Thread by @NabsIMA, We risk seeing the biggest rise in inequality *since records began*The world's [...]

We risk seeing the biggest rise in inequality *since records began*

The world's 10 richest billionaires -all men- are over *half a trillion* dollars richer since March

This ain't a drill. New @Oxfam report out now as Davos kicks off

Bloomberg

. THREAD https://www.bloomberg.com/news/articles/2021-01-25/world-s-richest-shake-off-crisis-in-record-setback-to-inequality?utm_source=google&utm_medium=bd&cmpId=google

World’s Richest Shake Off Crisis in Record Setback for Equality

The world is witnessing the greatest rise in inequality on record, with the poorest likely to feel the effects of the Covid-19 pandemic for years to come while the “mega rich” have already bounced...

https://www.bloomberg.com/news/articles/2021-01-25/world-s-richest-shake-off-crisis-in-record-setback-to-inequality?utm_source=google&utm_medium=bd&cmpId=google

Those ten billionaires? That's half a trillion RICHER since March. They were already immensely rich

Half a TRILLION you ask? That's more than enough to pay for a COVID19 vaccine for us all and to ensure *no one's* pushed into poverty by the pandemic https://www.cbsnews.com/news/oxfam-billionaire-wealth-poverty/

2/10

Pandemic math: Billionaire wealth soars as millions fall into poverty, Oxfam says

Billionaires regained their pandemic losses in nine months, but the globe's poorest could take a decade to recover.

https://www.cbsnews.com/news/oxfam-billionaire-wealth-poverty/

At the bottom, a profoundly different story.

The data shows it could take *more than a decade* for *billions of the world’s poorest people* to recover from the pandemic's economic hit.

It's people struggling to pay the bills, put food on the table https://edition.cnn.com/2021/01/24/economy/oxfam-inequality-rich-poverty/index.html

3/10

The megarich have already recovered from the pandemic. It may take the poor a decade to so do

Nine months. That's how long it took the world's top 1,000 billionaires to recoup their fortunes after the coronavirus pandemic hit.

https://edition.cnn.com/2021/01/24/economy/oxfam-inequality-rich-poverty/index.html

So our economy is designed this way: entrenching billionaire wealth at the expense of the dignity of billions of people.

COVID19 exacerbating these huge inequalities

A mega-rich few are almost living on a different planet. Some of 'em might be soon https://www.bloomberg.com/news/features/2020-12-09/elon-musk-jeff-bezos-use-opportunity-zone-tax-breaks-for-private-space-race

4/10

Musk, Bezos Space Race Gets a Boost From Anti-Poverty Tax Break

Rocket projects aren’t the only thing the world’s two richest people have in common. Their facilities are in areas designated as opportunity zones, giving them a path to low-tax expansion.

https://www.bloomberg.com/news/features/2020-12-09/elon-musk-jeff-bezos-use-opportunity-zone-tax-breaks-for-private-space-race

At the heart of inequality?

How white supremacy, elitism & patriarchy conspire at the root of our economy

Economies the

over rigged against the poor
Against marginalized racial & ethnic groups
Against women

We must get this if we're to go forward

5/10 https://www.aljazeera.com/economy/2021/1/25/covid-19-worsened-global-inequality-even-as-the-rich-bounced-back

COVID has worsened inequality even as the rich thrive: Oxfam

Oxfam warns that unless governments take prompt action, the world’s poorest will not recover for more than 10 years.

https://www.aljazeera.com/economy/2021/1/25/covid-19-worsened-global-inequality-even-as-the-rich-bounced-back

Any economic analysis without a race, gender or class lens is incomplete. Consider

22,000 Black & Hispanic people in

would still be alive if they had the same COVID mortality rates as white people

Afro-descendants in

40% more likely to die of COVID than white people

6/10

Any economic analysis without a race, gender or class lens is incomplete. Consider22,000 Black & Hispanic people in would still be alive if they had the same COVID mortality rates as white peopleAfro-descendants in 40% more likely to die of COVID than white people6/10

It can feel darn hard to hope.

But the strength of movements - climate strikers, #BlackLivesMatter

, of inequality activists - guide the way.

A few governments too like South Korea, Sierra Leone, New Zealand show action is possible

Some biz too

https://twitter.com/NabsIMA/status/1352197318326571009

7/10

https://twitter.com/NabsIMA/status/1352197318326571009

Best put: as @DarrickHamilton writes in his Foreword to @Oxfam's #InequalityVirus report: "we need a policy response that is anti-racist, anti-sexist and one that actively reduces the gap between rich and poor, especially across race and ethnicity"

https://oxfamilibrary.openrepository.com/bitstream/handle/10546/621149/bp-the-inequality-virus-250121-en.pdf

8/10

We know what policies bust inequality

We have the evidence. We know what works well

A #PeoplesVaccine first. Universal healthcare, education, social protection. Progressive tax. Value care. Reduce the emissions of the rich. Guarantee income security

Isn't rocket science

9/10

There's surely no other way

There's no hiding from the great divide

We don't want to see where this road ends up do we?

Lets instead make equality core to 21st century, common-sense economic decision-making

More today on this brill panel 19:30 CET
ENDS https://www.weforum.org/events/the-davos-agenda-2021/sessions/press-conference-tackling-the-inequality-virus

Press Conference: Tackling The Inequality Virus

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape...

https://www.weforum.org/events/the-davos-agenda-2021/sessions/press-conference-tackling-the-inequality-virus

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