As media and politicians blame worker wages for inflation, billionaire fortunes continue to grow
The rich are getting richer, and it's an ever-growing problem as everyone else sees their wages eaten up by rising inflation.
A new report from Oxfam, called "Survival of the richest: How we must tax the super-rich now to fight inequality," finds that the richest 1% are increasingly capturing more and more wealth — snatching up two-thirds of all new wealth in the world since 2020.
"That's astonishing, right? Because it's the richest 1% grabbing twice as much money as the rest of humanity, the 99% of us, put together," Nabil Ahmed, Oxfam America's director of economic justice, told Insider.
And while billionaires see their fortunes grow by almost $3 billion daily, millions of others are working low-paying jobs. In the US, 21 million workers are making less than $15 an hour, according to an analysis by Ben Zipperer of the Economic Policy Institute. The federal minimum wage has been the same for over a decade, and inflation is affecting its value
https://www.businessinsider.com/billionaires-add-billions-fortunes-daily-shows-trickle-down-not-real-2023-1