Inequality is bad for the economy
by digby
There are only so many dead painters these rich people can employ at a time so this seems like common sense to me, but waddo I know?
That’s the big take-away from a new report prepared for G20 labour and employment ministers by three global economic organizations: the United Nations’ International Labour Organization, the Organisation for Economic Co-operation and Development, and the World Bank.
“Extensive evidence shows that high levels of income inequality tend to reinforce themselves,” says the report. And this has a negative impact on “long-term growth protential.”
The report zeros in on “stagnating wage income” and a “deterioration in job quality” across advanced G20 economies, pointing to a “long-term decline” in the share of wealth in the pockets of workers:
Boy a war would sure be a nice distraction about now, amirite? Make us feel good about ourselves again. Like we aren’t losers.
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