Corporate America wants a better profit margin
Jim Hightower tells it like it is — the rich keep getting richer.
In the United States and Britain, the developed world’s two most unequal major nations, you can find localities like Islington in every major metro area.
Islington, a London borough that counts about 200,000 residents, sports some of Britain’s poshest neighborhoods, cocktail bars and boutiques. But nearly half of Islington’s children live in poverty, and locals in the borough’s poorest areas live seven fewer years, on average, than locals in the richest.
And now residents in those poorest areas have a local government, a borough council, having to make do with less. Much less. Austerity at Britain’s national level has ravaged Islington’s available budget for public services, with deep cuts looming in everything from libraries to foster care.
Why haven’t Americans become happier over the past 50 years? Economists have trouble with that question. America’s average household wealth has doubled since 1962. We have become, as a nation, considerably richer. We should be much happier, too, at least according to conventional economic theory.
So what’s the problem? Three psychologists — Shigehiro Oishi and Selin Kesebir from the University of Virginia and Ed Diener from the University of Illinois — have an answer forthcoming in the prestigious journal Psychological Science.
“2010 was a damn good year,” Monish Kumar, a senior partner at the Boston Consulting Group, told reporters earlier this week, “for global wealth.”
Kumar misspoke. Last year, he should have said, amounted to a mighty fine year for the global wealthy.
These wealthy — households worth over $1 million, not counting residences, luxury goods, or personally owned businesses — increased their share of global wealth in 2010 from 37 to 39 percent, or so the Boston Consulting Group calculates in its newly released 11th annual Global Wealth report.