Monday, May 24, 2010

Racial wealth gap in USA

Talk about the rich getting richer?!!! Extraordinary data on Naked Capitalism about the racial wealth gap in the USA. The data is from a recent report by the US based Institute on Assets and Social Policy

Picture 48

The study authors argue that taxation policies and public policies are major factors in creating this wealth disparity. It would be most interesting to see similar Australian data.

What studies like this remind us (not that we need to be reminded in this country) that public policies that favour and benefit the wealthy and those who control capital (the rich, the corporations, the business elite) ultimately widen the wealth gap not reduce it, and they entrench and intensify inequality.

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