Read

User menu

Search form

Big Surprise: Global Income Inequality Continues To Rise

Big Surprise: Global Income Inequality Continues To Rise
Fri, 5/22/2015 - by Ned Resnikoff
This article originally appeared on Al Jazeera America

Worldwide inequality is continuing its decades-long climb, according to a report published Thursday by the Organization for Economic Cooperation and Development (OECD), with the United States ranking high on the spectrum.

The organization, which surveyed economic disparity in its 34 member countries, found that income inequality is “at its highest since records began,” OECD Secretary General Angel Gurría said at a press conference announcing the findings.

The United States was near the high end of the inequality spectrum, followed by Israel, the United Kingdom and Greece. Only Turkey, Mexico and Chile were found to have higher levels of income inequality than the U.S.

Denmark was the least unequal country according to the report, as measured using the Gini index, a common measure of income distribution. Slovenia, the Slovak Republic and Norway also ranked near the low end of the spectrum.

Overall wealth is even more unevenly distributed than income, according to the report. Across all 34 countries studied, the bottom 40 percent of households were found to possess 3 percent of all wealth. In contrast, the top 10 percent laid claim to half of all wealth, and the top one percent held almost 20 percent of all wealth.

Gurría said the report’s findings demonstrate that inequality slows down economic growth. He urged OECD member countries to adopt more redistributive policies, saying that redirecting wealth flows would benefit not just low-income households but the economy as a whole.

“Well-designed, prudent redistribution does not harm growth,” he said. “In fact, it goes hand-in-hand with growth."

In addition to tax transfers, the OECD report recommends more investment in education, policies that promote remunerative employment, and measures that “remove barriers to female employment and career progression.” Bringing more women into the workforce and narrowing the pay gap was found to have a mitigating effect on income inequality.

In recent years, global elites have become increasingly concerned about income inequality. Last November, the World Economic Forum, which hosts the annual gathering of political and economic leaders in Davos, Switzerland, put out a report identifying income inequality as the number one trend to watch in 2015.

Originally published by Al Jazeera America

3 WAYS TO SHOW YOUR SUPPORT

ONE-TIME DONATION

Just use the simple form below to make a single direct donation.

DONATE NOW

MONTHLY DONATION

Be a sustaining sponsor. Give a reacurring monthly donation at any level.

GET SOME MERCH!

Now you can wear your support too! From T-Shirts to tote bags.

SHOP TODAY

Sign Up

Article Tabs

There are multiple similarities between Trump and the British monarch when looking at the 27 grievances the framers outlined in their 1776 declaration.

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

We have to be smart in how we fight against Trump and the Republican Party this time around. That means picking our battles wisely, and not taking bait that’s dangled in front of our faces.

Over the next two years, Democrats have the unfettered ability to be an albatross around the neck of the GOP — and to make sure that what little they manage to get done due to their paper-thin majorities becomes the reason for their undoing.

There are multiple similarities between Trump and the British monarch when looking at the 27 grievances the framers outlined in their 1776 declaration.

The grassroots opposition to President Donald Trump is hitting the streets everywhere.

Protests are set to take place in several major cities across the U.S. on Monday, the Presidents Day holiday, according to activists.

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

Over the next two years, Democrats have the unfettered ability to be an albatross around the neck of the GOP — and to make sure that what little they manage to get done due to their paper-thin majorities becomes the reason for their undoing.

Posted 1 month 1 week ago

There are multiple similarities between Trump and the British monarch when looking at the 27 grievances the framers outlined in their 1776 declaration.

Posted 5 days 8 hours ago

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

Posted 2 weeks 3 days ago

We have to be smart in how we fight against Trump and the Republican Party this time around. That means picking our battles wisely, and not taking bait that’s dangled in front of our faces.

Posted 3 weeks 4 days ago

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

Posted 2 weeks 3 days ago

It is not hyperbole to say that the world’s richest man has now illegally seized control of America’s checkbook and the entire federal workforce.

We have to be smart in how we fight against Trump and the Republican Party this time around. That means picking our battles wisely, and not taking bait that’s dangled in front of our faces.

Over the next four years, we’re about to be inundated with a flood of lies—including from federal agencies themselves.

The way the urban commons create a space to solve material problems and enable social movements to forge city-wide networks are antidotes to people being attracted towards the far-right.