What happens economically when wealth tilts to the top? nationofchange.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationofchange.org Daily Mail and Mail on Sunday newspapers.
In the early days of the coronavirus pandemic, Hollywood mogul David Geffen enraged many social media users when he posted a photo of his yacht, Rising Sun, on calm waters. “Isolated in the Grenadines avoiding the virus,” Geffen wrote on Instagram. “I’m hoping everybody is staying safe.”
The photo of billionaire life aboard a 454 ft., $590 million yacht inspired plenty of outrage, and even a parody song by singer John Mayer titled “Drone Shot of My Yacht.” As an example of conspicuous consumption, the post highlighted stark global inequalities in wealth and opportunity, and didn’t land well with the millions of people stuck at home in lockdown or risking their health and lives performing essential work.
Zbyněk Fiala: Past na digi obry roste | ParlamentniListy cz – politika ze všech stran parlamentnilisty.cz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from parlamentnilisty.cz Daily Mail and Mail on Sunday newspapers.
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HE SCALE of Joe Biden’s plans is hard to exaggerate. Where the American president’s former boss, Barack Obama, pivoted quickly to deficit-cutting after the trials of the global financial crisis, Mr Biden’s first budget, which he unveiled on May 28th, will borrow unapologetically. The plans assume that annual fiscal deficits will exceed 4% of
GDP through to the end of the decade; net public debt will rise to 117% of
GDP in 2030 from 110% today. The largesse raises two big questions. One is whether, coming on top of past stimulus packages, it will contribute to an overheating of America’s economy in the short term. The other important question is whether in the longer term America can prudently afford to loosen the purse-strings for a sustained period. As crisis has hit and interest rates have fallen, politicians have felt more able to run up debts than in the past. But the issue of whether and when limits to borrowing might apply still remains. Recent research casts lig