The super condemn many to poverty

Jul 25, 2012 Letters

Dear Editor,
I came across an interesting article which I thought of sharing with readers regarding poverty in the United States which many people regard as the land of opportunity, where “there are two cars in every garage and two chickens in every pot”.
According to a recent survey done by the Associated Press, the percentage of Americans living in poverty is about to reach its highest level since the 1960’s.
The article referred to millions of Americans who are now forced to live on food stamps due to the difficulty in finding employment opportunities.
Many of those who are fortunate to find jobs are unable to make ends meet as a significant number of high paying jobs have moved overseas.
And even though these jobs are better than no jobs, they do leave many workers poor or near poor.
Addressing the problem of inequality in the United States, as indeed in other countries of the industrialized world, continues to be a major challenge for policy-makers. Doling out charity and hand out, is not a sustainable way of dealing with poverty.
The solution lies in changing the priorities of the private sector so that companies feel compelled to share more of their wealth with the employees.
The article noted that American corporations are today earning the highest profits as a percentage of GDP but pay their employees the lowest wages as a percentage of GDP that they have ever paid.
Living off dole and food stamps is humiliating and degrading but for millions they are forced to put aside shame and indignity in order to provide for themselves and their families.
The irony of it all is that there is enough money in the world to generate employment and end the vicious cycle of poverty but much of that money is not put into productive use but instead used to facilitate extravagant lifestyles and ostentatious living of a few.
An article by CNBC Reporter, Robert Frank, states that roughly 21 trillion dollars (US) is stashed away in banks across the globe by private companies and individuals unknown to governments. These are huge sums of money for which there are no financial oversights by the relevant authorities and therefore no direct benefits accrue to society.
These offshore banks, referred to as’ pirate’ banks helped the wealthy to hide tons of money costing governments roughly 280 billion dollars a year. Much of that wealth, according to the Report, is held by fewer than 10 million of the global super-wealthy and handled by the world’s largest banks located in several safe havens in the world.
A significant proportion of the money is also held in a “virtual country”- a network of complicated cross-border entities designed to shelter wealth.
Hydar Ally

Latest News

The super condemn many to poverty

Related

Similar Articles

The Glenn Lall Show|| March, 17th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Rotary Club of NA Childhood Obesity Prevention Inter Secondary School...

RS53-ETKEZO Restaurant backs One Guyana 3×3...

Pacey McKenzie and Koobir spearheaded RHT...

Stoppage-time goal seals 3-all stalemate for...

Groups, schedule announced for One Guyana...

2025 Republic Bank Caribbean Premier League...

Features/Columnists

No such common ground exists

The Caribbean: Destined to Grin and Bear the Consequences of Its Self-Created Vulnerabilities?

Partner v. investors: help from Messrs, Routledge, Jagdeo

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

The super condemn many to poverty

Share this:

Related

Similar Articles

The Glenn Lall Show|| March, 17th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]