From http://blog.cagle.com:
The Global Economy Burns, While its Leaders Fiddle
By Nomi Prins | May 16th, 2011 |
China is by no means a panacea of economic equality or perfect policy. It has a fast growing portion of billionaires and accounts for nearly a third of the world’s luxury goods consumption, while its per capita GDP ranks 125th globally, and 2.8% of Chinese live below the poverty line (according to ‘official’ stats).
In contrast, the US has an official poverty rate of 14%, though think tanks like the Economic Policy Institute, consider this estimate low. Still, in its latest 5-year economic plan, the Chinese government at least gave lip service to how to deal with its growing inequality – by increasing certain wages by 40%, decreasing taxes on the poor and increasing them on the rich.
deficit
The US government has no such strategy, except in campaign speeches, as reflected by our anemic economy. Instead, we witness inane partisan prattling over the deficit and what mini-budget modifications are needed to bring it into line, most of which would disproportionately detract from the people that had the least to do with inflating it. (i.e. anyone not running a bank or hedge fund.)
More:http://blog.cagle.com/2011/05/the-global-economy-burns-while-its-leaders-fiddle/
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