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Income Inequality Media Articles

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Richest 85 boast same wealth as half the world
2014-01-21, Sydney Morning Herald (Australia's leading newspaper)
http://www.smh.com.au/business/richest-85-boast-same-wealth-as-half-the-world...

Eighty-five people control the same amount of wealth as half the world's population. That is 85 people compared with 3.5 billion. A new report from Oxfam has been published in time for the World Economic Forum in Davos this week. It shows the world's ultra-wealthy have not only recovered from the global financial crisis, they have positively blossomed. The report shows the wealth of the 1 per cent richest people in the world is worth about $US110 trillion, 65 times the total wealth of the bottom half of the world's population. It also shows the world's richest 85 people control about $US1.7 trillion in wealth, equivalent to the bottom half of the world's population. And far from hindering the wealthy, the political response to the global financial crisis - including the actions of central banks and the austerity measures introduced by national governments - has made the rich fabulously richer. In the US, the wealthiest 1 per cent of the population grabbed 95 per cent of post-financial crisis growth between 2009 and 2012, while the bottom 90 per cent became poorer. An Oxfam survey of six countries - the United States, UK, Spain, Brazil, India and South Africa - has found that the majority of people believe laws and regulations are skewed in favour of the rich, so people are noticing.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


The Great Redistribution a windfall for rich
2014-01-10, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/opinion/reich/article/The-Great-Redistribution-a-windfa...

2013 marked one of the biggest redistributions in recent American history - a redistribution upward, from average working people to the owners of America. The stock market ended 2013 at an all-time high, giving stockholders their biggest annual gain in almost two decades. Most Americans didn't share in those gains, however, because most people haven't been able to save enough to invest in the stock market. More than two-thirds of Americans live from paycheck to paycheck. Even if you include the value of individual retirement accounts, most shares of stock are owned by the very wealthy. The richest 1 percent of Americans owns 35 percent of the value of American-owned shares. The richest 10 percent owns more than 80 percent. So in the bull market of 2013, America's rich hit the jackpot. Stock prices track corporate profits. And 2013 was a banner year for profits. Where did those profits come from? Here's where redistribution comes in. American corporations didn't make most of their money from increased sales (although their foreign sales did increase). They made their big bucks mostly by reducing their costs - especially their biggest single cost: wages. They push wages down because most workers no longer have any bargaining power when it comes to determining pay. The continuing high rate of unemployment - including a record number of long-term jobless and a large number who have given up looking for work altogether - has allowed employers to set the terms.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


50 years later, war on poverty is a mixed bag
2014-01-05, New York Times
http://www.nytimes.com/2014/01/05/business/50-years-later-war-on-poverty-is-a...

To many Americans, the war on poverty declared 50 years ago by President Lyndon B. Johnson has largely failed. The poverty rate has fallen only to 15 percent from 19 percent in two generations, and 46 million Americans live in households where the government considers their income scarcely adequate. Half a century after Mr. Johnsons now-famed State of the Union address, the debate over the governments role in creating opportunity and ending deprivation has flared anew, with inequality as acute as it was in the Roaring Twenties and the ranks of the poor and near-poor at record highs. High rates of poverty ... have remained a remarkably persistent feature of American society. About four in 10 black children live in poverty; for Hispanic children, that figure is about three in 10. According to one recent study, as of mid-2011, in any given month, 1.7 million households were living on cash income of less than $2 a person a day, with the prevalence of the kind of deep poverty commonly associated with developing nations increasing since the mid-1990s. The 1996 Clinton-era welfare overhaul drastically cut the cash assistance available to needy families, often ones headed by single mothers. Over the last 30 years, growth has generally failed to translate into income gains for workers even as the American labor force has become better educated and more skilled.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Billionaires Worth $3.7 Trillion [in] 2013
2014-01-02, Bloomberg News
http://www.bloomberg.com/news/2014-01-02/billionaires-worth-3-7-trillion-surg...

