THE NEW YORK TIMES: As Elon Musk became the world’s first trillionaire, workers are facing higher prices and fears of A.I.-driven job losses.
Two events from the past week help crystallize this strange, contradictory moment for the U.S. economy.
On Wednesday, the Bureau of Labor Statistics reported that the surge in energy prices had wiped out a year and a half of wage gains for the average American worker. On Friday, the public-markets debut of SpaceX made Elon Musk the world’s first trillionaire.
That stark juxtaposition helps explain why many Americans, in survey after survey, say they no longer believe the U.S. economy is working for them. A few people are getting fabulously, unimaginably wealthy at the same time that entire generations of families worry they will never be able to afford to buy a house, raise children or enjoy a comfortable retirement.
“I don’t think the stock market is necessarily causing” Americans’ pessimism about the economy, said Stefanie Stantcheva, a Harvard professor who studies public sentiment. “But I don’t think people are looking at it and are thinking, ‘Great, this means I’m going to do very well, too.’ It’s potentially reinforcing this feeling of ‘I’m falling behind.’”
Inequality is hardly a new feature in America. But the explosion of wealth at the very top is without precedent in U.S. history. At the height of the Gilded Age at the end of the 19th century, the richest handful of Americans had a net worth equivalent to about 3 percent of the country’s annual economic output, according to data compiled by the French economists Gabriel Zucman and Emmanuel Saez. Today, the fortunes of the same 0.00001 percent — about 20 individuals — make up roughly four times as large a share, equivalent to 12 percent of annual output.
Other economists, using different methodologies, come up with somewhat different numbers. But hardly anyone disputes the basic fact that the wealthiest few have made extraordinary gains in recent years. » | Ben Casselman | Ben Casselman is The Times’s chief economics correspondent. | Saturday, 13 June 2026
This is clear and glaring proof that Donald Trump is neither fit nor capable to lead the world’s leading and largest economy: the world’s hegemon.
The first lesson for any politician, especially one in a very powerful, leading position is that the economy must work for everyone — for the working classes, the middle classes, and the upper classes. An economy of whichever hue or stripe is always going to be fairer to some than to others. That is an inevitability, regardless of whether the economy is capitalist or socialist. But even so, it behoves politicians to understand that all people must get their fair share, their fair crack of the whip. When the nation’s wealth increases, especially when that increase in wealth is exceedingly substantial, then all should benefit, not just the favoured and blessed few at the top. Allowing such a scenario will be the harbinger of trouble and strife ahead. The people will tolerate this inequality for a while. In the short term, they have to. But their patience will run out at some point as sure as night turns into day.
Donald Trump would be wise to understand this. An ever rising stock market a sound and fair economy does not make! — © Mark Alexander
Showing posts with label wealth inequality. Show all posts
Showing posts with label wealth inequality. Show all posts
Saturday, June 13, 2026
Friday, May 29, 2026
"How Oligarchs Dominate Our Democracies": Northwestern Prof Jeffrey Winters on Book "The Blind Spot"
May 27, 2026 | We speak with political scientist Jeffrey Winters about his new book, The Blind Spot: How Oligarchs Dominate Our Democracies. Winters argues that democracy's failure to address wealth inequality is by design. While voters have a say on some issues, oligarchs, who succeed in maintaining economic inequality by fighting against wealth redistribution, have more power.
"Liberal democracies around the world are now among the most unequal societies ever to have existed in human history," says Winters.
Democracy Now! can be supported here.
"Liberal democracies around the world are now among the most unequal societies ever to have existed in human history," says Winters.
Democracy Now! can be supported here.
Friday, March 13, 2026
‘Unbelievably Unequal’: Report Shows How 1% of Mexicans Own 40% of Country’s Wealth
THE GUARDIAN: Fortunes of the country’s 22 billionaires doubled in last five years, reaching unprecedented collective wealth of $219bn
Scrunched between luxury apartment buildings and a lush gated community, the neighborhood of Santa Lucía Reacomodo in Mexico City is a working-class pocket of real estate. Electrical wires tangle above cinder-block houses, stray cats slink down narrow streets, debris piles up on the pavement.
