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Today is 6 months since the pandemic was declared.
Amid heartbreak, something dark is happening at the top.
Take Jeff Bezos. Say he gave each of his 876,000 employees a $105,000 bonus today.
He'd still be *as rich as he was at the start of the pandemic*
THREAD/new @Oxfam data
Amid heartbreak, something dark is happening at the top.
Take Jeff Bezos. Say he gave each of his 876,000 employees a $105,000 bonus today.
He'd still be *as rich as he was at the start of the pandemic*
THREAD/new @Oxfam data
We were already facing a truly extreme inequality crisis.
Now, a new era.
New @Oxfam report:
32 of
largest companies profits *up by $109 bil MORE* in 2020
100 companies ADDED $3 tril+ to market value
...all as 400mil jobs lost; 500mil people being pushed into poverty
Now, a new era.
New @Oxfam report:
32 oflargest companies profits *up by $109 bil MORE* in 2020 100 companies ADDED $3 tril+ to market value ...all as 400mil jobs lost; 500mil people being pushed into poverty
Corporations are cashing in on the pandemic at the expense of the poorest.
Its a function, not an accident, of the economic model we have.
Its. Not. A. Surprise.
The report, jam-packed with evidence from companies all over the world, well worth a read: https://oxfamilibrary.openrepository.com/handle/10546/621044
Its a function, not an accident, of the economic model we have.
Its. Not. A. Surprise.
The report, jam-packed with evidence from companies all over the world, well worth a read: https://oxfamilibrary.openrepository.com/handle/10546/621044
What's driving this bonanza?
1. Booming shareholder payouts, amid gov't bailouts + worker lay-offs
2. Failing to ensure employee safety + prevent labor violations
3. Shifting costs + risks down supply chains
4. Lobbying gov'ts to deregulate environmental, tax, social protections
1. Booming shareholder payouts, amid gov't bailouts + worker lay-offs
2. Failing to ensure employee safety + prevent labor violations
3. Shifting costs + risks down supply chains
4. Lobbying gov'ts to deregulate environmental, tax, social protections
On how they're cashing in, check this out.
Those 32 super-profitable companies?
Since January - they've already paid shareholders $195 billion dollars.
*That's 94% of their profits so far this year.*
Talk about a shareholder-first model.
Those 32 super-profitable companies?
Since January - they've already paid shareholders $195 billion dollars.
*That's 94% of their profits so far this year.*
Talk about a shareholder-first model.
On lobbying, check this out.
The US saw near-record Q1 lobbying spend, close to $1 billion.
See how oil + gas companies benefited: $100bn+ in tax cuts.
In India, companies got taxes paused on stock buybacks.
Mining firms lobbied for tax holidays in many countries.
The US saw near-record Q1 lobbying spend, close to $1 billion.
See how oil + gas companies benefited: $100bn+ in tax cuts.
In India, companies got taxes paused on stock buybacks.
Mining firms lobbied for tax holidays in many countries.
Check out these country examples:
10 of world’s top apparel brands - probs a label you wear - paid 74% of their profits ($21 bil) to shareholders in dividends + stock buybacks in 2019
This year 2.2mil workers in Bangladesh alone were affected when textile orders got cancelled.
10 of world’s top apparel brands - probs a label you wear - paid 74% of their profits ($21 bil) to shareholders in dividends + stock buybacks in 2019
This year 2.2mil workers in Bangladesh alone were affected when textile orders got cancelled.
In India, hundreds of tea plantation workers, many of them women, have GONE UNPAID as a result of the COVID-19 lockdown.
At the same time some of the largest Indian tea companies have BOOSTED their profits or have been able to maintain profit margins by cutting costs.
Shocking.
At the same time some of the largest Indian tea companies have BOOSTED their profits or have been able to maintain profit margins by cutting costs.
Shocking.
The solutions are there.
Consider a WW2-style Pandemic Profits Tax on just those 32 global companies profiting most right now.
That could raise $104bn in 2020 alone. Thats enough to pay for COVID19 testing and vaccines for everyone on the planet, plus $33bn more.
Just imagine.
Consider a WW2-style Pandemic Profits Tax on just those 32 global companies profiting most right now.
That could raise $104bn in 2020 alone. Thats enough to pay for COVID19 testing and vaccines for everyone on the planet, plus $33bn more.
Just imagine.
Very proud when @Oxfam writes a report like this.
Huge respect for authors and thinkers @GneitingUwe @NikoLusiani @itamir77.
Goes to the heart of what's needed: to shore up small businesses, workers and democratic institutions ―not an even smaller number of huge corporations.
Huge respect for authors and thinkers @GneitingUwe @NikoLusiani @itamir77.
Goes to the heart of what's needed: to shore up small businesses, workers and democratic institutions ―not an even smaller number of huge corporations.
Will we "learn from this moment to design a fairer and more sustainable economy", as @Chema_Vera writes.
We surely have no other choice.
On the #InequalityVirus I wrote something for @wef - with ideas on what a more human economy would look like https://www.weforum.org/agenda/2020/07/covid19-inequality-billionaires-oxfam/.
ENDS
We surely have no other choice.
On the #InequalityVirus I wrote something for @wef - with ideas on what a more human economy would look like https://www.weforum.org/agenda/2020/07/covid19-inequality-billionaires-oxfam/.
ENDS
