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Titled "Divided We Stand: Why Inequality Keeps Rising," it discusses conditions from the early 1980s until the 2008 global economic crisis. Its impact alone left 200 million workers unemployed compounded by more imposed austerity.
Among OECD countries, the top 10% is nine times better off than the bottom 10%. America, Israel and Turkey are the most unequal industrialized nations at 14 to 1. In Britain, Japan, Italy, and South Korea, the gap is 10 to 1.
Rising inequality also affected "traditionally egalitarian countries" like Germany, Denmark, and Sweden. They went from 5 to 1 in the 1980s to 6 to 1 today. Mexico and Chile are worst off with gaps of 25 to one.
In America, the top 1% controls 20% of all income plus a far greater percent of total assets. Concentrated wealth extremes also affect European countries, following America's pattern.
The report says income inequality "first started to increase in the late 1970s and early 1980s in some English-speaking countries, notably the United Kingdom and the United States, but also in Israel."
Since the late 1980s, it's grown more widespread. At the same time, labor rights were sacrificed to benefit corporate bottom line priorities. In addition, finance capital grew omnipotent. As a result, money power rules everything.
Imposed austerity greatly impacted working households in troubled Eurozone countries and others facing economic hard times. Greece has been especially hammered by repeated layoffs, wage and benefit cuts, as well as higher taxes.
In early December, unelected Prime Minister Lucas Papademos (a former Bank of Greece governor and ECB vice president) force-fed through parliament more austerity cuts. Receiving an eight billion euro loan was conditional on doing so.
As a result, imposed measures include another five billion euros in spending cuts, 3.6 billion in new taxes, pensions cut 15%, and wages slashed more than already. In addition, more ahead is planned.
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