US wealth gap among world's highest

[texas grass]

US wealth gap among world's highest
Thu, 23 Oct 2008 08:26:00 GMT
A UN report has warned that the high rate of inequality in American cities could cause widespread social unrest and increased mortality.

The annual State of the World's cities report from UN-Habitat, found that New York was the ninth most unequal city in world, the Guardian reported on Thursday.

Atlanta, New Orleans, Washington, and Miami were not far behind, with rankings similar to those of the Kenyan capital Nairobi, and Ivory Coast's Abidjan. Other US cities did not fare any better, as their inequality levels were higher than the internationally recognized acceptable 'alert' line.

"High levels of inequality can lead to negative social, economic and political consequences that have a destabilizing effect on societiesâ?¦ [They] create social and political fractures that can develop into social unrest and insecurity." said the report.

The report also showed that race is one of the most determining factors that impacts inequality in the United States and Canada.

"In western New York state nearly 40 % of the black, Hispanic and mixed-race households earned less than USD 15,000 compared with 15% of white households. The life expectancy of African-Americans in the US is about the same as that of people living in China and some states of India, despite the fact that the US is far richer than the other two countries," it said.

Disparities of wealth were measured according to an internationally recognized measure called the "Gini co-efficient."

The report indicated that the in richer countries a fewer percentage of people controlled the larger portion of wealth.

"It is clear that social tension comes from inequality. The trickle down theory [that wealth starts with the rich] has not delivered. Inequality is not good for anybody," head of UN-Habitat Anna Tibaijuka said in London on Wednesday.

The report also showed that equality levels were the highest in Beijing, just ahead of cities such the Indonesian capital Jakarta and Dire Dawa in Ethiopia.

texas grass Reviewed by texas grass on 10-23-2008. US wealth gap among world's highest US wealth gap among world's highest Thu, 23 Oct 2008 08:26:00 GMT A UN report has warned that the high rate of inequality in American cities could cause widespread social unrest and increased mortality. The annual State of the World's cities report from UN-Habitat, found that New York was the ninth most unequal city in world, the Guardian reported on Thursday. Atlanta, New Orleans, Washington, and Miami were not far behind, with rankings similar to those of the Kenyan capital Nairobi, Rating: 5

[IAmKowalski]

Gee... could it be that Trickle Down economics that we've enshrined ever since the 1980's just doesn't work? Could it be that shifting the tax burden from the highest income levels and putting more of it on the lower and middle income tax payers just might have been a bad idea? Nah... couldn't be... must just be a coincidence. Look out - here come all the replies about how any effort to correct this is "socialist" and such. (And yet they seem surprised and just can't figure out why Obama is winning... funny that)

[flyingimam]

hahaha I expect American Dad type of responds to this kind of news. like the sarcasm used in the post above! :P

[dragonrider]

This is just another source showing what we have known for years --- the middle class in America is shrinking, the lower class is growing, and the difference in the proportion of wealth controlled by the upper class versus the lower class is increasing. If the trend continues, we will be like some of these third-world plutocracies in which the very few very wealthy control all the wealth and the governemnt as well, while the vast majority own nothing and work for a pitance. The key to American success has always been a strong middle class. As that goes away, so does the strength of this nation, and its stability.

[flyingimam]

This is just another source showing what we have known for years --- the middle class in America is shrinking, the lower class is growing, and the difference in the proportion of wealth controlled by the upper class versus the lower class is increasing. If the trend continues, we will be like some of these third-world plutocracies in which the very few very wealthy control all the wealth and the governemnt as well, while the vast majority own nothing and work for a pitance. The key to American success has always been a strong middle class. As that goes away, so does the strength of this nation, and its stability.

funny u say this. 70% of our GDP is traditionally driven by CONSUMER SPENDING and i betcha most of these consumers nor their spendings are not among the wealthiest few percent of the population, capitalism will die at the hands of those who so firmly stand for it, due to blindness and too much pride!

[maladroit]

who is so firmly standing for capitalism?

it's not the bankers and traders anymore...they're the ones begging for socialism now...the auto manufacturers will probably line up for the too-big-to-fail bailout next...the war profiteers never really stood on their own two feet

ironically, fabulously rich hollywood liberals might be among last capitalists who aren't begging for a government handout before this economic crisis works it's way through the system

[IAmKowalski]

The big auto makers have been calling for the need for a health care system on par with the rest of the industrialized world for many years - retirement benefits and health care make up a significant portion of their expenses that overseas competitors don't have to deal with. That was one of the stated reasons that Toyota closed an Ohio plant and moved it to Canada - the cost of operations in a country without a national health care system were simply too high to allow them to effectively compete.

[maladroit]

i remember the reaction to toyota's health care excuse: canada is illegally subsidizing industry with universal health care

[IAmKowalski]

Hah! That's cute - Providing basic human rights is illegally subsidizing. That's just beautiful, only in America folks - Only In America.:s4:

[TheNugget]

Hah! That's cute - Providing basic human rights is illegally subsidizing. That's just beautiful, only in America folks - Only In America.:s4:

That's the thing dude, too many people differ on exactly what human rights are. I might be biased when I say this, but I feel that Republicans (the fake ones around now, anyway) do not feel that health-care is a right, and that people are on their own, even when it's the government who's screwing them. Same when it comes to money; if you're poor, you better figure a way out of it, because we wont help you. If you're rich, you probably deserve it, and shouldn't feel obligated (morally or otherwise) to give any of it to people who either NEED it or REALLY deserve it. Of course, I'm of a mind that if you're rich you should be giving a minimum of half your income away, but I guess that's socialist. Eh, I can live with that.