Working Poor ruined by world financial system

Working Poor ruined by world financial system

Every day we are bombarded with assertions from many of the world’s governments that taxes for multinational corporations and very rich people should be lowered. “It’s good for the economy,” they say “and everybody will benefit.” When the costs of lowering such taxes are pointed out, the argument runs that since other countries are doing it we must also do it to remain competitive. Donald Trump grants huge tax concessions to the wealthy and so the other countries must follow suit.

Working poor

In the somewhat optimistic decades of the 60’s and 70’s the vast majority of people wanted to raise the wages and living standards of those in third world and other poor countries. Mind you, they also believed that technology would allow shorter working hours and higher wages! Neither of those things happened. In both the third world and in the OECD countries working hours either stayed the same or increased and wages gradually declined against the relevant cost of living. The top 2% or so of the world, in terms of wealth, massively increased their standing while everybody else went backwards.

Without a voluntary surrendering of excess wealth nothing would ever improve. The exception proves the rule. Philanthropists like Bill Gates and Warren Buffet make a very small proportion of the mega wealthy. It is likely that the rich getting richer and the poor becoming poorer will continue until the world’s entire financial system collapses.

Such economic collapse would surely be accompanied by social collapse. We haven’t yet even mentioned global warming, overpopulation and the aging of the population. Scary isn’t it?