Posted on 01/18/2017 2:17:37 PM PST by Lorianne
Every year, Oxfam releases a report meant to shock the public about the extent of income and wealth inequality. This year’s report claims that the eight richest people on Earth have as much wealth as the bottom half of the world’s population (3.6 out of 7.2 billion people). That’s certainly shocking. It’s also profoundly misleading.
As others have pointed out, Oxfam reached that number with a questionable methodology, which also led them to several other absurd conclusions. According to their own graphs, more poor people live in North America and Europe than China (see the far left of the chart below). How can that be, given that traditional poverty measures show the opposite?
Oxfam isn’t using a traditional poverty measure (such as the number of people with a purchasing-power-adjusted income of less than, say, $2 per day). Instead, they focus on something called “net wealth.” This is the sum of an individual’s wealth minus any debts.
Of course, many people in rich countries carry debt due to university loans or a home mortgage, yet also enjoy high incomes and an enviable standard of living.
Here are some illustrations of just how absurd it is to use net wealth as a measure of poverty.
Consider this. Oxfam claims a penniless, starving man in rural Asia or Sub-Saharan Africa is far richer than an American university graduate with student debt but a high-paying office job, a $2,000 laptop and a penchant for drinking $8 designer coffees.
(Excerpt) Read more at cato.org ...
That’s what wealth means.
On the other hand, there are many guys with millions of dollars who are too cheap to spend a nickel. They’re still wealthy.
I'm starting one RIGHT NOW!
If you send me $39/month, I will send you a photo of your very own adopted Millennial, suitable for framing! Plus, once a month you will receive a letter from your Millennial, hand written in crayon from his/her/its Safe Space!
Your $39/month insures your adoptee will receive a NEW box of 64-Color Crayons each month, plus a Double Latte Mocha Frappadacha when we take him/her/it on the monthly field trip to Starbucks to huddle with playmates.
Sign up NOW!
You seriously should make a meme for that and do it!
I’m sure the American taxpayer isn’t included when that poor college student fails to repay that loan and we get stuck with it.
Hey, take the ball and run with it. Just send me a 2% royalty check each month for use of the idea.
:-)
I’m doing my best, but it’s real hard to repay a loan without a job.
Only jobs available around here are the “pay us a thousand bucks for the privilege of selling our shitty product.”
You don't really think they want more than a small portion of the money from programs for the needy going to people who haven't been approved by the academic indoctrination machine, do you?
We all have if we pay income taxes. No free college. Work your way through or earn a scholarship.
Sounds very good but can you supply vegan meals and fair trade coffee?
Sure, I'll be renting them out to Juan Valdez to care for his mules.
They will eat what the mules eat!
Symbiotic relationships! Immersive experiences! Broadening their horizons, etc, etc, etc.
("Vanna, I'd like to buy a buzzword.")
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.