RISING INEQUALITY REDUCES GROWTH - THINKTANK




It's time to increase taxes on the rich

"The west's leading economic thinktank", the Organisation for Economic Co-operation and Development has produced a report on inequality.

The report says that rising inequality causes lower growth in an economy.

Rising inequality is estimated to have reduced growth by:

More than 10% in Mexico and New Zealand.

Nearly 9% in the UK, Finland and Norway.

Between 6% and 7% in the United States, Italy and Sweden.



OECD secretary-general Angel Gurría

The report shows that the UK economy would have been more than 20% bigger had the gap between rich and poor not widened since the 1980s.

The OECD proposes higher taxes on the rich and policies aimed at increasing the wealth of the bottom 40% of the population.

Reagan and Thatcher supported 'trickle-down economics', the crazy idea that ordinary people would benefit from weakening trade unions and making bankers richer.

The OECD report shows that:

1. "Income inequality has a sizeable and ... negative impact on growth."

2. "Inequality ... hampers growth."

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