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Income disparity growing according to international think-tank

Income disparity growing according to international think-tank
Monday, December 5, 2011 - 9:35am

A leading international think tank is urging the world's most developed economies to raise taxes and create more jobs to address growing income disparities. The Organization for Economic Cooperation and Development says that the incomes of the richest ten percent grew faster than those of the poorest 10 percent in most of its member countries over the past two decades.

According to the group, income inequality is now at its highest level in 50 years. Angel Gurria, Secretary General of the OECD, maintains that the social compact is starting to unravel in many countries. Uncertainty and fears of social decline and exclusion have reached the middle class. Many people across the globe feel that they are bearing the brunt of a crisis for which they have no responsibility, while those on high incomes appear to have been spared.

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