Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/494/2604

From The Socialist newspaper, 5 July 2007

"A new gilded age of inequality"

LAST YEAR the world's richest people increased their wealth at the fastest rate in seven years. Business consultants to the world's rich - Merrill Lynch and Cap Gemini - revealed that the total wealth of the super-rich rose 11.4% to $37.2 trillion (£18.6 trillion) in 2006. This staggering sum may exceed $40 trillion by 2008.

The UK is now home to 17% of Europe's wealthiest individuals. Recently, the Sunday Times 'Rich List' revealed that Britain's biggest fortunes grew 20% over the last year. The wealth of the top 1,000 super-rich - including 68 billionaires - in Britain now stands at £360 billion. Gordon Brown's tax breaks mean that 85% of these individuals pay no taxes on their super-stash.

Princeton University economist Paul Krugman estimates that the incomes of the US working class and middle class have hardly risen in the last 25 years whereas incomes of the rich have gone up by 150%. A similar widening of the wealth gap can be seen in the UK.

Krugman comments: "If you look at the distribution of income, at least pre-tax, it is the same as it was in the 1920s, and the 1920s looked the same as pre-World War One - so we are in a new gilded age of inequality."

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

Please donate here.

All payments are made through a secure server.

My donation £

 

Your message: 

 


In The Socialist 5 July 2007:

Brown's government for the rich

Blair's toadying surpasses all clichés


National Shop Stewards Network

National Shop Stewards' Network conference: Join the fightback against the bosses' offensive


Campaign for a New Workers Party

Campaign for a New Workers' Party: Giving workers a voice

Lively CNWP meeting in Cardiff

Sign up to the CNWP campaign


What we think

Unite against war, poverty and terrorism


Postal workers strike

Postal workers: we're striking to win

Postal workers' strike gets solid support across the country


Socialist Party news and analysis

Under several feet of flood water - after flood defence budget cut

"A new gilded age of inequality"

Stop subsidising private schools

Surplus cash yet cutbacks continue


International socialist news and analysis

Why the United Nations fails the test of internationalism

Iran: Riots over petrol rationing

Climate change: socialist international planning needed

George Bush - a get out of jail ticket

Pakistan: Union activist has suspension withdrawn following protests


Tales from the council chamber

Tales from the council chamber

'Living in a parallel universe'


Socialist Party workplace news

UNISON delegates challenge leadership

Victory over bullying management

RMT conference: Fighting a thousand cuts

Not so nice Mr Branson


Socialist Party events

Socialism 2007


Socialist Party review

Two plays reviewed by Mark Baker: 'Philistines' and 'The Last Confession'


 

Home   |   The Socialist 5 July 2007   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Rich:

triangleRich get handouts - workers get pay cuts

triangleBail out the real wealth creators, not the rich

triangleNationalise to save jobs threatened by Covid-19 and downturn

triangleImmigration: For a system that meets the needs of the majority, not a rich elite

triangleThe rich fund the Tories and Blairites, so help fund the working-class fightback

Wealth:

triangleUniversal Basic Income: not a solution to insecurity and poverty under capitalism

triangleEnd health and wealth divide - Fight for our NHS

triangleThem & Us

Super-rich:

triangleTake the wealth off the super-rich

triangleThem & Us

US:

triangleOutrage spreads globally following US police murder of George Floyd

Reports and campaigns

Reports and campaigns

27/5/20

Fighting Fund

We need readers' support to fight capitalist crisis

27/5/20

Ferries

Fight P&O's billionaire bosses' jobs cut plan

27/5/20

Schools

Schools aren't safe

27/5/20

Energy

Energy firm plans to make 2,600 redundant

27/5/20

Hull

Hull Trades Council debates workers' political representation

27/5/20

Covid

Eerily quiet before second wave - don't reopen schools!

25/5/20

Coronavirus

No return to unsafe construction sites

22/5/20

Obituary

Mick Cotter 21-9-57 to 20-5-20

22/5/20

Rolls Royce

Strong union response needed against job cuts

20/5/20

CWU

Postal workers' action results in double victory for union

20/5/20

NSSN

Organising to fight for workplace safety

20/5/20

Peterborough

Posties walk out in Peterborough after manager tests positive

20/5/20

Covid

Johnson claims workplaces safe but HSE cancels inspections

20/5/20

Protest

Safe protests against Tory corona chaos continue

19/5/20

Hull

Trades council debates workers' political representation

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 07748 534 891

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


June 2020

May 2020

April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999