New Billionaire Created Every 2 Days While Millions Go Hungry

 

1/23/2018 by John F. O’Donnell

At this point, we should be calling last year, “The Year of the Billionaire,” because a new billionaire was created EVERY TWO DAYS! And no, this is not a sign of a healthy economic system. According to the executive director of Oxfam International, Winnie Byanyima, “The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors.”

Sadly, Oxfam’s latest report on global inequality, Reward Work, Not Wealth, reveals that 82% of all newly created wealth went to the top 1% of the world’s richest, while absolutely nothing – ZERO – went to the poorest 50% of the world’s population. This also translates into the mind-blowing reality that just 42 individuals have as much wealth as the world’s poorest 3.7 billion people. This is not a sustainable system!

When income inequality gets to these levels, there is the strong possibility that entire economies are going to crash. When you have people working longer and harder and making less and less, something has to give. Luckily, Oxfam has some recommendations

1.) Limit returns to shareholders and top executives, and ensure all workers receive a minimum ‘living’ wage.

Yes! This week marks the opening of the World Economic Forum in Davos, where the world’s economic and political elite address the economy’s most “pressing problems.” Why not acknowledge that in 2017 the top 1% took home roughly $762 billion? And then figure out how to reallocate some of that money, which most definitely came from shareholder payouts, to ensure the poorest workers receive a “living” wage.

(Our reporting is being suppressed by Facebook, Google, and YouTube. But we keep fighting thanks to heroes like you becoming sustaining members for as low as $10 a month – the same you might pay for a single cab ride. You can also give one-time donations or sign up for the free email newsletter in the sidebar to the right.)

2.) Eliminate the gender pay gap and protect the rights of women workers.

There is no reason that somebody should be paid less for the same work based upon gender. At the current rate, it will take 217 years to close the gap in pay and employment opportunities between men and women. The World Economic Forum in Davos should make closing this gap a priority.

3.) Ensure the wealthy pay their fair share of tax through higher taxes and a crackdown on tax avoidance, and increase spending on public services such as healthcare and education.

If the wealthy paid their fair share and didn’t use every tax loophole in the book to hide their money, it would go a long way to creating a decent life to the world’s habitually poor. Frustratingly, at least in America, things are going in the wrong direction with Trump’s recent tax reform plan (see: tax scam). But it doesn’t mean we should stop screaming from the rooftops for tax justice in the U.S.A.!

The bottom line is massive income inequality both globally and in the U.S. is only going to continue to get more and more extreme unless the 99% band together and demand that poverty is not an option for anybody.

 


18 responses to “New Billionaire Created Every 2 Days While Millions Go Hungry”

  1. Gary Stuart says:

    I love your wit and your spirit. You find things we can laugh at while you inform as well. Thanks so much Lee. “Keep fighting”

  2. Anne Kramer says:

    The system we live under is soooo broken. Taxes MUST be paid by all, especially the CHURCHES. Good for you if you make lots of money, but pay taxes. No one should be exempt from taxes. Small business should get the grants, subsidies like the big corporations do. Elon Musk & Amazon are two current examples of big corporations pigging out on the grants, subsidies.
    And finally do your research and VOTE for the right people who will take the lead in working for the people of this awesome country.

  3. John Doe says:

    For any folks recommending violent resistance, please watch the movie Ghandi to see how revolution is done the right way. Violence is almost always futile, counterproductive, and immoral. Our cause is human rights, not vengeance. Violence takes away the dignity of everyone involved. We’re looking to end the cycle of brutality, not perpetuate it.

  4. John Rachel says:

    The ruling elite have a lock on our media, our educational system, our economy, especially on our government. While it’s debatable whether we have a democracy or not, we certainly don’t have a functioning democracy, with big money determining who gets elected. At the same time, the ruling elite claim our votes make a difference. Let’s call their bluff. If it doesn’t work, we can lock-and-load, since that will be our only option.

    CFAR2018 is promoting nationally a unique and we believe decisive electoral strategy. It’s built around the Contract For American Renewal (CFAR).

