Friday, October 30, 2009

OECD: Among all member countries, income inequality now highest in US; Job off shoring, government wealth transfer from taxpayers to Wall St to blame?

(Rense) -- Income inequality in the US is now the most extreme of all countries. The 2008 OECD [Organisation for Economic Co-operation and Development] report 'Income Distribution and Poverty in OECD Countries' concludes that the US is the country with the highest inequality and poverty rate across the OECD and that since 2000 nowhere has there been such a stark rise in income inequality as in the US. The OECD finds that in the US the distribution of wealth is even more unequal than the distribution of income.

The increase in US income inequality in the 21st century coincides with the offshoring of US jobs, which enriched executives with 'performance bonuses' while impoverishing the middle class, and with the rapid rise of unregulated OTC derivatives, which enriched Wall Street and the financial sector at the expense of everyone else. Millions of Americans have lost their homes and half of their retirement savings while being loaded up with government debt to bail out the banksters who created the derivative crisis. The financial insiders running the Treasury, White House, and Federal Reserve (Rubin , Greenspan etc.) shifted to taxpayers the cost of the catastrophe that they had created. Goldman Sachs, saved with the public's money, recently announced that it was paying massive six and seven figure bonuses to every employee...LINK

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