| The top 1% 08:29 - Jan 16 with 641 views | Herbivore |
The wealthiest 1% globally amassed two thirds of new wealth created since the start of the pandemic, meaning the remaining 99% shared just over a third of all new wealth created. We have rising and increasingly widespread poverty, here and elsewhere, at a time where the rich are getting richer at an incredible rate.
Capitalism is a broken economic model that has rigged our political systems to favour the interests of the few over the interests of the many.
https://www.theguardian.com/inequality/2023/jan/16/oxfam-calls-for-new-taxes-on- |  |
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| The top 1% on 08:31 - Jan 16 with 618 views | itfcjoe |
Good to see trickle down economics working |  |
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| UK has one of the worst social mobility rates in developed countries on 08:52 - Jan 16 with 566 views | homer_123 |
Quote:
"There is actually very little consensus on causes of the U.K.’s relatively poor performance both on social mobility and inequality metrics. Some researchers have argued that’s it’s due to a combination of strong education transmission from generations to generations and, added to that, the significant earning premium for graduate level jobs. A second explanation has been the large regional income differences we have in the U.K. and the growth of higher paying service sector jobs, particularly in the South. Finally, other researchers have noticed that the more progressive tax systems in some countries such as Denmark, Finland and Norway often lead to higher social mobility. And in the U.K., it could be that the tax system is disadvantageous to inequality and mobility.
Undoubtedly, the pandemic has increased inequality further and there is survey evidence to show this. YouGov did a report not so long ago and it showed over half - 56% - of the U.K. population felt Covid-19 had increased social inequality. This is consistent with the impact you see in the labor market. Covid-19 has had a larger impact on lower income jobs as they tend to be consumer facing rather than office based. These lower income jobs were more likely impacted by government lockdowns, while office jobs could be done remotely more easily.
Surveys also show a big regional difference. People in the North of England tend to say they have experienced harsher conditions recently than people in the South — particularly for employment and education. Survey evidence compiled by the Social Mobility Commission shows that 35% of people living in the North said Covid-19 had a detrimental impact on employment, whereas only 17% in the South did. On education: 21% in the North thought that they suffered more during the pandemic in terms of education outcomes, whereas only 8% of people thought that was the case in the South. More recently, rising energy prices are a concern, because they have a large impact on the households at the bottom of the income distribution and these people also tend to have little to no saving buffer as well." |  |
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