The richest people on the planet got even richer in 2013, adding $524 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the worlds 300 wealthiest individuals. The aggregate net worth of the worlds top billionaires stood at $3.7 trillion at the market close on Dec. 31. The biggest gains came in the technology industry, which soared 28 percent during the year. Bill Gates, the founder and chairman of Redmond, Washington-based Microsoft Corp., was the years biggest gainer. The 58-year-old tycoons fortune increased by $15.8 billion to $78.5 billion, according to the index, as shares of Microsoft, the worlds largest software maker, rose 40 percent. Gates recaptured the title of worlds richest person on May 16 from Mexican investor Carlos Slim. Slim lost $1.4 billion during 2013. His America Movil SAB, the largest mobile-phone operator in the Americas, dropped 12 percent in the first three months of the year after Mexicos Congress passed a bill to quash the billionaires market dominance. Sheldon Adelson, founder of Las Vegas Sands Corp., the world’s largest casino company, was the second-biggest gainer in 2013, adding $14.4 billion to his net worth as the company’s shares rose 71 percent.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


France approves Francois Hollande's 75% 'millionaires tax'
2013-12-30, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/business/news/france-approves-francois-holl...

France's constitutional council has given President Francois Hollande the green light to introduce a 75 per cent tax rate taking aim at the super rich. Under the new plan, which the French council found constitutional, companies will have to pay 50 per cent tax on all salaries exceeding one million euros, or the equivalent of approximately 833, 000. Including social contributions, the rate will effectively stand at 75 per cent, although the total amount will be capped at 5 per cent of a company's turnover. The levy is set to affect income earned this year and in 2014. The 'millionaire tax' could affect more than 450 companies and several football clubs, and could raise more than 200 million euros on an annual basis. The super tax, a flagship pledge in Hollande's political manifesto, has infuriated business leaders, high earners and celebrities. President Hollande, who once admitted that he dislikes the rich and has been accused of taking an anti-business stance, has fired back at critics insisting that high earners should do more to boost the country's public finances. But the super tax has sparked fears of a mass exodus of businesses, bankers and celebrities. Last year, Prime Minister David Cameron said he would "roll out the red carpet" and "welcome more French businesses to Britain" if Hollande raised taxes on the wealthy.

Note: A New York Times article shows that the tax rate for those earning over $8 million per year in the U.S. dropped from 41% in 1995 to 31.5% in 2005. For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


What 'charity' should really mean
2013-12-16, Christian Science Monitor
http://www.csmonitor.com/Business/Robert-Reich/2013/1216/What-charity-should-...

As the tax year draws to a close, the charitable tax deduction beckons. Americas wealthy are its largest beneficiaries. According to the Congressional Budget Office, $33 billion of last years $39 billion in total charitable deductions went to the richest 20 percent of Americans, of whom the richest 1 percent reaped the lions share. The generosity of the super-rich is sometimes proffered as evidence theyre contributing as much to the nations well-being as they did decades ago when they paid a much larger share of their earnings in taxes. Think again. A large portion of the charitable deductions now claimed by Americas wealthy are for donations to culture palaces operas, art museums, symphonies, and theaters where they spend their leisure time hobnobbing with other wealthy benefactors. Another portion is for contributions to the elite prep schools and universities they once attended or want their children to attend. These arent really charities as most people understand the term. Theyre often investments in the life-styles the wealthy already enjoy and want their children to have as well. Increasingly, being rich in America means not having to come across anyone whos not. As with all tax deductions, the government has to match the charitable deduction with additional tax revenues or spending cuts; otherwise, the budget deficit widens. In economic terms, a tax deduction is exactly the same as government spending. Which means the government will, in effect, hand out $40 billion this year for charity thats going largely to wealthy people who use much of it to enhance their lifestyles.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.


Poverty wages in the land of plenty
2013-12-05, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/commentisfree/2013/dec/05/campaign-to-raise-minimu...

The holiday season is upon us. Sadly, the big retailers are Scrooges when it comes to paying their workers. Undergirding the sale prices is an army of workers earning the minimum wage or a fraction above it, living check to check on their meager pay and benefits. The dark secret that the retail giants like Walmart don't want you to know is that many of these workers subsist below the poverty line, and rely on programs like food stamps and Medicaid just to get by. This holiday season, though, low-wage workers from Walmart to fast-food restaurants are standing up and fighting back. Wal-Mart is the world's largest retailer, with 2.2 million employees, 1.3 million of whom are in the US. It reported close to $120bn in gross profit for 2012. Just six members of the Walton family, whose patriarch, Sam Walton, founded the retail giant, have amassed an estimated combined fortune of between $115bn to $144bn. These six individuals have more wealth than the combined financial assets of the poorest 40% of the US population. Walmart workers have been organizing under the banner of OUR Walmart, a worker initiative supported by the United Food and Commercial Workers union. Workers have taken courageous stands, protesting their employer and engaging in short-term strikes. Walmart has retaliated, firing many who participated. Parallel to the Walmart campaign is a drive for higher wages in the fast-food industry. In more than 100 cities, workers are organizing protests and strikes ... and winning.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


