The United States has now reached the point where the richest 0.1% of households have the same amount of wealth as the bottom 90% of households. These top millionaires and billionaires have seen their wealth more than double since the financial crash of 2008, while wages for the vast majority of workers in the US have gone up by an average of only a few cents above inflation since then.
Globally, the figures are even more extreme. The richest 1% of the world’s population now owns more than 45% of the world’s wealth, and yet 80% of humanity earns less than $10 a day and 1.3 billion people living in extreme poverty as defined by the UN.
Climate change and nuclear weapons are emergency situations because if we do not address them now, it may soon be too late. We cannot know the consequences of continuing indefinitely to increase the wealth of the richest at the expense of the poorest. History tells us that societies that do not meet the needs of their people do not long survive.