    The CFAR establishes a direct link between people’s candidates and voters who are sick of Congress ignoring them and want to elect good, honest legislators who will get something done for a change.

    All of this is explained at our website … http://cfar2018.com … and this page explains how it came about … http://cfar2018.com/cfar-strategy/w-y-s-i-w-y-g/.

    The CFAR campaign is not some silly fringe exercise. We’re just getting started and CFAR signers are already in the thick of several very important contests.

    •  A CFAR signer is challenging the embarrassing Ted Cruz in Texas
    •  A CFAR signer is challenging the corrupt Debbie Wasserman Schultz in Florida
    •  A CFAR signer is challenging the faux-progressive Dianne Feinstein in California
    •  A CFAR signer is challenging establishment incumbent Debbie Stabenow in Michigan
    •  A CFAR signer is challenging the neoliberal establishment Claire McCaskill in Missouri

    Please sign up and let’s take back our country!

  5. Sonny Carter says:

    I’M JUST HAPPY TO SAY THAT LEE CAMP IS ONE OF THE VERY FEW I TRUST TO GIVE ME THE REAL NEWS!!!!!

  6. Nancy Smith says:

    Isaiah. Jeremiah. Micah. Amos. Lee Camp reminds me of these. Without the burning hot coal on the tongue.

  7. Lee Camp says:

    Your phone number is not a part of the process unless you’re signing up for the free newsletter by way of phone.

  8. Christine Wens says:

    So much to face – slaves of work have no energy to act against their suppressors – poised food – lose of morals – humanity is sinking deeper and deeper – only step by step change can come as Lee mentioned – engage in local communities – take care of your community – get off your devices – make real contact and you feel less powerless

  9. eve roissy says:

    Hey, I was going to donate to you, but didn’t see why my phone number should be required as part of the process, so I didn’t. Just letting you know it may be a stumbling block for some people. Hope you keep up the great work!!

  10. Hemi says:

    People are suffering from crushing inequality, the corporatization of everything , including water, global warming. The world is falling apart & people still refuse to take action.

    As one of the poor being crushed by corporate America there are still some actions that i can take, such as organizing with others & protesting, putting pressure on my city’s mayor to continue the divestment process from big oil, as an example.

    The world is burning around us and not nearly enough people are doing anything, they stand next to the fire like “oh hey, it’s getting really hot in here, i should probably put some water on that fire, but I’m late for work, my house will still be there after my 8-12+ hours of slavery, I’ll just worry about it then, but then again I’m going to be really tired when i get home, maybe tomorrow if i have enough time after my schedule slavery, well my house has gotten a bit hotter and smaller from the fire burning half of it down, but that extra 25c/h i just got at my slave job at walmart will cover the repairs in a few years if the fire stops which I’m praying for”
    We are losing our world, one might think that is a logical reason to take action.

    well i guess I’ll stop my nonsensical rant for the moment, as i have to get back to being a slave now as we don’t get breaks.

  11. RonnyG says:

    This mess is tied to the 1969 plan by Nixon to cut us off the gold standard. It separated wages from productivity and today’s news is the result. Remember the truth is always in the math!!

  12. Yolanda Y Williams says:

    One of the ones currently going hungry.

  13. Daniel Slade says:

    This is what happens when you have a 50 year war waged by the right-wing in this country. Progressives have to understand we are at war . We have to stop trying to be fair to right-wingers. Thet need to be crushed.

  14. Larry Bergmann says:

    Capitalism fails the smell test.
    It stinks!

  15. The minimum wage should be raised especially for people who have children and who are responsible for totally supporting themself.

  16. This has been man’s History forever!!! Democracy (LOL)…a Republic IS what THE USA now…its working perfectly. How do you like it now???

    Anarchy is much better.

  17. Here is a way to restate that statistic, to make it more obvious what the problem is.

    “A new billionaire every two days” means around 182 or 183 people are becoming fabulously rich each year. But meanwhile, millions or billions of people are becoming fabulously poor. That’s a rather sick arrangement, isn’t it?

  18. Bart Hendrickson says:

    Vote, Ralphalfa “The Turd” Datoid III, pronounced, da toid, da toid, da toid. For a better America.

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