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People's Daily Online>>Opinion

US far from being model of social wealth distribution

By Tang Shuseng (People's Daily Online)

11:18, February 25, 2012

Edited and translated by People's Daily Online

At present, China is making efforts to solve the problem of inequality in income distribution. A survey conducted by People's Daily Online shows that the income distribution is one of the most concerned problems among the netizens. Viewing From a global aspect, the phenomenon of unequal income distribution exists universally; in economic powerful country like the United States, this issue is also very prominent.

According to the statistical analysis of Organization for Economic Cooperation and Development, the average income of the richest 10 percent of the population is nine times of that of the poorest 10 percent in the member countries of the organization. This ratio in Nordic countries is significantly lower and indicates a smaller gap between the rich and the poor. In the United Kingdom, Japan and South Korea, this ratio rises to 10-to-1; and it reaches up to 14-to-1 in the United States.

According to the data published by the United States Census Bureau, the Gini coefficient in the United States was 0.469, indicating that the overall distribution of income in the United States was in a seriously unbalanced state.

It is generally believed that the Gini coefficient of 0.4 is a "cordon", and if it was surpassed, rich-poor divide phenomenon can easily cause confrontation between social classes. The data also shows that income inequality in different regions of the United States is largely different and is more prominent in the big cities. In New York and Los Angeles, the two largest cities in the United States, the Gini coefficient has reached 0.504 and 0.479 respectively. New York is the world's financial center and the gathering place of the financial oligarchy.

Inequality in income distribution in the United States is caused by several factors, self-expansion of the financial sector and the "pro-capital" tax system are two of crucial reasons.

In recent years, under the mode of more emphasis on market efficiency, the U.S. income distribution inequality has become increasingly prominent. It should be noted that the U.S. financial markets has helped to turn out technological innovation stars such as Bill Gates, Steve Jobs and Zuckerberg, whose fervor spirit of innovation and great wealth accumulation aroused wide yearning. However, people still hold an extremely complicated emotion toward Wall Street's greed and cunning.

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andrew chao at 2012-03-01125.255.45.*
soviet russia and united states of america had in the past burdened too much of opposition blok defenses, also too much of undertakings that could have been overlooked, just learn to be practical in the fact that no country in this world can subsidize unbartered balance sheets of own or other countries. barter - labour/product/service/value/infrastructure/goodwill/liason-privilliges ...etc.
free marketeer at 2012-03-01174.102.18.*
there are several misunderstandings here. one, wealth is not distributed -- it"s created. only the people who create nothing will busy themselves with redistributing what others create, so that they can take some credit for it (this is an inherently selfish venture pretending to be concerned for others). quality of life is the real concern, it does not matter how much wealth you own relative to someone else if your life"s quality is good. people who are equally miserable will never be happy; neither will people who obsess over someone else"s wealth.
jose at 2012-02-26140.247.225.*
the title is "US far from being model of social wealth"it seems to me you suggest that: Maybe US is model of someething else? the matter of fact is this: Not a single American economic, finanical and social deveopment model is Suitable for China. China must find it's own path to the superpower.
V.M.Mohanraj at 2012-02-2666.189.210.*
China claims to be a socialist country based on Marxian ideology. Isn't the disparity in income, the result of capitalist economy? How does China reconcile its capitalist economy with Marxist ideology when what China calls "socialism with Chinese characteristics" is nothing other than capitalism in disguise. Wolf in a sheep's clothing! Anyway, if China is a genuine socialsit state based on Marxism, what is the Marxist solution to this problem? Taxing the rich alone is not the path towards socialism and that is not a Marxian solution. Can you ever hope to build a truly socialist state without smashing the capitalist structure? V.M.Mohanraj, India.
elee at 2012-02-25183.39.28.*
Great article and very interesting with the statistics: China is not alone.
  

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