Gulf between rich and poor widening: ICCI


Staff Reporter


Former President ICCI Shahid Rasheed Butt on Sunday said capitalism is widening gulf between rich and poor which should be noticed as it can fan conflicts.
The real income of labour has been falling since the 1970s while the assets of the rich are increasing but now the divide between rich and poor is widening at the fastest pace, he said.
Shahid Rasheed Butt said that the global economy was jolted by the 2008 crisis resulting in losses to the tune of trillions of dollars that added to the miseries of the masses but the rich were shielded and rewarded.
A report suggests the money held by 400 richest Americans has increased from $1.27 trillion to 3.2 trillion dollars while the quality of life of common American is declining rapidly.
According to a study, the assets of the rich have increased by 27 percent during this pandemic while hundreds of millions of commoners have plunged into extreme poverty.