The problem with capitalism is that the rich get richer and the poor get poorer, as Shaq Magee’s brief overview of the billionaire conundrum shows.
Indeed, an analysis done earlier this year showed that the number of billionaires on Forbes’ 35th annual list of the richest in the world has exploded to an unprecedented 2,755, some 660 more than there were. is one year old. Together, they’re worth $ 13.1 billion, up from $ 8 billion in just one year.
Yet millions of people around the world are struggling to feed their children – and I’m not just talking about those who live in developing countries with the same economy.
In the UK, in 2019/20, 11.7 million people had relatively low income before housing costs, or around 18% of the population.
Figures from the Department for Work and Pensions also show that 4.3 million UK children lived in poverty after their parents paid the rent or the mortgage – 31% of all under-18s living in this country .
A briefing note from the House of Commons Library shows that poverty rates are highest for people in households where the head of the household is from Pakistani or Bangladeshi ethnic groups and lowest for those from ethnic groups white.
The proportion of people with relative low income before housing costs was 27% for families where one person is disabled, compared to 15% for people living in families where no one is disabled.
Financial deprivation isn’t just about where you can buy the cheapest food, clothes, or school uniforms. It can have horrific consequences on the physical and mental health of individuals, as the exclusivity of Chris Newlands shows today.
During this time, MM. Musk, Bezos, and Branson see who can build the biggest spaceship for fun.
Some billionaires give back, like Bill and Melinda Gates. Others are getting richer every day just because they are already rich. Money begets money.
Where does that leave the company? In China, the Communist government seems to be fed up with the growing number of ultra-rich, mostly tech billionaires, and is cracking down.
In the West, we still say that the American dream represents a hope and an opportunity for everyone.
I’m afraid I don’t agree. Horace McCoy’s story of Hollywood’s jobless dance, literally, until they gave up in an attempt to win a cash prize during the Great Depression, They shoot horses, don’t they?, really says it all.
I don’t claim to have the answer, but the yawning wealth gap should no longer be ignored.