María del Socorro Corona, 79, arrived here decades ago, back when it was just a cactus-covered hillside. The two-bedroom turquoise house she built with her now-deceased husband is crammed with bags of clothes and knick-knacks she sells at a weekly market.
“I have to make money,” she said, “or I won’t eat.”
While most people built their homes here in the 80s and 90s, the area really started to change about 20 years ago, Corona said, when the government constructed a bridge connecting Mexico City to the high-end business district of Santa Fe nearby. Foreigners came wanting to buy up their land, but none of the neighbors wanted to sell.
“So now the rich are over there,” she said, pointing at one of the looming luxury apartment buildings: row upon row of glass balconies with carefully manicured hedges. “And the poor are over here.”
The stark contrast in this little enclave of the capital is a microcosm of a problem that has plagued Mexico for decades: rampant income inequality, with a small slice of the population living in opulence while millions of families languish in poverty.
“Mexico is unbelievably unequal – it’s almost inconceivable,” said Viri Ríos, a public policy expert and director of Mexico Decoded. “Inequality in our country has been around for centuries: we’ve just grown accustomed to living this way.” » | Oscar Lopez in Mexico City | Thursday, March 12, 2026
Scrunched between luxury apartment buildings and a lush gated community, the neighborhood of Santa Lucía Reacomodo in Mexico City is a working-class pocket of real estate. Electrical wires tangle above cinder-block houses, stray cats slink down narrow streets, debris piles up on the pavement.
María del Socorro Corona, 79, arrived here decades ago, back when it was just a cactus-covered hillside. The two-bedroom turquoise house she built with her now-deceased husband is crammed with bags of clothes and knick-knacks she sells at a weekly market.
“I have to make money,” she said, “or I won’t eat.”
While most people built their homes here in the 80s and 90s, the area really started to change about 20 years ago, Corona said, when the government constructed a bridge connecting Mexico City to the high-end business district of Santa Fe nearby. Foreigners came wanting to buy up their land, but none of the neighbors wanted to sell.
“So now the rich are over there,” she said, pointing at one of the looming luxury apartment buildings: row upon row of glass balconies with carefully manicured hedges. “And the poor are over here.”
The stark contrast in this little enclave of the capital is a microcosm of a problem that has plagued Mexico for decades: rampant income inequality, with a small slice of the population living in opulence while millions of families languish in poverty.
“Mexico is unbelievably unequal – it’s almost inconceivable,” said Viri Ríos, a public policy expert and director of Mexico Decoded. “Inequality in our country has been around for centuries: we’ve just grown accustomed to living this way.” » | Oscar Lopez in Mexico City | Thursday, March 12, 2026
Thursday, February 19, 2026
‘These Billionaires Are Going to Learn…’: Bernie Sanders Fiery Speech in California | US News
Feb 19, 2026 | US News: In a fiery speech in Los Angeles on 18 February, the Vermont senator Bernie Sanders criticizes ‘grotesque’ levels of economic inequality. Billionaires are “treading on very, very thin ice,” He warned imploring California voters to fight “grotesque” levels of economic inequality by approving a proposed tax on the state’s richest residents.
The Vermont senator railed against the “greed”, “arrogance” and “moral turpitude” of the nation’s “ruling class”, calling it “fairly disgusting” that some ultra-wealthy tech leaders have fled California – or are threatening to do so, if the proposed wealth tax becomes law.
The Vermont senator railed against the “greed”, “arrogance” and “moral turpitude” of the nation’s “ruling class”, calling it “fairly disgusting” that some ultra-wealthy tech leaders have fled California – or are threatening to do so, if the proposed wealth tax becomes law.
