Global Study: Chasm Widening Between Haves and Have-Nots

Economic inequality is growing in the world’s richest countries, particularly in the United States, jeopardizing the American Dream of social mobility just as the world tilts toward recession, a 30-nation report said Tuesday.

… With job losses and home foreclosures skyrocketing and many of these countries now facing recession, policy makers must act quickly to prevent a surge in populist and protectionist sentiment as was seen following the Great Depression, the Paris-based Organization for Economic Cooperation and Development said.

“What will happen if the next decade is not one of world growth but of world recession? If a rising tide didn’t lift all boats, how will they be affected by an ebbing tide?” Oxford University economist Anthony Atkinson said at a conference at the OECD headquarters.

In a 20-year study of its member countries, the OECD found inequality had increased in 27 of its 30 members as top earners incomes soared while others stagnated.

via Business WeekStudy shows gap growing between rich and poor


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