More than 140 economists and policy experts on Monday published an open letter calling on the leaders of rich countries to combat the life-threatening crises of climate change and inequality through the downward redistribution of trillions of dollars in public money.
The right analysis alone, however, won’t end poverty. That will only happen through a movement or movements transforming the hurt and pain of millions into, as King once put it, a “new and unsettling force” carrying this nation to higher and more stable ground.
The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today.
A new analysis, “Taxing Extreme Wealth,” by the Fight Inequality Alliance, Institute for Policy Studies, Oxfam, and Patriotic Millionaires found a shocking rise in global wealth among the world’s richest people despite deepening inequality during the Covid-19 pandemic.
Today’s massive concentrations of wealth and power are disruptive to democratic institutions, social cohesion, and economic stability for all. It’s time for a billionaire wealth tax.
In my latest podcast we are exploring how it would be if Feeney’s thinking were to be embraced by those holding the vast reserves of money that the world needs to address its complex problems right now. What if they shifted and recognised the need to let go of what they’re holding onto? And how would it feel to do so?
Presidential candidates should take a pledge: The middle class should not pay one dollar more in new taxes until the super-rich pay their fair share.
Six months ago you might have been hesitant to say the words. But thanks to a political season of bold ideas – and the furious response of the U.S. public to four decades of extreme inequalities of wealth and power – you can now utter the words in polite company. It is time to tax the very rich.
Wealth and power concentrate not because those we confront are wicked (though there are one or two). Their escalation, in the absence of a political movement to restrain it, is an intrinsic feature of complex human societies. It occurred even in the world’s first cities, in southern Mesopotamia.
When will we become alarmed about so much wealth in so few hands?
Thomas Piketty, a 43 year old, left leaning, French socialist economist, has written a 700 page book on inequality which has achieved something few would have thought possible. He has rocked the neo-liberal economic establishment to its foundations.