Monday, April 18, 2016

The New Feudalism

 In the United States, “trickle down” economic policies that support tax cuts for the rich with the aim of boosting economic growth and jobs have led to a $2 trillion annual redistribution of wealth from the bottom 99 percent of earners to the top 1 percent over the last 30 years, said Nick Hanauer, a former venture capitalist and now head of Civic Ventures, which aims to drive social change.

If the trend continues, by 2030, the top 1 percent of Americans will earn 37 to 40 percent of the country’s income, with the bottom 50 percent getting just 6 percent, he said:
 “That’s not a capitalist market economy anymore,” he warned. “That’s a feudalist system and it scares me.”

Globally, half of the world’s wealth is now held by just 1 percent of the world’s population, according to a 2015 report by Credit Suisse, a financial services company. 

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