Incomes of the top 1% globally have increased 60% in 20 yearsSubmitted by go213mph on Sat, 01/26/2013 - 12:51
While hundreds of millions struggle to find a job, the wealthy are sitting atop more money than ever. A report (pdf) from Oxfam found that the incomes of the top 1% globally have increased 60% in 20 years, and “the growth in income for the 0.01% has been even greater.”
In the U.S., the share of national income going to the top 1% has doubled since 1980, from 10% to 20%, while the top 0.01% saw its share quadruple “to levels never seen before,” according to Oxfam.
The problems caused by such an income disparity are multifold, claims the Oxfam report. It limits economic growth, and provides the wealthy with an abundance of political power that feeds resentment and, potentially, unrest within those of lesser means. Greater environmental destruction is also a product of that disparity, says the report: “Those in the 1% have been estimated to use as much as 10,000 times more carbon than the average US citizen… [A]ssets being monopolized by the few cannot continue if we are to have a sustainable future.”