Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the front line of the pandemic — shop assistants, health care workers, and market vendors — are struggling to pay the bills and put food on the table. — Gabriela Bucher, Oxfam's executive director
Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the front line of the pandemic — shop assistants, health care workers, and market vendors — are struggling to pay the bills and put food on the table. — Gabriela Bucher, Oxfam's executive director
Oxfam: The megarich have already recovered from the pandemic. It may take the poor a decade to do so
Nine months. That's how long it took the world's top 1,000 billionaires to recoup their fortunes after the coronavirus pandemic hit.

It could take the world’s poorest more than a decade to recover,
according to Oxfam International's annual inequality report. The report, released on Sunday ahead of the World Economic Forum's virtual meeting of political and financial leaders, typically held in Davos, Switzerland, lays out the virus' disparate impact around the globe. The pandemic could increase economic inequality in almost every country at once, the first time this has happened, Oxfam found.

"We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus," said Gabriela Bucher, Oxfam's executive director. "Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the front line of the pandemic — shop assistants, health care workers, and market vendors — are struggling to pay the bills and put food on the table."

... Other reports have also found that the pandemic has greatly hurt the poor. A separate World Bank study in October that found the pandemic could push as many as 60 million people into extreme poverty.

To fight this growing inequality, governments should ensure that everyone has access to a Covid-19 vaccine and financial support if they lose their jobs, Bucher said. Also, this is the time for longer-term investments in public services and low-carbon sectors to create millions of jobs and ensure everyone has access to education, health care and social care, she said.

... "These measures must not be Band-Aid solutions for desperate times, but a 'new normal' in economies that work for the benefit of all people, not just the privileged few," Bucher said.
Read the full article: https://www.cnn.com/2021/01/24/economy/oxfam-inequality-rich-poverty/index.html