- Income inequality in the US is now the most extreme of
all countries. The 2008 OECD report 'Income Distribution and Poverty in
OECD Countries' concludes that the US is the country with the highest inequality
and poverty rate across the OECD and that since 2000 nowhere has there
been such a stark rise in income inequality as in the US. The OECD finds
that in the US the distribution of wealth is even more unequal than the
distribution of income.
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- The increase in US income inequality in the 21st century
coincides with the offshoring of US jobs, which enriched executives with
'performance bonuses' while impoverishing the middle class, and with the
rapid rise of unregulated OTC derivatives, which enriched Wall Street and
the financial sector at the expense of everyone else. Millions of Americans
have lost their homes and half of their retirement savings while being
loaded up with government debt to bail out the banksters who created the
derivative crisis. The financial insiders running the Treasury, White House,
and Federal Reserve (Rubin , Greenspan etc.) shifted to taxpayers the
cost of the catastrophe that they had created. Goldman Sachs, saved with
the public's money, recently announced that it was paying massive six and
seven figure bonuses to every employee.
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- ABCD
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- According to the OECD report, Great Britain has the 7th
most unequal income distribution in the world. After the Goldman Sachs
bonuses, the British will move up in distinction, followed by Merkel's
Germany.
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