Monday, October 13, 2025
Pope Leo Denounces "an Economy that Kills" and "Imbalances of Wealth"
Tuesday, September 02, 2025
Massive Labor Day Protests as Americans Stand Up for Their 'Workers over Billionaires' Rights
ANTHONY DAVIS can be supported on Patreon here.
Monday, July 07, 2025
"A Rotten Racket" Senator Whitehouse Rebukes Republican Bill
Jun 30, 2025 | June 29 | Senator Sheldon Whitehouse (D-RI) speaks on the Senate Floor in opposition to the so-called "Big Beautiful Bill" that only benefits the wealthiest in our country.
Sheldon Whitehouse represents Rhode Island in the U.S. Senate, where he champions policies to uphold American leadership in the world, protect our planet in a changing climate, and hold the powerful accountable.
Sheldon Whitehouse represents Rhode Island in the U.S. Senate, where he champions policies to uphold American leadership in the world, protect our planet in a changing climate, and hold the powerful accountable.
Friday, June 27, 2025
Ex-world Leaders Call for ‘Powerful Shift’ as They Warn of Extreme Inequality
THE GUARDIAN: Former leaders urge current state heads to work together to end poverty amid potential of first trillionaires emerging
The world is facing a looming crisis of inequality that could see the first trillionaires emerge while nearly half of humanity still languishes in poverty, a group of 40 former presidents and prime ministers warns.
In a letter seen by the Guardian, the group – which includes the ex-British prime minister Gordon Brown – issues a joint appeal to current world leaders for a “new economic coalition of the willing” to address the escalating threats of inequality, poverty and environmental breakdown.
The former leaders also condemn “narrow unilateralism” and the “outdated” 1944 economic model while urging comprehensive debt relief, international tax cooperation, and reform of institutions such as the International Monetary Fund. » | David Smith in Washington | Thursday, June 26, 2025
Hoping for ‘democratic’ politicians to do anything about this gross inequality is like wishing on a star. These politicians haven’t got the balls to tackle this problem. And in any case, most of them are probably too corrupt to do anything about this vulgar inequality. Why? Because they are all hoping and praying for great, highly-paid appointments in commerce when they leave office. So they don’t want to rock the boat.
If you think you are living in a democracy, you are greatly mistaken and rather delusional. And if you think that one of your democratically-elected politicians is courageous enough to tackle this problem, think again! – © Mark Alexander
The world is facing a looming crisis of inequality that could see the first trillionaires emerge while nearly half of humanity still languishes in poverty, a group of 40 former presidents and prime ministers warns.
In a letter seen by the Guardian, the group – which includes the ex-British prime minister Gordon Brown – issues a joint appeal to current world leaders for a “new economic coalition of the willing” to address the escalating threats of inequality, poverty and environmental breakdown.
The former leaders also condemn “narrow unilateralism” and the “outdated” 1944 economic model while urging comprehensive debt relief, international tax cooperation, and reform of institutions such as the International Monetary Fund. » | David Smith in Washington | Thursday, June 26, 2025
Hoping for ‘democratic’ politicians to do anything about this gross inequality is like wishing on a star. These politicians haven’t got the balls to tackle this problem. And in any case, most of them are probably too corrupt to do anything about this vulgar inequality. Why? Because they are all hoping and praying for great, highly-paid appointments in commerce when they leave office. So they don’t want to rock the boat.
If you think you are living in a democracy, you are greatly mistaken and rather delusional. And if you think that one of your democratically-elected politicians is courageous enough to tackle this problem, think again! – © Mark Alexander
Thursday, June 26, 2025
Democracy Now! "The Economy Is Rigged": Robert Reich on Zohran Mamdani, The Democratic Party, Inequality, and Trump
Democracy Now! can be supported here.
Friday, October 25, 2024
The Obscene Wealth of the Ruling Class & Why You Should Hate Them Even More | Rob Larson | The Majority Report w/ Sam Seder
Oct 24, 2024 | Rob Larson, professor of economics at Tacoma Community College, to discuss his recent book Mastering the Universe: The Obscene Wealth of the Ruling Class, What They Do with Their Money, and Why You Should Hate Them Even More.
