Despite President Obama’s constant harping on economic inequality dominating the globe, a new study shows that the poor are getting richer across the globe. That’s not thanks to bailouts and government spending. It’s due to the power of capitalism.
A human development initiative at Oxford University has now come out with a study showing that poverty is decreasing rapidly. “The world is witnessing a[n] epochal ‘global rebalancing’ with higher growth in at least 40 poor countries helping lift hundreds of millions out of poverty and into a new ‘global middle class,’” says the report. “Never in history have the living conditions and prospects of so many people changed so dramatically and so fast.”
As the world gets richer, American poor are getting poorer. In 2010, Americans suffered the highest rate of poverty – 15.1 percent – since 1993.
The study uses measures like nutrition and sanitation to measure poverty. Better governance and the spread of capital across borders has mitigated extreme poverty in an incredible way. But Barack Obama is still focused on redistributionism.