TOP ONE PERCENT HAVE AS MUCH WEALTH THE BOTTOM HALF

ERA OF GREED & PLUTOCRACY: RICH GOT RICHER UNDER OBAMA

We live in an era of greed and plutocracy. That’s nothing new, of course. But things are getting worse for all but the top echelon of the New World Order.

“Having it all and wanting more”, reads the headline of the Oxfam report released today. “Global wealth is increasingly being concentrated in the hands of a small wealthy elite,” Oxfam notes.

No kidding.

The top 1% have about as much wealth as the bottom half. By 2016, they will have more than 50% of the global wealth, Oxfam predicts using the current trends.

RICH GOT RICHER UNDER OBAMA

It was quite amusing to see Obama, who betrayed the trust the American people put in him, is now trying to suddenly coddle up to the electorate. The White House announced yesterday that Obama aims to raise more than $300 billion in taxes by imposing a new levy on the the largest financial institutions, raising the top rate of capital gains tax to 28%, and closing a loophole that lets wealthy families pass down assets without paying tax.

Why do I that amusing? Because talk is cheap. We should follow the money. And if we do that, we will find that during the first six years of Obama’s presidency, the rich got richer and the poor got poorer – WORLDWIDE – not just in the United States, according to Oxfam. Which makes Obama an even more subservient Wall Street minion than was GW Bush (above chart).

Another indicator of how much of a Wall Street lapdog Obama has been is that the wealth of the 80 richest people in the world has doubled in between 2009 and 2014, while the wealth of the bottom 50% was lower in 2014 than it was in 2009.

“Having it all and wanting more”

Here’s the introduction to the Oxfam report 2015 (PDF)– “Having it all and wanting more”:

“Global wealth is increasingly being concentrated in the hands of a small wealthy elite. These wealthy individuals have generated and sustained their vast riches through their interests and activities in a few important economic sectors, including finance and pharmaceuticals/healthcare. Companies from these sectors spend millions of dollars every year on lobbying to create a policy environment that protects and enhances their interests further. The most prolific lobbying activities in the US are on budget and tax issues; public resources that should be directed to benefit the whole population, rather than reflect the interests of powerful lobbyists.”

(Introduction to the “Having it all and wanting more” – Oxfam report (PDF), Jan 19, 2015)