Billionaires' fortunes hinder fight against poverty, says Oxfam

[Judi Lynn]

Billionaires' fortunes hinder fight against poverty, says Oxfam

Charity says $240bn amassed by 100 richest people last year would be enough to end extreme poverty four times over

Phillip Inman, economics correspondent
guardian.co.uk, Saturday 19 January 2013 02.01 EST

The vast fortunes made by the world's richest 100 billionaires is driving up inequality and hindering the world's ability to tackle poverty, according to Oxfam.

The charity said the accumulation of wealth and income on an unprecedented scale, often at the expense of secure jobs and decent wages for the poorest, undermined the ability of people who survive on aid or low wages to improve their situation and escape poverty.

Oxfam said the world's poorest could be lifted out of poverty several times over should the richest 100 billionaires give away the money they made last year.

Without pointing a finger at individuals, the charity argued that the $240bn (£150bn) net income amassed in 2012 by the richest 100 billionaires would be enough to make extreme poverty history four times over.

More:
http://www.guardian.co.uk/society/2013/jan/19/super-rich-fight-poverty-oxfam

[xchrom]

1. Du rec. nt

[ck4829]

2. Nobody needs a billion dollars. K&R.

[nikto]

3. Nobody even needs $500 million.

A mere $40 million would do me fine.

[AnnieK401]

8. I think I could get by on that for the rest of my life.

even 30. I'm not young anymore, and I could clip coupons.

[Demo_Chris]

4. They are most likely correct

Many of them live here in America. We CHOOSE to allow this.

[AnnieK401]

9. Exactly

I looked it up, there are approx. 1,200 billionaires in the world. About 400 (or 1/3) live here. Since we make up only 5% of the world's population there must be something they like.

[fasttense]

5. And RepubliCONS want to repeal the estate tax or the Paris Hilton tax

op that the rich get even richer.

At some point the money you make off your money is so huge, no one need ever be productive. There needs to be a limit on the amount of wealth you can accumulate. I think 10 million should be enough for anyone.

[Raster]

7. And that is because the uber-rich OWN American politicians. That is why the laws...

...are written to protect their interests and guard their fortunes.

[fasttense]

13. So True

The only route we have left is to PROTEST out in the streets, in mass, regularly.

[tclambert]

6. What is the point to adding billions to multi-billion dollar fortunes?

A few billionaires, like Elon Musk (founder of PayPal, Tesla Motors and SpaceX), are using their billions to do interesting things and perhaps things beneficial for society in the long term. Many are in it just for the sport of making more money. The money is just for keeping score, not for living on (that requires very little of their incomes), nor for improving the world.

I suppose the Koch Brothers and Sheldon Adelson would insist the hundreds of millions they spent (wasted) on Mitt Romney's campaign were meant to save the world from the evils of Obama-ism, not as an investment for which they would have demanded Romney provide them with massive profits, nor as an indulgence of their own egos. They would be lying to us and possibly to themselves by saying so.

Guys like Donald Trump, though, seem interested only in making the next deal. And the deals have to get bigger and bigger to continue to provide the "rush" they crave.

Is there a 12-step program for money addiction?

[AnnieK401]

10. Good points

Although I have my doubts about whether or not Trump is actually a billionaire. After all, we haven't seen his balance sheet.

[Scuba]

11. Why feed poor people when you can buy old master's paintings and keep them locked in a vault...

... while you display replicas on your walls?

Which one of these acts will bring more self-satisfaction?

[erpowers]

12. Slightly Disagree

I may just be splitting hairs and the article seemed to mention this, but it is not the fortunes of billionaires that is preventing an end to poverty it is low wages. If people were paid more there would be less inequality and poverty.

The United States government should end carried interest for hedge fund managers and anyone else who can use the practice. Then lawmakers should seek to increase the wages of at least low income workers.

[Blue_Tires]

14. Kick

ttt

[Zoeisright]

15. No fucking shit.