The Popes bold new vision
2013-11-26, CNN blog
http://religion.blogs.cnn.com/2013/11/26/the-popes-bold-new-vision/

Pope Francis on [November 26] issued a bold new document in Vatican parlance an apostolic exhortation called Evangelii Gaudium or The Joy of the Gospel. In this document, he sets out an exciting new vision of how to be a church. It is to be a joyful community of believers completely unafraid of the modern world, completely unafraid of change and completely unafraid of challenges. The exhortation [expresses] an overriding concern for the poor in the world. Francis champions an idea that has lately been out of favor: the churchs preferential option for the poor. Gods heart has a special place for the poor, the Pope says. But it is not enough simply to say that God loves the poor in a special way and leave it at that. We must be also vigilant in our care and advocacy for them. Everyone must do this, says the Pope. None of us can think we are exempt from concern for the poor and for social justice. And in case anyone misses the point, after a critique of the idolatry of money and an economy of exclusion, the Pope says: The Pope loves everyone, rich and poor alike, but he is obliged in the name of Christ to remind all that the rich must help, respect and promote the poor. I exhort you to generous solidarity and a return of economics and finance to an ethical approach which favors human beings. This does not mean simply caring for the poor, it means addressing the structures that keep them poor: The need to resolve the structural causes of poverty cannot be delayed.

Note: For how you can help to end poverty through microlending, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.


How economic growth has become anti-life
2013-11-01, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/commentisfree/2013/nov/01/how-economic-growth-has-...

Limitless growth is the fantasy of economists, businesses and politicians. It is seen as a measure of progress. As a result, gross domestic product (GDP), which is supposed to measure the wealth of nations, has emerged as both the most powerful number and dominant concept in our times. However, economic growth hides the poverty it creates through the destruction of nature, which in turn leads to communities lacking the capacity to provide for themselves. In effect, growth measures the conversion of nature into cash, and commons into commodities. Today, economics is separated from and opposed to both ecological processes and basic needs. While the destruction of nature has been justified on grounds of creating growth, poverty and dispossession [have] increased. While being non-sustainable, it is also economically unjust. The dominant model of economic development has in fact become anti-life. Nobel-prize winning economists Joseph Stiglitz and Amartya Sen have admitted that GDP does not capture the human condition and urged the creation of different tools to gauge the wellbeing of nations. This is why countries like Bhutan have adopted the gross national happiness in place of gross domestic product to calculate progress. We need to create measures beyond GDP, and economies beyond the global supermarket, to rejuvenate real wealth. We need to remember that the real currency of life is life itself.


Sen. Bernie Sanders: Don't cut the big benefit programs
2013-10-30, USA Today
http://www.usatoday.com/story/opinion/2013/10/30/social-security-medicare-med...

In America today, the middle class is disappearing, unemployment is sky high and senior poverty is growing. We also have the most unequal distribution of wealth and income of any major country. At a time when almost all new income created is going to the top 1% and when the gap between the very rich and everybody else is growing wider, we must not balance the budget on the backs of the most vulnerable people in our country: working families, the elderly, children, the sick and the poor. We must not cut Social Security, Medicare or Medicaid. Let's be clear: Social Security is not an entitlement program. It is an earned income benefit that has been enormously successful in cutting the rate of senior poverty. Further, Social Security is not "going broke." According to the Social Security Administration, the Social Security Trust Fund has a surplus today of $2.8 trillion and can pay out every benefit owed to every eligible American for the next 20 years. The solution to making Social Security fully solvent for the next 50 years is to apply the payroll tax on annual income more than $250,000. Right now, the Social Security tax stops at $113,700 a year, so someone who earns that amount pays the same as a billionaire. This makes no sense. Our entire health care system, including Medicare and Medicaid, is much too wasteful and bureaucratic. We should join the rest of the industrialized world in moving toward a national health care program that provides health care to every man, woman and child as a right.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Inequality Is a Choice
2013-10-13, New York Times
http://opinionator.blogs.nytimes.com/2013/10/13/inequality-is-a-choice/

