President Obama meets Pope Francis today in what some have billed as the “inequality summit.” Obama has declared the fight against inequality “the defining challenge of our time.” Francis has called for the Catholic Church to counteract an economic system that “tends to devour everything which stands in the way of increased profits.” On so-called “trickle-down” economics, Francis has said “there was the promise that once the glass had become full it would overflow and the poor would benefit. But what happens is that when its full to the brim, the glass magically grows, and thus nothing ever comes out for the poor.” The American right, predictably, has accused Francis of being “anti-capitalist” and Obama of being a “class warrior.” Rush Limbaugh describes the Popes economics as pure Marxism.” The fact is, income and wealth are concentrating around the world at an astounding pace. Not only do the 400 richest Americans have more wealth than the bottom 150 million, but a study by Oxfam reported that the richest 85 people on the globe have as much wealth as the poorest 3.5 billion. And according to Forbes, these super-rich are more likely to live in America than anywhere else. Of the world’s 1,426 billionaires, 442 – roughly a third – reside in the US. How does this game end?
Posted on: Thu, 27 Mar 2014 16:44:33 +0000
Trending Topics
Recently Viewed Topics
© 2015