Professor Rob Larson then joins, first running through the numbers behind the modern era of wealth inequality and the validity of the parallels with the inequalities of the Gilded Age – from the overwhelming wealth of the top 1% to the minimal holdings of the masses – and the overwhelming social isolation of the upper class via class segregation that defines the stratification of these eras. Expanding on this, Professor Larson walks through the disconnect of the ruling class on the level of the interpersonal (with some strong examples from one Elon Musk) and material, diving deep into how both social institutions (e.g., the media) and economic institutions create (and celebrate) isolated worlds for the uber-wealthy, with boundaries explicitly designed avoid undesirables. Rob, Sam, and Emma then step back and examine the devastating impact this grotesque excess has on the rest of society, particularly in the opportunity cost of the absurd endeavors of the elite, before moving into an expansive conversation on the role of philanthropy in bolstering the power, ego, and wealth of the uber-rich, eventually wrapping up the interview with the central role labor and social organizing must play in the fight to even this playing field.
World Inequality Database here.
Professor Rob Larson then joins, first running through the numbers behind the modern era of wealth inequality and the validity of the parallels with the inequalities of the Gilded Age – from the overwhelming wealth of the top 1% to the minimal holdings of the masses – and the overwhelming social isolation of the upper class via class segregation that defines the stratification of these eras. Expanding on this, Professor Larson walks through the disconnect of the ruling class on the level of the interpersonal (with some strong examples from one Elon Musk) and material, diving deep into how both social institutions (e.g., the media) and economic institutions create (and celebrate) isolated worlds for the uber-wealthy, with boundaries explicitly designed avoid undesirables. Rob, Sam, and Emma then step back and examine the devastating impact this grotesque excess has on the rest of society, particularly in the opportunity cost of the absurd endeavors of the elite, before moving into an expansive conversation on the role of philanthropy in bolstering the power, ego, and wealth of the uber-rich, eventually wrapping up the interview with the central role labor and social organizing must play in the fight to even this playing field.
World Inequality Database here.
Sunday, June 30, 2024
Victorian Levels of Poverty Will Return to the UK
The Tories should hang their heads in shame! Their governance of this country has destroyed the nation’s economy, broken beyond repair the country’s sense of community and cohesion, and lined the pockets of the superrich to overflowing. And in so doing have created poverty that this country hasn't seen since the Victorian Era.
The man speaking in this video is one of the superrich, despite his self-confessed working class origins. He is a man with a sense of fairness and has been crying out for something to be done about inequality in this country for a very long time. But no one of the ruling class is listening. There are none so deaf as those who don’t want to hear!
This colossal wealth inequality all started with Thatcher. That woman is the root of so many of our current ills. The lady might not have been for turning, but she certainly was for creating unequal distribution of wealth!
’Nuff’ said! – © Mark Alexander
‘A Deeply Unfair and Unequal Country’: Report Warns of Unprecedented Far-right Gains in UK
THE OBSERVER: Thinktank says decisive action must be taken to counter inequality in health, housing, poverty and the north-south income divide
The next government must take decisive action to reduce inequality or risk unprecedented far-right gains, a thinktank has warned.
A report from the Fairness Foundation says that Britain will become more unfair and unequal over the next five years, with growing inequality in health, housing, poverty and the north-south income divide.
More than 30 people from business, academia and civil society have backed the report’s findings in a letter to all party leaders which expresses their dismay at the “lack of political will to address unfairness and inequality” in the UK.
“We believe that this is not only morally wrong, but is causing deep damage to our society, economy and democracy, and undermining the fight against the climate crisis,” they say. “Failure to act now will make us less healthy, productive, efficient, resilient and cohesive.” » | James Tapper | Sunday, June 30, 2024
The next government must take decisive action to reduce inequality or risk unprecedented far-right gains, a thinktank has warned.
