Sharing the Burden of Hard Times
If the recession cuts deep in the developed nations, many workers will lose their jobs, and families that can no longer keep up with their mortgage payments will lose their homes. All of this causes real suffering, but it pales in comparison to what the global crisis holds in store for the 1.4 billion people living in extreme poverty.
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PRINCETON – The economic gloom that shrouded the world in 2008 has led many to ask whether the apparent prosperity that preceded it was real. We know that in countries as diverse as China, India, Russia, and the United States, the number of billionaires soared. More generally, the top 1% of the population prospered. But the gap between the rich and poor widened, and at least in the US, the incomes of the poor and the middle class stagnated.ampnbsp;