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This inequality must end
12:58pm Tuesday 22nd April 2014 in Letters
YOUR shocking food bank story (April 17) raises two important questions?
Will there continue to be a need for the Malvern food bank into the far future? Will the number of those needing this support continue to rise?
With present coalition government policies I am sure the answer to both questions is yes.
A key problem is the recent increase of low wage employment because of low economic growth and austerity measures.The current gross domestic product economic growth figure used by Government can no longer adequately represent the real economic situation of hard-working individuals and families.
We now know from historical economic research that the trend towards inequality and poverty – outside war periods – seems to be endemic in a capitalist-type economy.
Without just taxation increased wealth goes disproportionately to an undeserving elite rich who own unearned capital assets while the majority of the middle and lower economic groups loose out because essentially they depend on income through employment and savings.
Over a long period the average rate of return on capital has been twice that on income, so now the capital-to-income ratio for Britain is over 5.5 and growing,while 60 years ago the figure was near two.
The very rich now get richer and richer with little effort or risk-taking,and at the expense of the great majority who suffer increased economic insecurity.
Only through regular wealth redistribution can capital be used to benefit working individuals and families.
Thus I am afraid until there is a British government that will seriously tax large capital assets and inheritance, and redirect wealth into economic productive growth for living wages and economic security, restart economic upward mobility and allow repayment of individual and national debt food banks will grow and grow.
Here then is the big issue for the 2015 general election – redistribution of wealth from capital to income – an inconvenient and uncomfortable truth indeed for some Malvern residents!
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