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Showing posts from December 3, 2016

GROWING INCOME GAP BETWEEN RICH AND POOR: THE SOLUTION

The growing income gap between the world’s richest and the poorest was again confirmed by a report published by the British charity Oxfam. The report, titled, “working for the Few,” claims that a small elite group of more than 85 individuals hold wealth equivalent to that owned by the bottom half of the world's population. The study further says that the top 1 percent have 65 times the total wealth of the bottom half of the world’s population. In the United States, America's 400 richest families have more wealth than the entire bottom 50% of the population combined and the country ranks 64th in the world in income inequality. Today U.S. income inequality has been increasing steadily since the 1970s, and now has reached high levels not seen since 1928. It is sad that in the 21st century, a relatively small percentage of humankind has immense wealth, while the majority of the world's population lives in dire poverty and misery. This imbalance exists both within n...