Over the 12 months to the end of March 2021, wages rose by a dismal 0.72%. That’s according to recent data from the Australian Bureau of Statistics (ABS). Well, naturally, it has been a disastrous year for everyone, we might say in response, and this is only to be expected. We would be wrong. The year to March was a superb year for Australia’s corporate profits, which the same source said soared 12.1%.
Source: The Coalition’s pandemic: fantastic for profits, woeful for wages
The wealthiest 3 billionaires in the U.S. –Jeff Bezos, Bill Gates and Warren Buffett — now have as much wealth as the bottom half of the U.S. population combined.
Since 1982, these three families have seen their wealth increase nearly 6,000 percent, factoring in inflation. Meanwhile, the median household wealth went down 3 percent over the same period.
The dynastic wealth of the Walton family grew from $690 million in 1982 (or $1.81 billion in 2018 dollars) to $169.7 billion in 2018, a mind-numbing increase of 9,257 percent.
via Is Bernie Sanders Right that 3 Billionaires Have more Wealth than Half of America?
Barcelona is an extreme case, but certainly the law needs to catch up so Airbnb doesn’t price locals out of their community
via Airbnb can’t go on unregulated – it does too much damage to cities | Steven Poole | Opinion | The Guardian
“Greetings from the 1%,” Disney begins the video. “[W]e in the 1% got a great Christmas present last year,” she says, “I don’t know if you remember—it was called a very big tax break.”
“I didn’t need it,” Disney continues, “but the Republicans gave it to me anyway. And I hear [that] if the Republicans do well in these midterms, they want to give me another one; an even bigger one, in fact.”
via A Disney Heiress Reveals the 1 Percent’s Worst-Kept Secret
Depending on who you ask, class is a major barrier to social mobility — or it scarcely exists. Drive around Melbourne for a day and those conflicting views come to the fore.
via Inside the class divide – RN – ABC News (Australian Broadcasting Corporation)
Here lies the Real News one needs to ask why our Government is in the business of selling Fake News ( OD)
via Labor’s tax plan lays bare the hypocrisy of Canberra
And it’s true that it sometimes happens. Sometimes a child born into poverty grows up to become the president of the United States, a multi-billionaire, or an Olympic gold medalist.Most of the time, however, they don’t. And it’s not because they’re bad, lazy, stupid, or immoral. Often it’s because of our system itself.
Source: Sometimes the Poor Make It Big; Usually They Stay Poor | Alternet