As incomes stalled for poor and middle class, wealth of rich soared over the past 20 years.
Economic inequality is growing in the world's richest countries, particularly in the United States, jeopardizing the American Dream of social mobility just as the world tilts toward recession, a 30-nation report said Tuesday.
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This is a news report on a recent OECD report and related conference. While the article is short, it accurately captures the gist of the OECD report, which is itself an objective evaluation of data from the 30 member nations.
Like it or not, facts are facts. Interpretation and subsequent spin are another matter.
I believe the report is accurate but not very useful.
The trend is important to be aware of, as is America's standing among the world's nations. But it omits every bit of the data on which it is based, and it doesn't even when the 20-year period ended, so we don't know if the past 18 months have changed things. It downplays the fact that the conclusions are strictly limited to comparing 2008 to 1988, and aren't necessarily true of recent trends.
I feel that the world can't indefinitely support a super-wealthy class, and that attempting to do so is immoral. I also believe doing so is bound to lead to civil strife, environmental abuse, severe public health problems, extremism, terrorism, and crime amongst the disaffected majority. I subscribe to a religion that says both liberty and community are imperative, so I'm biased in favor of capitalism within limits, and in favor of living-wage laws and progressive taxation.
This stuff gets tiresome. The New York Times has been grinding this axe for years. Problem is that the statistics are garbage and the poor mostly aren't poor but have temporarily low income - like students or people taking time off from work. Practically every officially poor person has TV, air conditioning and a car.
These comparisons are irrelevant unless you believe redistribution is wonderful and the "poor" are innocent victims of an evil capitalist system. If you do, you don't have to wait for Obama to do it - give more money to charity.
This is an interesting story and has some truth to it. The OECD is a real organization and what makes this story seem plausible, is that it involved a three-year study. Economists were involved in the study and the Secretary General for the OECD. They lend truth to the matter at hand. Also, this was a 30 Nation Report. Resources were utilized and they give the story credibility.
Many things were not explained adequately in this article, like what OECD stands for. There were not many people quoted or interviewed for this article. It was not something I did not already know either and from the headline, I expected some new information to be presented because it seemed like such an obvious statement.
Whenever I read an associated press story, I automatically assume it is going to be accurate and balanced. I think it is insightful of the author to take a look at whats going on in the rest of the worlds economies compared to US. We are all in the same boat in a sense, and this story makes me hope that policy makers are making good decisions to help the problem. This story is good journalism.
This article is chock full of facts and anecdotes; I particularly like the quote by Anthony Atkinson debunking the old myth about a rising tide lifting all boats.
For some time, the US has been out of whack with other nations with respect to income distribution (among other thins like health care and capital punishment); I'm surprised that this phenomenon is starting to spread.