Its well known by now that income and wealth inequality in most rich countries, especially the United States, have soared in recent decades and, tragically, worsened even more since the Great Recession. But what about the rest of the world? New research by a World Bank economist named Branko Milanovic, along with other scholars, points the way to some answers. Overall equality across humanity, considered as individuals, has improved very little. So while nations in Asia, the Middle East and Latin America, as a whole, might be catching up with the West, the poor everywhere are left behind, even in places like China where theyve benefited somewhat from rising living standards. From 1988 to 2008, Mr. Milanovic found, people in the worlds top 1 percent saw their incomes increase by 60 percent, while those in the bottom 5 percent had no change in their income. And while median incomes have greatly improved in recent decades, there are still enormous imbalances: 8 percent of humanity takes home 50 percent of global income; the top 1 percent alone takes home 15 percent. The United States provides a particularly grim example for the world. And because, in so many ways, America often leads the world, if others follow Americas example, it does not portend well for the future. Last year, the top 1 percent of Americans took home 22 percent of the nations income; the top 0.1 percent, 11 percent. Ninety-five percent of all income gains since 2009 have gone to the top 1 percent.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Rich Mans Recovery
2013-09-13, New York Times
http://www.nytimes.com/2013/09/13/opinion/krugman-rich-mans-recovery.html

A few days ago, The Times published a report on a society that is being undermined by extreme inequality. This society claims to reward the best and brightest regardless of family background. In practice, however, the children of the wealthy benefit from opportunities and connections unavailable to children of the middle and working classes. And it was clear from the article that the gap between the societys meritocratic ideology and its increasingly oligarchic reality is having a deeply demoralizing effect. If the rich are so much richer than the rest that they live in a different social and material universe, that fact in itself makes nonsense of any notion of equal opportunity. The data in question have been compiled for the past decade by the economists Thomas Piketty and Emmanuel Saez, who use I.R.S. numbers to estimate the concentration of income in Americas upper strata. According to their estimates, top income shares took a hit during the Great Recession, as things like capital gains and Wall Street bonuses temporarily dried up. But the rich have come roaring back, to such an extent that 95 percent of the gains ... since 2009 have gone to the famous 1 percent. In fact, more than 60 percent of the gains went to the top 0.1 percent, people with annual incomes of more than $1.9 million. The growing concentration of income at the top [is undermining] all the values that define America. Year by year, were diverging from our ideals. Inherited privilege is crowding out equality of opportunity; the power of money is crowding out effective democracy.

Note: For more on extreme income inequality, see the deeply revealing reports from reliable major media sources available here.


5 years after crash, wealthy are better off
2013-09-11, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/business/bottomline/article/5-years-after-crash-wealthy...

This week marks the fifth anniversary of the collapse of Lehman Bros., heralding the Great Recession. The better off are better off than ever. Most of the rest are right where they started, or worse. For example, earnings of the top 1 percent (those families making more than $394,000 a year) commanded 95 percent of the income gains generated between 2009 and 2012. Their earnings grew by 31 percent in the period, compared with 0.4 percent for the less fortunate. That's according to a study published last week by UC Berkeley economist Emmanuel Saez, whose finding in 2011 that income inequality in the United States is the widest since 1928 was highly publicized. In fact, according to the latest study by Saez, whose numbers are drawn from IRS data, America's top 10 percent (those households earning above $114,000) account for more than half of the nation's total income, the highest percentage since 1917. Despite improvements in the economy, "it seems unlikely that U.S. income concentration will fall much in the coming years," Saez concludes. Or it could intensify. Factoring in inflation, median household income ($52,000) has actually fallen by 4.4 percent since June 2009, according to Sentier Research, a Maryland consultancy, in a report last week based on government statistics. Then there's the Federal Reserve, which reported that American families have recovered just 45 percent of the $16 trillion in wealth that went down the tubes in the recession. And most of the recovery has gone to the wealthy, whose income bounced back largely thanks to the recovery of the stock market, according to an analysis by the Federal Reserve Bank of St. Louis in May.

Note: To read the UC Berkeley report on extreme income disparities, click here. For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


From Inequality for All, a challenge for America
2013-09-10, Washington Post
http://articles.washingtonpost.com/2013-09-10/opinions/41917153_1_income-ineq...

