Category: Wealth Inequality

Malcolm Turnbull’s myth of ‘middle Australia’ ignores both gender and reality | Greg Jericho | Business | The Guardian

‘Middle Australia’ earns much less than the government would have you believe and women continue to earn much less than men

Source: Malcolm Turnbull’s myth of ‘middle Australia’ ignores both gender and reality | Greg Jericho | Business | The Guardian

James Packer may determine Crown Resorts board’s 50 per cent pay rise

The CEO has tripled his remuneration, and the board want a 50 per cent pay rise, but that’s OK. Crown Resort’s largest shareholder, James Packer, can now help vote through the pay bonanza.

Source: James Packer may determine Crown Resorts board’s 50 per cent pay rise

A plea on behalf of rich property owners – » The Australian Independent Media Network

Image from azquotes.com

By James Moylan Nobody likes homelessness. It’s not something anyone would choose to do, or choose to inflict on someone else. But we have no option. The very survival of our nation and a way of life depends on it. After all: houses are first and foremost an asset. Just because it is an asset…

Source: A plea on behalf of rich property owners – » The Australian Independent Media Network

Fixing wealth inequality: future generations will think us mad, and they will be right | Wayne Swan | Opinion | The Guardian

We will rue the day we did not use this period of ultra-low interest rates to invest in infrastructure and put our people to work

Source: Fixing wealth inequality: future generations will think us mad, and they will be right | Wayne Swan | Opinion | The Guardian

Labor Is At War With Inequality, Not Business – New Matilda

A barely reported speech delivered recently by a Labor MP reveals the party is moving towards a more radical position on the thorny issue of competition. Despite the shrieks from the business lobby, it’s not really about them, writes Ben Eltham. “ALP ramps up its war on business,” screamed the headline today in The Australian. AccordingMore

Source: Labor Is At War With Inequality, Not Business – New Matilda

The Panama Papers Expose the Hidden Wealth of the World’s Super-Rich | The Nation

Protesters in Iceland after Panama Papers leak

As global wealth concentrates in fewer hands, the world’s wealthy are shifting trillions to offshore havens to escape taxation, accountability, and publicity.

Source: The Panama Papers Expose the Hidden Wealth of the World’s Super-Rich | The Nation

The Reverse Robin Hood: Tax ‘Reform’ In The Age Of Oligarchy – New Matilda

Liam McLoughlin is ‘calling bullsh *t’ on sustained government efforts to increase the gap between rich and poor.  I do not believe we are living in a democracy anymore. We are living in a plutocracy in Australia. That is, government by the wealthy in the interests of the wealthy. -Former Greens Leader Christine Milne. EconomicMore

Source: The Reverse Robin Hood: Tax ‘Reform’ In The Age Of Oligarchy – New Matilda

How the Rothschilds Use America to Dodge Billions in Taxes AnonHQ

(ZEROHEDGE) Back in September 2012 we first presented “the world’s biggest hedge fund nobody had ever heard of”: a small, previously unknown company called Braeburn Capital which, however, managed more cash than even Ray Dalio’s Bridgewater, the world’s largest hedge fund. How had the little …

Source: How the Rothschilds Use America to Dodge Billions in Taxes AnonHQ

How Unequal We Are: The Top 5 Facts You Should Know About The Wealthiest One Percent Of Americans | ThinkProgress It’s got worse

As the ongoing occupation of Wall Street by hundreds of protesters enters its third week — and as protests spread to other cities such as Boston and Los A

Source: How Unequal We Are: The Top 5 Facts You Should Know About The Wealthiest One Percent Of Americans | ThinkProgress

Wealth Inequality Rises AGAIN AnonHQ

Well, global wealth inequality is up. Again. Oxfam had stated in January of this year that the 1% wealthiest people controlled 48% of the world’s wealth in 2014. They had predicted that this percentage would rise to 50% by NEXT year. Well, it’s two months …

Source: Wealth Inequality Rises AGAIN AnonHQ

1 per cent of the world will own more than half its wealth by 2016, Oxfam report says The World Today : Abbott governs for the 1%

Inequality, unemployment to soar says UN, Oxfam

“The actual global checks and balances that might have once achieved the kind of reasonable equality that occurred after the Second World War have broken down; they’re not coping with the kind of way that business is down by the very fast moving global economy, by the sort of digital world that we live in one way or the other,” she said.

Oxfam said it would call for action to tackle rising inequality at the Davos meeting, which starts on Wednesday, including a crackdown on tax dodging by corporations and progress towards a global deal on climate change.

“The reason that this should be raised at a forum like Davos, is that inevitably with the concentration of wealth comes the concentration of power, and what we need are governments to be operating in the interests of the poorest as well as the richest,” Dr Szoke said.

“At the moment in our domestic context, and in many other contexts, [the burden of tax] falls on labour and consumption. We’re saying if you have this concentration of wealth, we really need to look at capital and wealth tax.

“So, stop the dodging, make sure that there are fair taxes that are paid by people, but then we also need to look actually look at how those taxes are used, and that really goes back to the issues of what are the social structures that are put in place that are the safety net

for people across the world, like a minimum income guarantee.

“Horrifyingly, we are a long way off that.”

Unemployment to rise by 11 million: UN

Meanwhile, the United Nations has warned that unemployment will rise by 11 million in the next five years due to slower growth and turbulence.

More than 212 million people will be jobless by 2019 against the current level of 201 million, the International Labour Organisation (ILO) said.

“The global economy is continuing to grow at tepid rates and that has clear consequences,” ILO head Guy Ryder said in Geneva.

“The global jobs gap due to the crisis stands at 61 million jobs worldwide,” he said, referring to the number of jobs lost since the start of the financial crisis in 2008.

The ILO World Employment and Social Outlook – Trends 2015 report said an extra 280 million jobs would have to be created by 2019 to close the gap created by the financial turmoil.

“This means the jobs crisis is far from over and there is no place for complacency,” Mr Ryder said.

The job scenario improved in the United States, Japan and Britain but remained worrisome in several developed economies of Europe, the report said.

“The austerity trajectory… in Europe in particular has contributed dramatically to increases in unemployment,” Mr Ryder said.

The report said eurozone powerhouse Germany could see unemployment rise to 5 per cent in 2017 against 4.7 per cent at present, while it was expected to fall just under the double-digit in number two eurozone economy France.

The worst-hit segment globally were those aged between 15 and 24, with the youth unemployment rate touching 13 per cent last year, almost three times the rate for adults.

The UN agency said the steep fall in oil and gas prices would hit the labour market hard in producing countries in Latin America, Africa and the Arab world.

But one of the rare bits of good news was that the middle class comprised more than 34 per cent of total employment in developing countries from 20 per cent in the 1990s, Mr Ryder said.

However, extreme poverty continues to affect one out of 10 workers globally who earn less than $1.50 a day, he added.