Saturday, June 07, 2008

Income inequality becoming a issue around the globe

From the Financial Times

Public opinion across Europe, Asia and the US is strikingly consistent in considering that the gap between rich and poor is too wide and that the wealthy should pay more taxes.

Income inequality has emerged as a highly contentious political issue in many countries as the latest wave of globalisation has created a "superclass" of rich people.

A United National Development Programme report in 2005 estimated that the world's richest 50 people were earning more than the 416m poorest. [emphasis added]

According to the latest FT/Harris poll, strong majorities in five European countries - ranging from 76 per cent in Spain to 87 per cent in Germany - consider that income inequality is too great. But 78 per cent of respondents in the US, traditionally seen as more tolerant of income inequality, also think the gap is too wide.

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