Chilling. Thats how one reviewer describes the experience of watching Harvey Weinsteins latest film. Its about income inequality. As Clinton Labor Secretary Robert Reich intones in the film, Of all developed nations, the United States has the most unequal distribution of income, and were surging towards even greater inequality. Inequality for All, directed by Jacob Kornbluth and set to be released nationwide on Sept. 27, comes at a critical moment for America. Sept. 15 marks the five-year anniversary of the collapse of Lehman Brothers fueled by a toxic combination of deregulation, subprime lending and credit-default swaps that precipitated the 2008 global economic crisis and laid bare the rot at the heart of our economic system. It was largely this orgy of greed that led the first Occupy Wall Street protesters to Zuccotti Park on Sept. 17, two years ago next week. Inequality for All throws into sharp relief the numbers and stories we hear. Combining footage from Reichs electrifying Berkeley lectures with interviews, news clips and rich graphics, the film weaves a compelling narrative about how and why, since the late 1970s, income inequality has risen to crisis levels. The facts are breathtaking. In 1978, according to Reich, a typical male worker made $48,302, while the typical top 1 percenter earned $393,682, more than eight times as much. In 2010, even as overall gross domestic product and productivity increased, the average male workers wage fell to $33,751. Meanwhile, the average top 1 percent earner was making more than $1.1 million 32 times the average earner.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


The Rich Get Richer Through the Recovery
2013-09-10, New York Times
http://economix.blogs.nytimes.com/2013/09/10/the-rich-get-richer-through-the-...

The top 10 percent of earners took more than half of the countrys total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago, according to an updated study by the prominent economists Emmanuel Saez and Thomas Piketty. The top 1 percent took more than one-fifth of the income earned by Americans, one of the highest levels on record since 1913. The figures underscore that even after the recession the country remains in a new Gilded Age, with income as concentrated as it was in the years that preceded the Depression of the 1930s, if not more so. High stock prices, rising home values and surging corporate profits have buoyed [the] incomes of the most affluent Americans, with the incomes of the rest still weighed down by high unemployment and stagnant wages for many blue- and white-collar workers. These results suggest the Great Recession has only depressed top income shares temporarily and will not undo any of the dramatic increase in top income shares that has taken place since the 1970s, Mr. Saez, an economist at the University of California, Berkeley, wrote. The income share of the top 1 percent of earners in 2012 [jumped] to about 22.5 percent in 2012 from 19.7 percent in 2011. The economy remains depressed for most wage-earning families. With sustained, relatively high rates of unemployment, businesses are under no pressure to raise their employees incomes because both workers and employers know that many people without jobs would be willing to work for less. The share of Americans working or looking for work is at its lowest in 35 years.

Note: To read the UC Berkeley report on extreme income disparities, click here. For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Remaking the basic bargain
2013-09-03, Chicago Tribune
http://www.chicagotribune.com/sns-201309031400--tms--amvoicesctnav-b20130903-...

Back in 1914, Henry Ford announced he was paying workers on his Model T assembly line $5 a day -- three times what the typical factory employee earned at the time. The Wall Street Journal termed his action "an economic crime." But Ford knew it was a cunning business move. The higher wage turned Ford's auto workers into customers who could afford to buy Model Ts. In two years, Ford's profits more than doubled. Yet in the years leading up to the Great Crash of 1929 [the] wages of most American workers stagnated even as the economy surged. Gains went mainly into corporate profits and into the pockets of the very rich. American families maintained their standard of living by going deeper into debt, and the rich gambled with their gigantic winnings. In 1929, the debt bubble popped. The same thing happened in the years leading up to the crash of 2008. The lesson should be obvious. When the economy becomes too lopsided -- disproportionately benefiting corporate owners and top executives rather than average workers -- it tips over. It's still lopsided. We're slowly emerging from the depths of the worst downturn since the Great Depression, but nothing fundamentally has changed. Corporate profits are up largely because payrolls are down. Even Ford Motor Company is now paying its new hires half what it paid new employees a few years ago. All over the American economy, employee pay is now down to the smallest share of the economy since the government began collecting wage and salary data 60 years ago. And corporate profits constitute the largest share of the economy since then.

Note: The author of this analysis, Robert Reich, is former U.S. Secretary of Labor, a professor of public policy at the University of California at Berkeley, and the author of Aftershock: The Next Economy and America's Future. He blogs at http://www.robertreich.org. For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Income Gap Grows Wider (and Faster)
2013-09-01, New York Times
http://www.nytimes.com/2013/09/01/business/income-gap-grows-wider-and-faster....

Income inequality in the United States has been growing for decades, but the trend appears to have accelerated during the Obama administration. One measure of this is the relationship between median and average wages. The median wage is straightforward: its the midpoint of everyones wages. Interpreting the average, though, can be tricky. If the income of a handful of people soars while everyone elses remains the same, the entire groups average may still rise substantially. So when average wages grow faster than the median, as happened from 2009 through 2011, it means that lower earners are falling further behind those at the top. One way to see the acceleration in inequality is to look at the ratio of average to median annual wages. From 2001 through 2008, during the George W. Bush administration, that ratio grew at 0.28 percentage point per year. From 2009 through 2011, the latest year for which the data is available, the ratio increased 1.14 percentage points annually, or roughly four times faster. The reasons for the widening income gap arent entirely clear. Yes, the nation has had a big recession, but recessions typically tend to lessen inequality rather than increase it.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Fifty years after March on Washington, economic gap between blacks, whites persists
2013-08-27, Washington Post
http://www.washingtonpost.com/business/economy/50-years-after-the-march-the-e...

