A Rise In Income Benefits All - Deepstash
A Rise In Income Benefits All

A Rise In Income Benefits All

A common argument against the benefits of global income growth is that “only the rich get richer". This is not true.

As income grows, inequality only initially rises, then peaks and goes back down.

As a state’s wealth rises, it spends more on social benefits programs. In Europe, for example, only 1.5% was used for a poverty safety net 100 years ago. Today the average of states’ budgets reserved for it is 22%.

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