Crushed by Debt (Not the 1 Percenters Who Have $116.6 Trillion) by James Reed

As a very informative article by Claire Connelly states “homes are less affordable, jobs are less secure, a growing number of people are forced into part-time work, and more and more people are struggling to pay their bills and must therefore cope with a greater burden of debt.” (ABC News, December 8, 2016)
Around 15 percent of willing labourers are not working, all while negative economic growth is occurring, with the ABS stating that a 0.5 percent contraction in the seasonally-adjusted GDP growth for the September quarter had occurred. The article observes: “There has been a deliberate attack on worker’s capacity to gain wages – it is not an accident that real wages are flat.”

Meanwhile, during the last six years, the rich have gotten richer and the poor, vastly poorer, according to the Swiss bank Suisse’s 2016 review of the world’s wealth. Nearly half of the world’s wealth ($US 255 trillion) is owned by 0.7 percent of the population:
Houston, we have a problem.



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Wednesday, 24 July 2024

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