The Left-wing Oxfam group has issued a report saying that the world’s wealthiest 1% will soon own 50% of the world’s wealth…
With this in mind, read this summary of Oxfam’s press release. Variations of it are all over the Web.
…Oxfam made headlines at [the meeting of the World Economic Forum in] Davos last year with the revelation that the 85 richest people on the planet have the same wealth as the poorest 50% (3.5 billion people).
It said that that comparison had now become even more stark, with the 80 richest people having the same wealth as the poorest 50%.
We are now a century into the welfare state. The winners at the top are still winning, and the losers are still losing. What is Oxfam’s solution? More of the same. More government taxation of the rich. More welfare state action.
This is the rhetoric of envy. This is the politics of guilt and pity.
North, G. (2015). Pareto Statistic: The Wealthiest 1% Will Soon Own 50% of the World’s Wealth. Tea Party Economist. Available http://teapartyeconomist.com/2015/01/19/normal-pareto-statistic-wealthiest-1-will-soon-50-worlds-wealth/. Last accessed 19th Jun 2016.