According to Oxfam International, the top 1% saw its wealth skyrocket over the last 10 years.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
The economy injected a much needed sense of optimism one-day after the worst single drop for the stock market in 1-1/2 years. The Dow, the Nasdaq, and the S&P 500 recovered a fraction of the previous day’s losses.
Stronger-than-expected second-quarter GDP and a drop in weekly jobless claims confirmed hopes for a September interest rate cut. Investors now look ahead to the Fed’s preferred inflation gauge, which comes out on Friday.
In other news, The world’s wealthiest 1 percent saw their net worth jump by $42 trillion over the past decade. According to Oxfam International, that’s 34 times more than the bottom half of the world’s population.
Adjusting for inflation, the ultra wealthy became $400,000 richer per person – on average – over the past ten years, compared to just $335 in wealth accumulation for those in the lower 50 percent.
Max Lawson of Oxfam International says “inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects.”
Oxfam is calling on government leaders to create a more cohesive and coordinated tax strategy for the super rich. According to its findings, if a 2 percent minimum global tax for the uber-rich was put in place, that would bring in an additional $200 billion to $250 billion annually to help address wealth inequality.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I”m Conway Gittens with TheStreet.
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