A report from the Fairness Foundation says that Britain will become more unfair and unequal over the next five years, with growing inequality in health, housing, poverty and the north-south income divide.
More than 30 people from business, academia and civil society have backed the report’s findings in a letter to all party leaders which expresses their dismay at the “lack of political will to address unfairness and inequality” in the UK.
“We believe that this is not only morally wrong, but is causing deep damage to our society, economy and democracy, and undermining the fight against the climate crisis,” they say. “Failure to act now will make us less healthy, productive, efficient, resilient and cohesive.” » | James Tapper | Sunday, June 30, 2024
Wednesday, January 17, 2024
Tax Our Wealth, Super-rich Tell Politicians at Davos
THE GUARDIAN: Abigail Disney, Brian Cox and Valerie Rockefeller among signatories of open letter condemning inequality
Left to right: Brian Cox as Logan Roy, Abigail Disney and Valerie Rockefeller Photograph: various
More than 250 billionaires and millionaires are demanding that the political elite meeting for the World Economic Forum in Davos introduce wealth taxes to help pay for better public services around the world.
“Our request is simple: we ask you to tax us, the very richest in society,” the wealthy people said in an open letter to world leaders. “This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
The rich signatories from 17 countries include Disney heir Abigail Disney; Brian Cox who played fictional billionaire Logan Roy in Succession; actor and screenwriter Simon Pegg; and Valerie Rockefeller , an heir to the US dynasty.
“We are also the people who benefit most from the status quo,” they said in a letter titled Proud to Pay, which they will attempt to deliver to world leaders gathered in Davos in Switzerland on Wednesday. “But inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe – and growing every day. In short, we need action now.” » | Rupert Neate, Wealth correspondent | Wednesday, January 17, 2024
More than 250 billionaires and millionaires are demanding that the political elite meeting for the World Economic Forum in Davos introduce wealth taxes to help pay for better public services around the world.
“Our request is simple: we ask you to tax us, the very richest in society,” the wealthy people said in an open letter to world leaders. “This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
The rich signatories from 17 countries include Disney heir Abigail Disney; Brian Cox who played fictional billionaire Logan Roy in Succession; actor and screenwriter Simon Pegg; and Valerie Rockefeller , an heir to the US dynasty.
“We are also the people who benefit most from the status quo,” they said in a letter titled Proud to Pay, which they will attempt to deliver to world leaders gathered in Davos in Switzerland on Wednesday. “But inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe – and growing every day. In short, we need action now.” » | Rupert Neate, Wealth correspondent | Wednesday, January 17, 2024
Sunday, December 10, 2023
Gap between Haves and Have-nots Widening, Report Warns
BBC: The growing gap between the UK's "haves and have-nots" is in danger of becoming a "chasm", a report has warned.
Research by the Centre for Social Justice (CSJ) think tank argues the most disadvantaged are no better off than they were 15 years ago.
It mentioned stagnant wages, family breakdown, poor housing, crime, mental health and other issues, saying the gap widened during the pandemic.
Ministers highlighted the support to help with the rising cost of living.
The report by the CSJ's Social Justice Commission says the country is at risk of slipping back to a social divide not seen since the Victorian era. » | BBC | Saturday, December 9, 2023
This is what happens to a society when greed is allowed to be its driver! It is a direct consequence of years of Thatcherism and thirteen plus years of Tory rule. – © Mark Alexander
Research by the Centre for Social Justice (CSJ) think tank argues the most disadvantaged are no better off than they were 15 years ago.
It mentioned stagnant wages, family breakdown, poor housing, crime, mental health and other issues, saying the gap widened during the pandemic.
Ministers highlighted the support to help with the rising cost of living.
