https://www.oxfam.org/en/press-releases/mega-rich-recoup-covid-losses-record-time-yet-billions-will-live-poverty-least

The 1,000 richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic, reveals a new Oxfam report today. ‘The Inequality Virus’ is being published on the opening day of the World Economic Forum’s ‘Davos Agenda’.

The report shows that COVID-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back.

A new global survey of 295 economists from 79 countries, commissioned by Oxfam, reveals that 87 percent of respondents, including Jeffrey Sachs, Jayati Ghosh and Gabriel Zucman, expect an ‘increase’ or a ‘major increase’ in income inequality in their country as a result of the pandemic.

Oxfam’s report shows how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession since the Great Depression while billions of people are struggling to make ends meet. It reveals how the pandemic is deepening long-standing economic, racial and gender divides.

The recession is over for the richest. The world’s ten richest men have seen their combined wealth increase by half a trillion dollars since the pandemic began —more than enough to pay for a COVID-19 vaccine for everyone and to ensure no one is pushed into poverty by the pandemic. At the same time, the pandemic has ushered in the worst job crisis in over 90 years with hundreds of millions of people now underemployed or out of work.

Women are hardest hit, yet again. Globally, women are overrepresented in the low-paid precarious professions that have been hardest hit by the pandemic. If women were represented at the same rate as men in these sectors, 112 million women would no longer be at high risk of losing their incomes or jobs. Women also make up roughly 70 percent of the global health and social care workforce − essential but often poorly paid jobs that put them at greater risk from COVID-19.

Inequality is costing lives. Afro-descendants in Brazil are 40 percent more likely to die of COVID-19 than White people, while nearly 22,000 Black and Hispanic people in the United States would still be alive if they experienced the same COVID-19 mortality rates as their White counterparts. Infection and mortality rates are higher in poorer areas of countries such as France, India, and Spain while England’s poorest regions experience mortality rates double that of the richest areas.

Fairer economies are the key to a rapid economic recovery from COVID-19. A temporary tax on excess profits made by the 32 global corporations that have gained the most during the pandemic could have raised $104 billion in 2020. This is enough to provide unemployment benefits for all workers and financial support for all children and elderly people in low- and middle-income countries.

The global pandemic won’t slow defence spending!

The Cold War sycophants and the MIC are happy!

https://news.cision.com/jane-s-group-uk/r/7-years-of-uninterrupted-growth-takes-global-defence-spend-to-usd1-9-trillion–says-janes,c3273483

Rising at a rate of 1.9% in 2020, defence spending has enjoyed continuous growth since 2014 according to the latest figures from the trusted global agency for open-source defence intelligence

LONDON – Continuing seven years of uninterrupted expansion, global defence spending rose by 1.9% in 2020, according to defence spending data from Janes, the trusted global agency for open-source defence intelligence. Total global defence spending reached USD1.93 trillion* in 2020 – up almost USD180 billion from USD1.75 trillion in 2010.

Global spending growth to slow in 2021, but no contraction expected

Although 2020’s growth exceeded that seen in 2019 this acceleration is not expected to extend into 2021. Janes forecasts a noticeable slowdown in defence spending this year, as the economic impact of the Covid-19 pandemic continues to be felt. However, outside of the United States’ gradual decline, the cuts to spending are expected to be limited to regions reliant on the export of commodities such as oil and will be more than balanced out by expansion in regions where robust growth is still expected.

“With all regions except Europe, AsPAC and Latin America likely to implement real reductions in 2021, total defence spending growth will fall to its lowest rate since 2013 – but we’re not expecting an overall contraction. In fact, the worst of the Covid-19 pandemic’s impact on military funding is likely to fall in 2022, when governments may begin to rein in spending,” said Andrew MacDonald, lead analyst at Janes. “Even next year’s global spend is forecast to remain in positive growth, driven in large part by strong expansion in Asia, and in the years that follow the growth of defence budget allocations is likely to accelerate once again, pushing our forecast global total up to USD2.23 trillion by 2030.”

Europe’s resurgence of defence budget growth continued in 2020, but is likely to weaken this year

In percentage terms it was Europe’s military spending power that grew the most in 2020, with funding 5.6% higher than the previous year. However, Asia-Pacific contributed a similar rise in dollar terms, and its spending growth is judged likely to speed up in the coming years, as European budget increases begin to slow.

“Smaller markets are also due to record impressive growth rates in 2021, as Latin American spending rebounds thanks to Brazil’s recovery from sharp cuts imposed last year, and Eastern Europe continues to react to the perceived military threat from Russia,” MacDonald said.

Covid-19 fails to disrupt long-term trends in defence funding

While it is all but certain to force a slowdown in the rise of the world’s annual defence expenditure, the Covid-19 pandemic is extremely unlikely to undermine the long-term strategic shifts that have been under way in regional spending patterns.

“While the pandemic appears likely to stifle the growth in buying power of regions like the Middle East and further depress Russian funding, the relative decline seen in US budgets as Asia-Pacific accounts for an ever-increasing share of the global total remains the big story in military funding, even in the post-Covid world,” MacDonald said.

“In 2010 Asia was responsible for just over 20% of the world’s military funding; by 2028 we’re expecting it to have grown to 35%, overtaking North America as the largest region by value.”

The world's 10 richest people could pay to vaccinate everyone in the world and still be $400 billion richer than when the pandemic began.

Instead they pay a lower tax rate than any other income group and donate an average of 1% of their fortune each year.https://t.co/2awpBswFei

— Dan Price (@DanPriceSeattle) January 25, 2021

It took five years of GOP obstruction under Obama for Dems to embrace a limited nuclear option in 2013. We don’t have that long, but this reform takes time. The only question is how long until it becomes clear there’s no other way for Dems to deliver the results they promised.

— Adam Jentleson 🎈 (@AJentleson) January 26, 2021

Maybe it is because it is getting late and I am a bit cranky.

Biden lied. https://t.co/bVeojNPOWH pic.twitter.com/InMzzF85LB

— Ryan Knight 🌹 (@ProudSocialist) January 26, 2021

Just for a chuckle.😎

Tearful Justin Trudeau Chains Self To Keystone Pipeline To Stop Biden Administration From Destroying Oil Industry Heritage Site https://t.co/hDvimXFYXk pic.twitter.com/Pq1SLa78BT

— The Onion (@TheOnion) January 25, 2021

Even though it is late (even for me) I can’t comprehend the crap.

Opinion: Biden is betting on Senate compromise. So far, it’s paying off. https://t.co/KAXjsCks4B

— The Washington Post (@washingtonpost) January 26, 2021

Enough I will be back to respond later after a nights sleep.

Have at it folks!

Sorry you have to click to view.😒

https://pbs.twimg.com/media/ErWdMN9VQAAEovX?format=jpg&name=900×900

The Oxford-AstraZeneca vaccine was supposed to be made open source so that the whole world could afford to benefit from it.

Then Bill Gates stepped in to demand that profits be made at the expense of the lives of the poor.https://t.co/y6A6IwmY1H

— redacted tonight | #FreeJulianAssange (@RedactedTonight) January 25, 2021

Just a link to Lee Carter interview with Jacobin.

https://jacobinmag.com/2021/01/lee-carter-virginia-governor-interview

Lee Carter is a member of Virginia’s House of Delegates, a former Marine Corps member and electrician, and a socialist. In an interview with Jacobin, he discusses his legislative history pushing for expanded health care and worker rights, the threat of far-right violence, and how a socialist governor could transform the state of Virginia.

Much more if you follow the link.