A new report released by Oxfam and endorsed by economist Jeffery Sachs and PSI, confirms that global inequality is spiraling out of control
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The report reveals how:
"Last year saw the biggest increase in billionaires in history, one more every two days. This huge increase could have ended global extreme poverty seven times over. 82% of all wealth created in the last year went to the top 1%, and nothing went to the bottom 50%."
"Dangerous, poorly paid work for the many is supporting extreme wealth for the few. Women are in the worst work, and almost all the super-rich are men. Governments must create a more equal society by prioritizing ordinary workers and small-scale food producers instead of the rich and powerful."
In endorsing the report, PSI General Secretary Rosa Pavanelli said:
This report confirms what workers have known for years: most of the heralded benefits of globalization are reserved for a global elite who consider themselves untouchable. The myths of the current model of globalization are collapsing like a house of cards and with it the credibility of its proponents and trust in political institutions. Brazen corporate tax evasion, privatization, service cuts and decades of stagnating wages have not happened by accident. Urgent, radical action is needed to fund universal public services, decent work and redistribute wealth. The alternative is the continued rise of populism, racism and fear mongering of the far right.
We have been warned.
Read the full report here
Or the Summary of the report here.