The TUC have just published a report entitled 'Do the Super Rich Matter?'The report analyzes the reasons for the growing gap between rich and poor and show that in recent years a very few wealthy people have never had it so good. This is in stark contrast to the many who are modestly off or poor.
It traces the rise of the new super-rich class in Britain. A class that is making money in land, property and finance.
Today’s economic convulsions have exposed the reality behind the City’s claims to have increased world liquidity and reduced investment risk. They reveal how much City decision-making has been geared to the process of personal enrichment, with damaging consequences for the wider economy.
Pumping in funds to prop up the ailing banking sector may help to get part of the financial system moving again but it will do little to stem the upward march of the super-rich. It would take much tougher measures and a more decisive political lead to halt and reverse the increasing concentration of wealth that has occurred in recent times. Without these, the likelihood is that some of the world’s super-rich will take a back seat for a while, while quietly restructuring the system to suit their medium-term interests. If so, one of the best opportunities for decades to tackle the root causes of rising national inequality will probably have been lost.
8 comments:
Just back the tumbril up here, Jacque.
Of course it matters.
It matters because it creates a society divided against itself.
It turns human energy in on itself.
I think the super rich are poorer than they were a couple of months ago as I am sure they have lost lots of money in the stock market correction. Of course I am sure they still have plenty left to lord it over the rest of us.
We've lost a lot of money on our Investment Portfolio, which, we painstakingly worked hard for and saved for, during our working life, so that we would have a comfortable retirement and not be a burden upon the State.
Bleed the super-rich!
Think a lot of people would not object if they found themselves in amongst them.
More imporantly, do the super poor matter?
Aileni - It is a bit like that.
Crushed - The growing divide between the richest and the poorest of people does indeed, cause a divided society.
JMB - I agree they will be poorer too. They at least will still have disposable income unlike some of the lowest paid people.
Trubes - I really feel for you. People like you, who have tried to do the right thing and save for their retirement are really losing out at the moment.
Calum - I am sure they still have plenty enough!
James - I am sure you a right. I wouldn't mind a bit more money myself, but I wonder want to be in the super rich category. I don't think I could live with myself.
Ellee - You have hit the nail on the head. It is the super poor that matter, it something I try to change when I can.
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