Thursday 8 December 2016

David McWilliams: World is on the edge and something has to change

Published 21/09/2011 | 05:00

Did you know 47 million Americans live under the poverty line and that figure has risen every year for the past four years? There are more Americans in poverty than at any other time during the past 52 years.

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What about the fact there are the same amount of jobs in total in the US economy today as there were in 2000, and yet the population is 38 million larger? These are significant figures because the US economy is not creating jobs and, without jobs, these figures get worse. If they get worse, something will give.

Maybe the rise in US poverty is the reason why extremely rich Americans like Warren Buffett are imploring US President Barack Obama to tax the rich more. Maybe Mr Buffet reckons it is better to give away a bit of wealth now, than all of it in a massive political change later. We see the same thing in France, where the very rich are arguing to be taxed more.

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