Income Inequality

Interesting Feb 27, 2020

From Bill Gates to Elon Musk this is the age of billionaires and their luxuries, while a large amount of the world's population still lives in poverty. In January, it was reported that the world's wealthiest 26 individuals, had the same amount of wealth as the poorest half of the population.

It's the top 0.1 percent v/s the bottom 80 percent (according to the Wall Street's magazine) and guess who's winning, not us.

These situations that I described above are decisively what capitalism is: it's an economic and political system in which the country's trade and industry is predominantly controlled by the rich for profit.

So, equal income and capitalism. Two very contrasting phrases, but they do have one thing in common: they're NEVER used by the rich. According to me, everyone should be against capitalism in this day and age, and stand up against this injustice. Now don't get me wrong, EVERYONE loves money, including me but, Oxfam (an organisation in the UK) revealed that the top 1% is are evading an estimated $200 million in tax in India alone, and more significantly, developing countries are losing at least $170 billion each year in foregone tax revenues from corporations and the super-rich, stealing from us is just plain wrong.

Many would argue that the rich are good people, that the amount of money they donate makes up for their misdoings but they're wrong.

"Income inequality is the defining challenge of our time".

It's a question of elite philanthropy and elite predation. With neither of them being the solution. The solution at the end of the day, is to either tax the rich even more or to dissolve capitalism from its foundation.

Oxfam, makes several recommendations to start fixing the problem of income inequality. On the government's part, it has asked for things like promoting inclusive growth by encouraging labour-intensive sectors that will create more jobs, imposing higher tax on the super-rich, implementing policies to tackle all forms of gender discrimination and sealing the "leaking wealth bucket" by taking stringent measures against tax evasion.

Ending with a very important fact:

India's top 1% of the population now holds 73% of the wealth while 67 crore citizens, comprising the country's poorest half, saw their wealth rise by just 1%.

Thus, if you're among the bottom 80 percent like the many of us here living your safe but unequal life or among the top 20, we all have to do our part in shaking up the billionaires' very very comfortable beds.

Adrika Singh

DJLIT Editorial Co-committee member

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