To paraphrase New Deal President Franklin Roosevelt, what good is political equality when there is still economic inequality? Answer: not much, as an Oxfam International report released earlier this month suggests.
Timed to coincide with the World Economic Forum held in Davos, Switzerland, Oxfam’s “The cost of inequality: how wealth and income extremes hurt us all” states that the “annual income of the world’s 100 richest people [is] enough to end global poverty four times over.”
Oxfam notes that while progress has been made in eradicating extreme poverty, rising levels of inequality are a growing concern. “In the last decade, the focus has been exclusively on one half of the inequality equation—ending extreme poverty,” the group reports. “But as we look to the next decade, and [to] new development goals we need to define progress, we must demonstrate that we are also tackling inequality—and that means looking at not just the poorest but the richest.”
“We can no longer pretend that the creation of wealth for a few will inevitably benefit the many,” argues Oxfam International’s executive director, Jeremy Hobbs. “In a world where even basic resources such as land and water are increasingly scarce,” Hobbs continues, “we cannot afford to concentrate assets in the hands of a few and leave the many to struggle over what’s left.”
Read more at The Valley Advocate …