Critics say the OWS protesters hate the rich. Come on! Success is the national religion, and almost everyone is a believer. Americans love winners. But that's just the problem. These guys on Wall Street are not winning - they're cheating. And as much as we love the self-made success story, we hate the cheater that much more.
Here's what income and wealth inequality is about. Last year, the top 25 hedge fund managers made more than 24 billion, enough to pay the salaries of 425,000 public school teachers. This level of inequality is neither moral or sustainable
Today, you have 20 percent of the world controlling 80 percent of the Gross Domestic Product; you've got a $30 trillion (US) world economy, and $24 trillion of it is in the developed countries... These inequities can't exist. So if you are talking about systemic breakdown, I think you have to look in terms of social breakdown.
They talk about class warfare -- the fact of the matter is there has been class warfare for the last thirty years. It's a handful of billionaires taking on the entire middle-class and working-class of this country. And the result is you now have in America the most unequal distribution of wealth and income of any major country on Earth and the worst inequality in America since 1928. How could anybody defend the top 400 richest people in this country owning more wealth than the bottom half of America, 150 million people?
Nowadays, we are confronted by a huge gap between rich and poor. This is not only morally wrong, but practically a mistake. It leads to the rich living in anxiety and the poor living in frustration, which has the potential to lead to more violence. We have to work to reduce this gap. It's truly unfair that some people should have so much while others go hungry.
God must love the rich or he wouldn't divide so much among so few of them.
We are living at a time where a handful of people have wealth beyond comprehension - huge yachts, jet planes, tens of billions of dollars, more money than they could spend in a thousand lifetimes. But at the same time, millions of people are struggling to feed their families or put a roof over their heads or find the money to go to a doctor.
During the last two years the wealthiest 14 Americans saw their wealth increase by $157 billion. This is truly unbelievable. This $157 billion INCREASE in wealth among 14 individuals is more wealth that is owned, collectively, by 130 million Americans. This country does not survive morally, economically or politically when so few have so much, and so many have so little.
Excessive wealth is a great problem masquerading as a great good.
This is what income inequality means in America, and why the gap between the very rich and everyone else is growing wider. According to a recent study, CEO pay is now 295 times more than the pay of a typical worker. In 1965, the differential was 20 times. We must create an economy that works for all, not just the top 1%.
Since 2009, 95 percent of all gains in the economy went to the top 1 percent. That didn’t leave very much for the rest of us.
The only publication with a full time Poverty beat
You have to be interested in inequality. The issue of inequality and that of poverty are not separable.
India happens to be a rich country inhabited by very poor people.
Do not be fooled into believing that because a man is rich he is necessarily smart. There is ample proof to the contrary.
Inequality is the root of social evil.
I was at the World Bank and a commission reviewed our work on inequality for the U.S. Congress or somebody, and the head of the commission said to us: "You are spending taxpayer money to study issues like inequality? Which goes directly against capitalism and growth." That was the perception, that it should not be studied.
In India, 100 of the richest people own assets worth 25% of the gross domestic product. There's something terribly wrong. No individual and no corporation should be allowed to amass that kind of unlimited wealth, including bestselling writers like myself, who are showered with royalties.
We live in a country where a small number of people have incredible wealth and power. America has more income and wealth inequality than any other major country.
As riches increase and accumulate in few hands . . . the tendency of things will be to depart from the republican standard.
In this, of all the countries in the world, possession of inordinate wealth by individuals should be held as a crime against Indian humanity.
The American people understand that it is grotesquely unfair - we are a society that prides itself on fairness, that prides itself on equal opportunity, and people are looking out and seeing, since the Great Recession of 2008, 99 percent of all new income going to the top 1 percent.
Money in doses disproportionate to our needs enslaves.
When you look at the Koch brothers, who make three million dollars an hour on their dividends alone, you begin to get a sense of what we're talking about. The estimates now are that the upper 1% control something like 40% of all wealth. Eighty families in the world control as much as half the world's population. These figures are being produced every day. We need to put a human face to these figures. We need to make clear that something is being taken from the vast majority of people, and is causing an enormous amount of suffering.
Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
There's not a lot of wealth throughout all the country shared equally.