The report by the CSJ's Social Justice Commission says the country is at risk of slipping back to a social divide not seen since the Victorian era. » | BBC | Saturday, December 9, 2023
This is what happens to a society when greed is allowed to be its driver! It is a direct consequence of years of Thatcherism and thirteen plus years of Tory rule. – © Mark Alexander
Tuesday, November 28, 2023
A Warning from 1994 of a Two-tiered Society | Robert Reich
Thursday, September 28, 2023
New York Is Rebounding for the Rich. Nearly Everyone Else Is Struggling.
THE NEW YORK TIMES: The huge income gap between rich and poor in Manhattan is the latest sign that the economic recovery from the pandemic has been lopsided in New York City.
As New York City inches closer to recovering all the jobs it lost during the pandemic, Manhattan — the city’s economic engine — marked a far less encouraging milestone. It now has the biggest income gap of any large county in the country.
Even in a city notorious for tableaus of luxury living beside crushing poverty, the widening gap is striking. The wealthiest fifth of Manhattanites earned an average household income of $545,549, or more than 53 times as much as the bottom 20 percent, who earned an average of $10,259, according to 2022 census data, released earlier this month. Social Explorer, a demographic data firm, analyzed the data for The Times.
“It’s amazingly unequal,” said Andrew Beveridge, the president of Social Explorer. “It’s a larger gap than in many developing countries,” and the widest gulf in the United States since 2006, when the data was first reported. The Bronx and Brooklyn were also among the top 10 counties in the country in terms of income inequality.
It is the latest data to underscore the city’s lopsided rebound from the pandemic. Across the city, wages are up, but mostly for the affluent. Jobs are returning, but many are in low-paying positions. Unemployment is down, but remains sharply higher for Black and Hispanic New Yorkers. The mixed signals highlight a widening chasm: The city is recovering, but many of its residents are not. » | Stefanos Chen | Thursday, September 28, 2023
As New York City inches closer to recovering all the jobs it lost during the pandemic, Manhattan — the city’s economic engine — marked a far less encouraging milestone. It now has the biggest income gap of any large county in the country.
Even in a city notorious for tableaus of luxury living beside crushing poverty, the widening gap is striking. The wealthiest fifth of Manhattanites earned an average household income of $545,549, or more than 53 times as much as the bottom 20 percent, who earned an average of $10,259, according to 2022 census data, released earlier this month. Social Explorer, a demographic data firm, analyzed the data for The Times.
“It’s amazingly unequal,” said Andrew Beveridge, the president of Social Explorer. “It’s a larger gap than in many developing countries,” and the widest gulf in the United States since 2006, when the data was first reported. The Bronx and Brooklyn were also among the top 10 counties in the country in terms of income inequality.
It is the latest data to underscore the city’s lopsided rebound from the pandemic. Across the city, wages are up, but mostly for the affluent. Jobs are returning, but many are in low-paying positions. Unemployment is down, but remains sharply higher for Black and Hispanic New Yorkers. The mixed signals highlight a widening chasm: The city is recovering, but many of its residents are not. » | Stefanos Chen | Thursday, September 28, 2023
Tuesday, September 05, 2023
Disney Heiress Leads Call for Tax on ‘Super-rich’
THE TELEGRAPH: Campaign for minimum global tax aims to address a ‘rise in extreme inequality’
Abigail Disney is one of 300 people who signed a letter calling for ‘international collaboration’ to ‘raise taxes on the richest individuals’ CREDIT: JP Yim/Getty Images
An heiress to the Disney empire has led calls for a tax on the “super-rich”, accusing the world’s wealthiest of creating an “economic, ecological, and human rights disaster”.
Abigail Disney, who has previously said she feels such guilt at being born rich that she struggles to sleep, is among the signatories of a letter sent to leaders of the G20 nations ahead of the summit later this week.
The letter, which has been signed by 300 people including the film director Richard Curtis, US politician Bernie Sanders and Labour MPs, said: “Decades of falling taxes on the richest, based on the false promise that the wealth at the top would somehow benefit us all, has contributed to the rise in extreme inequality.
