Today, income inequality is so extreme that the interest alone on the accumulated wealth of the richest few exceeds the growth of many economies in which they live. In other words, by owning so much already, the rich are now absorbing all of the growth generated by many of the world’s leading economies, and more. It’s not even a case of active exploitation any more: the only way a multimillionaire could avoid perpetuating her/his build up of wealth is to stick her/his millions under a mattress. Or deposit it in Barclays. This is why economies with apparently healthy GDP figures, like the UK and US, are delivering rising living standards only to a tiny minority.
The Simpson’s Mr Burns on wealth inequality
Logically speaking, the only way to end this spiral into virtual feudalism is to redistribute not only income (as inequality of wealth is now so great) but also…
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