Wealth and Income Inequality
The global pandemic has laid bare the many inequalities that were already known to many, and all are calling for a just recovery. Here are a few examples. In January of 2021, the International Labour Organization reported that globally, labor income had been reduced by $3.7 billion since the start of the pandemic. They point out that women and the young have suffered the most from these losses. They have a number of policy recommendations, including:
- Macroeconomic policies to remain accommodative in 2021 and beyond, including fiscal stimulus where possible, and measures to support incomes and promote investment.
- Targeted measures to reach women, young people, low-skilled and low paid workers, and other hard-hit groups.
- International support for low and middle-income countries – which have fewer financial resources to roll out vaccines and promote economic and employment recovery.
- Focusing support on the hardest-hit sectors while creating jobs in fast growing ones.
- Social dialogue to implement the recovery strategies necessary to create more inclusive, fair, sustainable economies.
Related to inequality and the uneven effects of the pandemic on different groups of people, Oxfam released a new report entitled “The Inequality Virus” in January 2021 that found:
Here are Oxfam’s five recommendations for a “transformative agenda,” what they call “five steps to a better world:”
- A world that is profoundly more equal and measures what matters
- A world where human economies care for people
- A world without exploitation and with income security
- A world where the richest people pay their fair share of tax
- A world of climate safety
They have lots of statistics and reports showing that the majority of people all over the world want this future.