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Drudge Retort: The Other Side of the News
Tuesday, May 24, 2022

Thom reports on the OXFAM Report linked below.

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Pandemic creates new billionaire every 30 hours " now a million people could fall into extreme poverty at same rate in 2022

"Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes. The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them.

Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive," said Gabriela Bucher, Executive Director of Oxfam International.

The brief shows that 573 people became new billionaires during the pandemic, at the rate of one every 30 hours. We expect this year that 263 million more people will crash into extreme poverty, at a rate of a million people every 33 hours.

"Billionaires' fortunes have not increased because they are now smarter or working harder. Workers are working harder, for less pay and in worse conditions. The super-rich have rigged the system with impunity for decades and they are now reaping the benefits.

They have seized a shocking amount of the world's wealth as a result of privatization and monopolies, gutting regulation and workers' rights while stashing their cash in tax havens " all with the complicity of governments," said Bucher.

"Meanwhile, millions of others are skipping meals, turning off the heating, falling behind on bills and wondering what they can possibly do next to survive. Across East Africa, one person is likely dying every minute from hunger.

This grotesque inequality is breaking the bonds that hold us together as humanity. It is divisive, corrosive and dangerous. This is inequality that literally kills."

more

www.oxfam.org

Before the usual suspects start screaming, "But, Sosh'lisms!", this is about Crony Capitalism vs a well-regulated Capitalism.... which has gone the way of a, "well-regulated militia".

#1 | Posted by Corky at 2022-05-24 04:05 PM | Reply

You can't be a billionaire and pay people a decent wage.

It's in the rule book.

#2 | Posted by Nixon at 2022-05-25 07:40 AM | Reply | Newsworthy 1

"You can't be a billionaire and pay people a decent wage."

Really?

Mark Cuban's employees are underpaid?

#3 | Posted by madbomber at 2022-05-25 01:13 PM | Reply

"Billionaires' fortunes have not increased because they are now smarter or working harder. Workers are working harder, for less pay and in worse conditions. The super-rich have rigged the system with impunity for decades and they are now reaping the benefits."

One of life's repeatables.

Conservative TR addressed the rigged system by breaking up Gilded Age corporate monopolies, and Democrat FDR gave the country a New Deal to help level the playing field against a system that flows money upwards making "the rich get richer".

Now corporations are Super Citizens under the law and Bribery of politicians to write favorable laws is legal.

It's time for another Roosevelt.

#4 | Posted by Corky at 2022-05-25 01:31 PM | Reply

#3

The majority of them. The freaks with an overactive pituitary gland and specific skills notwithstanding.

#5 | Posted by lee_the_agent at 2022-05-26 12:38 PM | Reply | Newsworthy 1

Don't worry about that fraud.

He's doing his best to shill for the .01%

#6 | Posted by ClownShack at 2022-05-26 12:45 PM | Reply

Mark Cuban's employees are underpaid?

#3 | Posted by madbomber at 2022-05-25 01:13 PM | Reply | Flag

This Mark Cuban?

"Cuban has spoken out against the US Department of Labor's crackdown on unpaid internships, arguing that if people want to work for free, they should be able to. On his blog, he laid out a project he wanted unpaid and eager people to do for him in 2009, until his HR team told him it wasn't allowed.

"Welcome to the USA of 2009," Cuban wrote on his blog. "Where the government, both Republicans and Democrats, thinks that doing nothing is a far better alternative than being productive and gaining experience! Where our politicians would rather see you pay out of your pocket to go back to school rather than get valuable on-the-job experience.""

#7 | Posted by Nixon at 2022-05-26 01:07 PM | Reply | Newsworthy 2

"Billionaires' fortunes have not increased because they are now smarter or working harder."

They don't need to work hard or smart...all they need to do is give consumers what they want.

"Workers are working harder, for less pay and in worse conditions."

Untrue. There is no quintile whose inflation-adjusted pay has decreased.. For the life of me I can't tell you why though. From a purely economic standpoint, pay for low/no skilled workers should be seeing a continuous decline/

#8 | Posted by madbomber at 2022-05-26 02:15 PM | Reply

"Cuban has spoken out against the US Department of Labor's crackdown on unpaid internships, arguing that if people want to work for free, they should be able to."

