Opinion – Increasing Prosperity, Declining Poverty, & Decreasing World Income Inequality – Max Roser – John Gelmini

Income inequality and mortality in 282 metropo...

Income inequality and mortality in 282 metropolitan areas of the United States. Mortality is correlated with both income and inequality. (Photo credit: Wikipedia)

Max Roser, in this uplifting piece via Dr Alf, is right but the figures support what Dr Alf is saying about the UK and America as well.

The gap between a person on average wages and a Times 1000 Chief Executive used to be about 45 to 150 years ago, whereas now with bonuses and “other emoluments” factored in and the application of higher tax rates, the gap is as much as 450 to 1 and getting bigger.

In America, the gap between Joe Sixpack and a Fortune 500 CEO can be 500 to 1 and in the case of a “Master of the Universe”,1000 to 1.

In Germany and Japan, the figures are closer to 25 to 1.

Something needs to give but I see things getting worse before they get better as the middle classes are eroded and eliminated by AI, expert systems, automation and off shored shared services centres such as the massive facility GE has set up in Mumbai, India which contains thousands of British-trained Indian chartered accountants, MBAs and financial modellers doing the sort of work that Dr Alf used to do as a young man and eventually able to do the work he used to do after he became a Financial Director with global credentials before he became an interim manager before his current incarnation as a remotely based business expert, blogger, writer and thought leader.

John Gelmini

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