“Our political choices allow ultra-wealthy individuals to continue to use tax shelters and enjoy preferential treatment to the extent that, in most countries in the world, they pay lower tax rates than ordinary people.” » | Tim Wallace | Tuesday, September 5, 2023
Verwandt.
An heiress to the Disney empire has led calls for a tax on the “super-rich”, accusing the world’s wealthiest of creating an “economic, ecological, and human rights disaster”.
Abigail Disney, who has previously said she feels such guilt at being born rich that she struggles to sleep, is among the signatories of a letter sent to leaders of the G20 nations ahead of the summit later this week.
The letter, which has been signed by 300 people including the film director Richard Curtis, US politician Bernie Sanders and Labour MPs, said: “Decades of falling taxes on the richest, based on the false promise that the wealth at the top would somehow benefit us all, has contributed to the rise in extreme inequality.
“Our political choices allow ultra-wealthy individuals to continue to use tax shelters and enjoy preferential treatment to the extent that, in most countries in the world, they pay lower tax rates than ordinary people.” » | Tim Wallace | Tuesday, September 5, 2023
Verwandt.
Monday, July 17, 2023
Top Economists Call for Action on Runaway Global Inequality
THE GUARDIAN: Gulf between rich and poor increases risk of climate breakdown as well as entrenches poverty, says letter to UN and World Bank
Failure to tackle the widening gulf between the world’s rich and poor will entrench poverty and increase the risk of climate breakdown, a group of more than 200 leading economists have said.
In a letter to the UN secretary general, António Guterres, and the World Bank president, Ajay Banga, the signatories from 67 countries call on the two bodies to do more to reverse the sharpest increase in global inequality since the second world war.
Those backing the call for action include the former UN secretary general Ban Ki-moon, New Zealand’s former prime minister Helen Clark and the economists Jayati Ghosh, Joseph Stiglitz and Thomas Piketty. » | Larry Elliott, Economics editor | Monday, July 17, 2023
Failure to tackle the widening gulf between the world’s rich and poor will entrench poverty and increase the risk of climate breakdown, a group of more than 200 leading economists have said.
In a letter to the UN secretary general, António Guterres, and the World Bank president, Ajay Banga, the signatories from 67 countries call on the two bodies to do more to reverse the sharpest increase in global inequality since the second world war.
Those backing the call for action include the former UN secretary general Ban Ki-moon, New Zealand’s former prime minister Helen Clark and the economists Jayati Ghosh, Joseph Stiglitz and Thomas Piketty. » | Larry Elliott, Economics editor | Monday, July 17, 2023
Friday, June 30, 2023
Super-rich Warned of ‘Pitchforks and Torches’ unless They Tackle Inequality
THE GUARDIAN: Global elite told at London’s Savoy hotel of real risk of ‘civil disruption’ if more is not done to help struggling millions
The conference took place in the ballroom of the Savoy hotel and was attended by about 500 members of the global super-rich and advisers. Photograph: Steve Gorton/Getty/Dorling Kindersley RF
In the ballroom of the five star Savoy hotel on the Strand in central London, the super-rich and their advisers were this week advised that they may soon need to watch out for people with “pitchforks and torches” unless they do more to use their fortunes to help the millions struggling with the cost of living crisis.
At an investment conference organised by Spear’s wealth management magazine, members of the global elite and their financial teams were told by progressive advisers that there was a “real risk of actual insurrection” and “civil disruption” if the yawning inequality gap between rich and poor was allowed to widen as a result of energy and food price hikes hitting squeezed households.
Julia Davies, a founding member of Patriotic Millionaires UK, a group of super-rich people calling for the introduction of a wealth tax, warned that global poverty and the climate emergency were going to get “so much worse” unless the wealthy did more to help poorer citizens. » | Rupert Neate, Wealth correspondent | Friday, June 30, 2023
In the ballroom of the five star Savoy hotel on the Strand in central London, the super-rich and their advisers were this week advised that they may soon need to watch out for people with “pitchforks and torches” unless they do more to use their fortunes to help the millions struggling with the cost of living crisis.