Even as racial barriers have tumbled and the nation has grown wealthier and better educated, the economic disparities separating blacks and whites remain as wide as they were when marchers assembled on the Mall in 1963. When it comes to household income and wealth, the gaps between blacks and whites have widened. On other measures, the gaps are roughly the same as they were four decades ago. The poverty rate for blacks, for instance, continues to be about three times that of whites. The march took place at a time when the benefits of American economic growth were widely shared. Between 1947 and 1979, the wages of workers at all salary levels grew by roughly the same percentage. But between 1979 and 2007, incomes shifted drastically, with the top 5 percent of earners seeing annual salary increases more than three times the size of those in the middle, according to the Economic Policy Institute, a liberal research organization. Overall, 63 percent of total income growth went to the top 10 percent of households between 1979 and 2007.

Note: For more on income and wealth inequality, see the deeply revealing reports from reliable major media sources available here.


World Bank chief Jim Yong Kim: 'They said poverty would always be with us. Well, maybe not'
2013-07-07, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/people/profiles/world-bank-chief-jim-yong-k...

Jim Yong Kim [is] the first man from outside the discipline of economics to take the helm at the World Bank. Having just celebrated his first year in charge, the Korean-American medical expert has refocused the worlds premier development bank on ending extreme poverty. The World Bank leader prefers to dwell on the positives. Global poverty, defined by the bank as living on $1.25 or less per day, was halved five years ahead of schedule. The next phase is to lift the remaining 20 per cent of the worlds population out of extreme poverty by 2030. The efforts to end poverty have been really significant, says Mr Kim. They said poverty would always be with us. Well, maybe not. A proportion of people he estimates three per cent will remain below the poverty line due to natural disasters and their related aftermaths, but otherwise extreme poverty will be gone from the earth. His appointment to the World Bank last year was not universally welcomed. Many observers resented his imposition by the United States over popular candidates from Africa and Latin America, while others worried that he was not an economist. They pointed to his presence at protests against the World Bank in 1993. Mr Kim now says that it was the lenders one size fits all approach to economies that he objected to. As well as aiming to end poverty, the bank has set itself the task of tracking the progress of the bottom 40 per cent in every country as a means of measuring social mobility and equality.

Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.


Exploring the Psychology of Wealth, 'Pernicious' Effects of Economic Inequality
2013-06-21, PBS
http://www.pbs.org/newshour/bb/business/jan-june13/makingsense_06-21.html

JEFFREY BROWN: Does the amount of wealth you have affect the kind of person you are? NewsHour economics correspondent PAUL SOLMAN: In California, you're supposed to stop for a pedestrian at a crosswalk. And, in a recent study, some 90 percent of drivers did, except for those driving luxury cars. They were almost as likely to run the intersection as wait for the person to cross the street. PAUL PIFF, University of California, Berkeley: Drivers of those BMWs, those Porsches, those Mercedes were anywhere from three to four times more likely to break the law, than drivers of less expensive, low-status cars. WOMAN: Oh, by the way, there's candy there. It's actually for children for another study, but you're welcome to take a few pieces if you want to. [Other] WOMAN: Thank you. PAUL SOLMAN: That's the script an experimenter recited to every subject. And the results? PAUL PIFF: Wealthier participants took two times as much candy from children as did poor participants. PAUL SOLMAN: So, experimental evidence that rich people are more likely to break the law while driving, help themselves to candy meant for children, cheat in a game of chance, also to lie during negotiations and endorse unethical behavior, including stealing at work. The academic paper that resulted made headlines everywhere, the Wall Street Journal article leading with the question, "Ready the Pitchforks?" PAUL SOLMAN: Psychology professor Dacher Keltner is Paul Piff's [co-author]. DACHER KELTNER: We publish these studies in relatively obscure scientific journals, and literally the next day we're getting hundreds of e-mails from around the world, and a lot quite hostile.

Note: Don't miss the fascinating video at the link above, which is also available here. Note that it is not about rich people being unethical, it's about human behavior. People tend to become more unethical the more money they have. For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


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