An Invariable World And Its Deteriorating Economy

Income Inequality Throughout the Years

One percent. Out of approximately 7.6 billion people on this planet, one percent hold most of the riches obtained by harvesting Earth’s resources. For most of us, this is something we are aware of and have been for awhile to the point where activists have been actively trying to bring change to this system. Yet, currently, we believe that one percent have most of the $$$, and this is still true.

Out of approximately 7.6 billion people on this planet, one percent hold most of the riches obtained by harvesting Earth’s resources.

As reported in LaPresse by Oxfam, a group of organizations with the goal of diminishing poverty, about 82% of the world’s profit, in the last year has gone to none other than the infamous one percent, while 50% of the global population barely touched a dime of it. Consequently, the upper class’ economy improved by approximately 13%, resulting in the largest amount of people going into billionaire status. This does not demonstrate a growth in global profit, but rather the reality of the income inequality that we have unconsciously known about for so long.

Of course, Canada is no exception to this faulty system. Currently, 39 people are billionaires compared to the 15 from 2000, while the salaries of workers, the bottom of the economic pyramid, have barely improved in contrast. Another survey from 2013 recorded that the top 10% of Canada held 23.7% of total income without tax and that this remained practically unchanged since 2000, similarly to the income of the
bottom 2.5%.

There is further discussion about gender income inequality. The data shows that, for every ten new billionaires, nine are men. Despite the importance of gender issues, the big picture is one which is concerned with the overall hierarchy of the economy that disadvantages billions of people and its consequences. Without this broken system, the uneven distribution of profit could be used to help government programs and the overall status of poverty. Yet, the question remains – how long till this one percent finally disappears?


Camille Pigeon
Procrastinator Editor

Originally published in Bandersnatch Vol. 47 Issue 07 on January 24, 2018

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