In a recent report by Oxfam – a well-known international confederation of charitable organizations, one can witness the glaring reality of our economic situation. While we all know that the rich are growing richer and the poor are growing poorer, who had thought that the disparity was wider than the far stretched sky itself! As per the recent stats, just eight men in the world own the same amount of wealth as 3.6 billion individuals put together.
Oxfam’s report titled – “An Economy for the 99 Percent,” was recently shared on the 16th of this month at the World Economic Forum’s annual meeting of political and business leaders in Davos, Switzerland. Throwing light on the world’s growing economic inequalities, the report highlights how the dodging of taxes, drive -down of wages and the adverse use of power by the rich has affected this financial crisis of today. It is predicted that the world would see its next trillionaire in 25 years if this trend were to continue just as it is now. Oxfam also found that between 1988 and 2011, the incomes of the poorest 10 percent increased by only $65 while in comparison, the incomes of the wealthy grew 1 percent, or $11,800 per person. The worst victims of these despondent figures were noted to be women who will need to wait for 170 more years to be paid as much as men.
Speaking of the effects of economic inequalities on poverty, Winnie Byanyima, executive director of Oxfam International opined, “Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.” Well, it is high time people wake up in support of this cause. After all the world is but one big family!