Gap between rich and poor grows even wider

[rooster59]

Gap between rich and poor grows even wider

By The Nation

 

 

Many countries have to deal with income inequality as the gap between rich and poor grows even wider by the year – this despite the fact that a recently released World Bank report notes that 1.9 billion people could no longer be classified as “poor”.

 

The report notes that the last 25 years (1990-2015), more than a billion people have lifted themselves out of extreme poverty, and the global poverty rate is now lower than it has ever been in recorded history at 10 per cent.

 

 

But economists point out that the standard for “poor” and “rich” does not apply to every country due to social structure and inequality. Even if the number of “poor” drops, income inequality will affect low income earners as they struggle to live.

 

An economist who contributed to the report on the declining global poverty population admits that unfavourable economic growth, global economic slowdown, and internal political conflicts are obstacles.

 

The sustainable development goals of the United Nations (UN) indicated that poverty will be reduced by 2030, but a report released in July predicted that about 6 per cent of the population will still considered poor by international standards when reaching to the said deadline.

 

Back in 2015, about half those defined as living in extreme poverty could be found in 5 countries: India, Nigeria, Democratic Republic of Congo, Ethiopia and Bangladesh respectively. Most recent information indicates that Nigeria is going to overtake or has already surpassed India as the poorest country in the world, with almost 100 million poor.

 

By 2030, although many countries in Africa will issue various measures to fight poverty, nearly 9 out of 10 people will still earn $ 1.90 a day or less especially in the sub-Saharan region.

 

Handing out money or the implementation of populist policies does not help to solve the problem. For example, in the case of Brazil, projects to give money away to the poor did help reduce poverty levels by 21.6 per cent in 1990 to 2.8 per cent in 2014. However, the rate has increased to 4.8 per cent in 2017.

 

Only if leaders seriously address inequality can this problem be solved, the report noted.

 

Source: https://www.nationthailand.com/news/30377736

 

-- © Copyright The Nation Thailand 2019-10-26

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[Thomas J]

2 minutes ago, rooster59 said:

Gap between rich and poor grows even wider

Of course the gap grows. If the wealthy were increasing their income by 5% annually and the poor were increasing theirs by 5%, the gap would increase.  The reality still is, without successful people who create jobs the poor would be poorer.  

[Mexlark]

33 minutes ago, Thomas J said:

Of course the gap grows. If the wealthy were increasing their income by 5% annually and the poor were increasing theirs by 5%, the gap would increase.  The reality still is, without successful people who create jobs the poor would be poorer.  

Their record of creating jobs has been on the wane for decades. innovators are of course wonderful people, but so many of them have never exactly been the brightest bulbs on the block when it comes to inspiring widespread confidence in the future.

[GeorgeCross]

2 hours ago, rooster59 said:

Handing out money or the implementation of populist policies does not help to solve the problem. For example, in the case of Brazil, projects to give money away to the poor did help reduce poverty levels by 21.6 per cent in 1990 to 2.8 per cent in 2014. However, the rate has increased to 4.8 per cent in 2017.

 

so actually this statement was a load of balls and it did help, a lot.

 

 

[Bob12345]

2 hours ago, Thomas J said:

The reality still is, without successful people who create jobs the poor would be poorer.  

True, and how does this apply to the article?

 

Nobody is mad at rich people inventing new products and services, employing people to work for them, and getting paid for it. The problems start when the wealth disperity gets so large that the poor invest in a rope and the rich guy is hanging from a tree (let them eat cake).

 

Most rich people in Thailand got rich by nepotism and corruption by the way. They got monopolies from the government at low prices and got rich at the expense of the general population (King Power anyone?). There is little innovation and mostly cornering the market. Ever wondered why all the big Thai brands only operate in Thailand and not around the world? 

[khunPer]

It's more important to look at the number of real poor people that are increasing their living standardand and lifted up, than focusing on the gap between rich and poor.

 

Reducing the gap might not be the same as poor people are lifted up, but could be that rich people become less rich. Make it worth for the better off folks to invest and create work and better life-style for more people, rather than envy those that did it well.

 

As long as the number of absolute poor people continue to decrease – and it does – the World is on the right track...????

 

 

[Barry343]

5 hours ago, Thomas J said:

Of course the gap grows. If the wealthy were increasing their income by 5% annually and the poor were increasing theirs by 5%, the gap would increase.  The reality still is, without successful people who create jobs the poor would be poorer.  

