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Paradox of Affluence or (the Logic of Unbridled Capitalism?)
By Jeff Shalan
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Affluence: accommodation of wealth in society
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How can we live in a country with so much wealth and so much poverty?
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Paradox: something that seems self-contradictory or doesn’t make sense, if youapproach this using logic it does make sense, it’s true
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Of 4.4 billion people in developing countries, 3/5 lack basic sanitation, 1/3 haveno safe drinking water, 1/5 are undernourished, 1/5 have no access to modernhealth services
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$40 Billion: cost to achieve and maintain universal access to basic education,healthcare, food, water sanitation; more than $36 Billion are wasted oncosmetics, dog food, and ice cream
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$40 Billion: 4% of combined 225 richest people; $1 trillion is their combinedwealth
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$1 Trillion: annual income of poorest of 47% of Earth’s population or 2.5 billionpeople
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GDP of 48 least developed countries= assets of the world’s three richest people
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1 children born in London, Paris, NY will consume, waste, pollute more in alifetime than 50 children in a developing country
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1960: Gap between world’s richest and poorest 20% was 30 to 1
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1991: It was 61 to 1; 1994: it was 74 to 1
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 Top 1/10 of 1% US income earners (300,000) earn=bottom 50% (150 million)
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 Top 1% owns more wealth than bottom 90%
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2006 Bush Tax Cuts: Bottom 20% of income earners received $23, middle 20%received $448, and top 10% received $202,523
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Between 1979 and 2005, income of top 5% increased from 11x as much to 22xas much as bottom 20%, whose real income declined by 1%
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1970s: CEOs earned 30-40x more than average worker; in 1990, they earned100x more; in 2005, they earned 00x more
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U.S. Personal Savings Rate declined from 11.2% in 1982 to -1.1% in 2006Neoliberalism in a Nutshell
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