blog #8
Wealthiest 1% will soon own more than rest of us combined, Oxfam says.
By next year 1% of the worlds population will own more wealth of the other 99% combined Oxfam says. The top 80 people in the world earn more and own more than the bottom 50%. Jeffery Sachs, economist and director of the earth institute at Columbia University, is not suprised by these satisticts."They should not be shocked in the sense that we've know this for years, the wealth at the top is soring. It's boomed in the last few years, the doubling the number of billionaires, the wealth of the worlds 1,645 estimated by forbes billionairs is about 6.4 trillion dollars right now" he states. 6.4 TRILLION DOLLARS, only within 1,645 people, thats not even half the people in our school. To end extreme poverty worldwide in 20 years, Sachs calculated that the total cost per year would be about $175 billion. Obviously easier said than done but its crazy to think about. He thinks that the extreme wealth within so little people is a combination of many things, one of them is that our public policies have been owned by the rich and many countries which pushed that wealth much higher. There has also been many taxs scams, where the richest of the rich hide their earnings and keep it offshore in essentially tax free havens.
Hi Tara glad to see you're still in Humanities
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