How is that not 100% true?

Not a fan of volunteerism?

I remember back in 2009-ish, there was an Eagle Scout who was cleaning up a park somewhere back east. The SEIU went to the local government and demanded that he stop, as it meant a loss of work for a dues-paying union member.

Gimme a sec, I'll find the report.

#9 | Posted by madbomber at 2022-05-26 02:17 PM | Reply | Funny: 1

"Billionaires' fortunes have not increased because they are now smarter or working harder"

That's probably always been the case.

Rather, it's always been about meeting customer demands for products and services and doing it efficiently.

And now that there are billions more middle class people on the planet...if you have a good product or service, you can really make some money.

#10 | Posted by eberly at 2022-05-26 02:18 PM | Reply

It was more recent than I remembered.

Boy Scout draws ire of SEIU

A Pennsylvania Boy Scout who cleared a hiking trail in a city park has drawn the ire of a municipal union. Kevin Anderson, 17, spent more than 200 hours clearing the trail in Allentown to earn an Eagle Scout badge. But Nick Balzano of the Service Employees International Union threatened to file a grievance, saying only union members can work in the park. "There's to be no volunteers," said Balzano.

theweek.com

#11 | Posted by madbomber at 2022-05-26 02:18 PM | Reply

Some people are still under the delusion that unfettered capitalism is some sort of pure meritocracy.

Nothing could be further from the truth.

www.theguardian.com

Also:

Wage Stagnation in Nine Charts

www.epi.org

"For most U.S. workers, real wages have barely budged in decades

But despite the strong labor market, wage growth has lagged economists' expectations. In fact, despite some ups and downs over the past several decades, today's real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago.

And what wage gains there have been have mostly flowed to the highest-paid tier of workers."

www.pewresearch.org

#12 | Posted by Corky at 2022-05-26 02:26 PM | Reply

There's no way to become a billionaire without robbing massive amounts of people of the value of their labor.

#13 | Posted by ClownShack at 2022-05-26 02:45 PM | Reply

-In fact, despite some ups and downs over the past several decades, today's real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago.

I don't see how that always doesn't happen. Inflation will gobble up those wage gains especially for the bottom 25% of wage earners.

#14 | Posted by eberly at 2022-05-26 02:45 PM | Reply

"Some people are still under the delusion that unfettered capitalism is some sort of pure meritocracy."

OK.

So how do we get to the pure meritocracy?

If you know how to build a better mousetrap, I'm all ears.

#15 | Posted by madbomber at 2022-05-26 03:46 PM | Reply

"And what wage gains there have been have mostly flowed to the highest-paid tier of workers."

Which makes sense. In a free-market market those who provide the most benefit will earn the highest wages. In other words...meritocracy.

#16 | Posted by madbomber at 2022-05-26 03:48 PM | Reply

"There's no way to become a billionaire without robbing massive amounts of people of the value of their labor."

Who did Elon Musk rob?

#17 | Posted by madbomber at 2022-05-26 03:49 PM | Reply

Who did Elon Musk rob?

POSTED BY MADBOMBER AT 2022-05-26 03:49 PM | REPLY

His father's good graces

#18 | Posted by LauraMohr at 2022-05-26 03:51 PM | Reply

"I don't see how that always doesn't happen. Inflation will gobble up those wage gains especially for the bottom 25% of wage earners."

Realistically, we should have seen the wages for the bottom 2-3 quintiles decline over the last 30 years. The decrease in the demand for low/unskilled labor would suggest that those in that demographic would earn less. In reality, and I can't explain this, they're earning more in inflation adjusted dollars.

#19 | Posted by madbomber at 2022-05-26 03:52 PM | Reply

"In reality, and I can't explain this, they're earning more in inflation adjusted dollars."

my only explanation is minimum wage increases passed in specific high cost of living locales (Seattle comes to mind)

#20 | Posted by eberly at 2022-05-26 03:54 PM | Reply

"What stuns me most about contemporary politics is not even that the system has been so badly corrupted by money. It is that so few people get the connection between their lives and what the bozos do in Washington and our state capitols."
-- Molly Ivins

#21 | Posted by Corky at 2022-05-26 06:47 PM | Reply

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