people are making daily sacrifices on essentials like food, the super-rich outdid even their wildest dreams.
“Just two years in, this decade is shaping up to be the best yet for billionaires —a roaring ‘20s boom for the world’s richest,” Bucher stated according to a release.
Billionaire fortunes are increasing by $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages, the report said.
Economy: Reich has been voicing his concerns over the increasing wealth gap and has cautioned about how the issue could lead to the collapse of the economy. Last week, he pointed out that America’s wealth gap is now more extreme than it’s been in over 100 years and noted that over the last 40 years, most people’s wages have stagnated while worker productivity has increased.
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