The reality still is, a lot of these successful people also create machinery that takes the place of the everyday worker whereas one machine can be more effective than 10 people which makes him richer and 10 people unemployed with no income.

[Barry343]

Of course the gap grows with modern technology the reality is, a lot of these successful people also create machinery that takes the place of the everyday worker whereas one machine can be more effective than 10 people which makes him richer and 10 people unemployed with no income.

[djayz]

3 hours ago, Bob12345 said:

True, and how does this apply to the article?

 

Nobody is mad at rich people inventing new products and services, employing people to work for them, and getting paid for it. The problems start when the wealth disperity gets so large that the poor invest in a rope and the rich guy is hanging from a tree (let them eat cake).

 

Most rich people in Thailand got rich by nepotism and corruption by the way. They got monopolies from the government at low prices and got rich at the expense of the general population (King Power anyone?). There is little innovation and mostly cornering the market. Ever wondered why all the big Thai brands only operate in Thailand and not around the world? 

+1 In a nut shell! Brilliant!!! 

[quandow]

Labor automation is a YUGE looming problem. I prefer self-checkout at stores, and soon RFID chips will eliminate the checkout process altogether. Mickie D's automated order kiosks is another example. These displaced employees (and millions of others in all labor sectors in all countries) have to feed themselves somehow. This needs to be addressed or they will turn to desperate measures.

[4evermaat]

2 hours ago, Barry343 said:

The reality still is, a lot of these successful people also create machinery that takes the place of the everyday worker whereas one machine can be more effective than 10 people which makes him richer and 10 people unemployed with no income.

 

30 minutes ago, quandow said:

Labor automation is a YUGE looming problem. I prefer self-checkout at stores, and soon RFID chips will eliminate the checkout process altogether. Mickie D's automated order kiosks is another example. These displaced employees (and millions of others in all labor sectors in all countries) have to feed themselves somehow. This needs to be addressed or they will turn to desperate measures.

 

The [financial] markets reward efficiency.  And automation is a huge part of it.  This is why an economy can still appear or report to "do well" even though thousands of job cuts are announced.   

 

Add to that the fact that extended families are being eroded due to the modern economic model of get rich or die trying...which penalizes heterosexuality (having a kid, but no basic structures like child care to support them while the breadwinner(s) are still in the workforce).  Without a next generation, will there be a society left?  The confidence of the workforce erodes also as there is essentially no loyalty anymore from employer, even if you have good performance.  You can't automate their job away and then when your auto-system breaks down attempt to say "yeah, we'd like to have you back"; imagine the existing resentment.

 

Universal income (or some variation of it) will be the future.  It would spark a trickle-up economy.  And simultaneously reward creativity/community building.  Things that the financial markets cannot price directly.

[hotchilli]

19 hours ago, rooster59 said:

Gap between rich and poor grows even wider

Some news regarding what we don't know would be nice !

[starky]

Looking forward to the roosters next big scoop "Sky is blue, water wet!"

[Sticky Wicket]

18 hours ago, Bob12345 said:

True, and how does this apply to the article?

 

Nobody is mad at rich people inventing new products and services, employing people to work for them, and getting paid for it. The problems start when the wealth disperity gets so large that the poor invest in a rope and the rich guy is hanging from a tree (let them eat cake).

 

Most rich people in Thailand got rich by nepotism and corruption by the way. They got monopolies from the government at low prices and got rich at the expense of the general population (King Power anyone?). There is little innovation and mostly cornering the market. Ever wondered why all the big Thai brands only operate in Thailand and not around the world? 

Nothing has ever been invented here (apart from the disgustingly toxic Red Bull). Just copying and intellectual property theft

[quandow]

13 hours ago, 4evermaat said:

Universal income (or some variation of it) will be the future.  It would spark a trickle-up economy.  And simultaneously reward creativity/community building.  Things that the financial markets cannot price directly.

I am completely speculating here, but I believe those who really run this world don't give a rat's a$$ about the starving masses. Do I think UBI is a good idea? Mostly yes, but I think there should be incentives to have citizens do something productive or they'll go semi feral like soi dogs, reproducing uncontrollably, losing any and all social skills due to staying at home in ratty underwear while watching Jerry Springer and Judge Judy reruns. Pessimist or realist? You decide.