Tags: governments | income | inequality | wealth

Jim O'Neill: Governments May Soon Act on Income Inequality

By    |   Friday, 17 January 2014 07:05 AM

The issue of unequal income distribution is gaining attention throughout the world, as leaders from President Barack Obama to Pope Francis have focused on it.

And Jim O'Neill, former chairman of Goldman Sachs Asset Management, believes governments are ready to act.

"I wonder if we could be in the very early stages of a redistribution of wealth from capital back to mass income through government policies, whether it be from taxes or things being done to boost minimum wages," he told CNBC.

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"Obviously this is something else just as human beings, never mind investors, that we all have to watch closely."

Some critics complain that central banks are exacerbating the problem with their easing programs, pushing stock prices higher, which helps the wealthy, but failing to spark enough economic growth to help the non-wealthy.

"The elitist part of the world is still benefiting," O'Neill said.

In the United States, Rep. George Miller, D-Calif., and Sen. Tom Harkin, D-Iowa, have introduced a bill to raise the minimum wage.

The legislation would lift the level to $8.20 in the first year from $7.25 currently, then to $9.15 in the second year and $10.10 in the third year. After that, it would be indexed to inflation.

But Republican opposition to an increase runs strong, and the GOP controls the House. "I just don't see it getting through the House," Greg Valliere, chief political strategist for the Potomac Research Group, told CNNMoney.

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Economy
The issue of unequal income distribution is gaining attention throughout the world, as leaders from President Barack Obama to Pope Francis have focused on it.
governments,income,inequality,wealth
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2014-05-17
Friday, 17 January 2014 07:05 AM
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