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Millennials Fall Far Behind as World's Richest One Percent Hoard Half of Global Wealth


#1

Millennials Fall Far Behind as World's Richest One Percent Hoard Half of Global Wealth

Julia Conley, staff writer

70 percent of the world's working-age adults have less than $10,000 each

Although adults between the ages of 20 and 29 are better educated, on average, than their parents' generation, overwhelming student debt is contributing to a generational inability to accumulate wealth.

#2

My only quibble with the article is “imploring world leaders to combat themassive wealth gap…” They know and they don’t care. I was reminded of Noam Chomsky’s injunction that instead of speaking truth to power we should be speaking truth to the powerless.


#3

I like that about speaking the truth.


#4

Watch the suicide rate among millennials continue to rise on par with that of returning veterans and the elderly. What is there to live for: working for poverty-level wages while drowning in student loan debt; facing the prospect of nuclear war; living on the streets; fearing deportation (DACA and others); watching the planet and all life suffer as a result of pollution/environmental destruction; not having enough money for their next meal or to go to the doctor with a medical, dental or vision problem; knowing they will have to work until the day they die with no relief in sight?


#5

It’s going to get worse here in the US.

We’re into a long streak of job creation that primarily creates jobs that don’t pay a living wage.

And in a decade or two, the 2 million jobs currently held by people who drive for a living will be pretty much gone.

That universal basic income idea better start gaining traction…


#6

I don’t wish suicide on anybody (well, maybe with a few exceptions), but if the bleak future you describe comes to pass, many millennials might well make the choice I made long ago (before I reached puberty—born the same year as the CIA and raised on “duck-and-cover”) to refrain from procreating.


#7

I see what you are saying but at the same time, I know some millenials who graduated college, and got great jobs . Perhaps there just aren;t enough of those. Also, we all know these facts already and many feel helpless, but we are not helpless . Join me and hopefully many others in not shopping at any big box stores at least for this holiday season. Maybe it’s a beginning of not giving business to these corporate leeches.There are a lot more of us than the corrupt corporates, and we do not have to sit on the sidelines philosophizing and debating.


#8

I refrained from having kids also but for the planet - love my four legged ones.


#9

Replacing humans with machines is ludicrous. Machines were meant to makes humans work easier not to replace them. Also, many of these self driving vehicles ( creepy if you ask me) have accidents. Those who say that people should only be doing high level jobs like being engineers are deluding themselves.


#10

Universal income ( other than welfare ) will never gain traction here.


#11

I’m curious where that “income” will come from.
The current portion of the national debt per taxpaying U.S. citizen is just under $170,000 and growing.
The total national debt is over $20,000,000,000 and growing.

According to the Federal Reserve, the true debt including funded and unfunded government liabilities such as Social Security, Medicare and local, state and Federal pensions drives it up over a hundred trillion.

https://www.usnews.com/opinion/economic-intelligence/articles/2016-12-01/myths-and-facts-about-the-us-federal-debt

Yes, I know that a young person who borrowed $30,000 for a theater degree is in trouble, but that’s small potatoes compared to their share of government debt.
Hey, but who cares? Let’s print some money for everyone and we’ll all be OK!


#12

How much of half the world’s wealth did the top 1% themselves, (on their own or after paying their helpers their fair share) create? My answer is, a minuscule proportion, closer to 0% than 100%. They are the takers, taking from rest of us what they did not create.

I would not have a problem with the top 1% owning half the world’s wealth if they, acting alone, created half the world’s wealth - then they could say they deserved it.

The vast bulk of their wealth is redistributed wealth from others or of from nature (which they did not create).

A major consequence of this is that the middle class standard of living is limited the capacity to pay for that which can be created, rather than the capacity to create it. Supply side economics is a fraud: Supply is not the problem: it is the capacity to pay that imposes the limits the peoples’ standard fo living - all for uber riches at the top. An equitable distribution of the fruits of production would remove this limit, so that we could all prosper, limited only by our capacity to produce.


#13

The last sentence of your comment indicates that you might be open minded about Modern Monetary Theory.

You do realize we’re not on the gold standard anymore, right?:


#14

Yes, they see that there is no future. It boggles the mind and heart how those in power, who must see this, and could not care less. When the last tree is cut down, last river poisoned, the air is no longer life sustaining their own progeny will perish too along with all the other creatures who had no play in this.

At a time of such desperate need where are the leaders? At a time when simply protesting in the streets or voting are clearly not enough how shall we summons all our inner courage to find effective ways to stop this machine of death? It isn’t just my heart that goes out to the young but my deep seated anger at the deliberate, calculated, exploitive nature of the capitalist war criminals.


#15

I certainly will join you but do think it will take a lot more than this to stop them.


#16

I agree- but welcome- it’s a start. grass roots!


#17

I am wondering also like many others where the income will come from? As my late parents said: Money does not grow on trees! Well, maybe in a way at least paper money comes from trees.How about slowing down this high tech and the automation? Plus not all people are meant to go to college of course- more specific trades.


#18

Yes! It isn’t just the young- it’s all of us. When people are divided that is when corruption takes over. Again, many thanks in joining me for the boycott of the big box stores- lets spread the word. The capitalist criminals probably plan on going to Mars.


#19

Close corporate tax loopholes; restore a higher, more substantive tax rate on the wealthiest and corporations, make all offshore holdings in tax havens ILLEGAL and enforce the pertinent tax laws are three important places to start. Hundreds of billion$$$ would find their way back to where they belong. A book that addresses the corporate and wealth subterfuge is:
Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens Paperback – September 4, 2012 by Nicholas Shaxson (Author)


#20

Your source is an opinion that is suspect, especially since the authors are part of Inside Sources that is on the far right side of the political spectrum and big proponents of energy industries and finance…
“The publisher of Inside Sources is a former Mitt Romney communications director who has been flagged for creating misleading content.” And Romney has mastered the ways to hide money in offshore accounts in addition to avoiding paying taxes (such as his wife’s extravagant hobby of international dressage including owning interest in training facilities and outright ownership of very expensive horses…all deductible) a stones’ throw from the newly remodeled Romney manse in Rancho Santa Fe, CA.