At an investment conference organised by Spear’s wealth management magazine, members of the global elite and their financial teams were told by progressive advisers that there was a “real risk of actual insurrection” and “civil disruption” if the yawning inequality gap between rich and poor was allowed to widen as a result of energy and food price hikes hitting squeezed households.
Julia Davies, a founding member of Patriotic Millionaires UK, a group of super-rich people calling for the introduction of a wealth tax, warned that global poverty and the climate emergency were going to get “so much worse” unless the wealthy did more to help poorer citizens. » | Rupert Neate, Wealth correspondent | Friday, June 30, 2023
Friday, November 25, 2022
This Holiday Season, the Poor Buckle Under Inflation as the Rich Spend
THE NEW YORK TIMES: Even if policymakers achieve a gentle economic slowdown, it won’t be smooth for everyone.
November has been busier than expected at the Langham Hotel in Boston as luxury travelers book rooms in plush suites and hold meetings in gilded conference rooms. The $135-per-adult Thanksgiving brunch at its in-house restaurant sold out weeks ago.
Across town, in Dorchester, demand has been booming for a different kind of food service. Catholic Charities is seeing so many families at its free pantry that Beth Chambers, vice president of basic needs at Catholic Charities Boston, has had to close early some days and tell patrons to come back first thing in the morning. On the frigid Saturday morning before Thanksgiving, patrons waiting for free turkeys began to line the street at 4:30 a.m. — more than four hours before the pantry opened.
The contrast illustrates a divide that is rippling through America’s topsy-turvy economy nearly three years into the pandemic. Many well-off consumers are still flush with savings and faring well financially, bolstering luxury brands and keeping some high-end retailers and travel companies optimistic about the holiday season. At the same time, America’s poor are running low on cash buffers, struggling to keep up with rising prices and facing climbing borrowing costs if they use credit cards or loans to make ends meet.
The situation underlines a grim reality of the pandemic era. The Federal Reserve is raising interest rates to make borrowing more expensive and temper demand, hoping to cool the economy and bring the fastest inflation in decades back under control. Central bankers are trying to manage that without a recession that leaves families out of work. But the adjustment period is already a painful one for many Americans — evidence that even if the central bank can pull off a so-called “soft landing,” it won’t feel benign to everyone. » | Jeanna Smialek, Photographs by Tony Luong | Reporting from Boston | Friday, November 25, 2022
November has been busier than expected at the Langham Hotel in Boston as luxury travelers book rooms in plush suites and hold meetings in gilded conference rooms. The $135-per-adult Thanksgiving brunch at its in-house restaurant sold out weeks ago.
Across town, in Dorchester, demand has been booming for a different kind of food service. Catholic Charities is seeing so many families at its free pantry that Beth Chambers, vice president of basic needs at Catholic Charities Boston, has had to close early some days and tell patrons to come back first thing in the morning. On the frigid Saturday morning before Thanksgiving, patrons waiting for free turkeys began to line the street at 4:30 a.m. — more than four hours before the pantry opened.
The contrast illustrates a divide that is rippling through America’s topsy-turvy economy nearly three years into the pandemic. Many well-off consumers are still flush with savings and faring well financially, bolstering luxury brands and keeping some high-end retailers and travel companies optimistic about the holiday season. At the same time, America’s poor are running low on cash buffers, struggling to keep up with rising prices and facing climbing borrowing costs if they use credit cards or loans to make ends meet.
The situation underlines a grim reality of the pandemic era. The Federal Reserve is raising interest rates to make borrowing more expensive and temper demand, hoping to cool the economy and bring the fastest inflation in decades back under control. Central bankers are trying to manage that without a recession that leaves families out of work. But the adjustment period is already a painful one for many Americans — evidence that even if the central bank can pull off a so-called “soft landing,” it won’t feel benign to everyone. » | Jeanna Smialek, Photographs by Tony Luong | Reporting from Boston | Friday, November 25, 2022
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