Economic inequality among the middle class?
The chief of International Monetary Fund (IMF) was one of the people who addressed the gathering at the World Economic Forum in Davos on the topic of economic inequality. She told the audience that four (4) years ago she had pointed out the danger of growing inequality but no one listened. Is she serious, I thought IMF is a powerful global body that has the means to articulate issues! How comes OXFAM has done it and people have listened?
The IMF chief pointed out that due to the growing inequality, the middle class in developed countries is getting itself into a crisis. I remember, some years back we were trying to define who is middle class. A number of my friends said, that these are people who work and take loans to buy cars and then spend the whole of their lives repaying such loans.
I vividly remember one of my lecturers in campus who was a proud owner of a Volvo type of car. He told a class packed with economics students that “I decided to buy my Volvo because my money was idling in the bank.” These are not the type of middle class people I’m referring to. It’s those who depend on bank loans to support their lifestyles. Those who become broke tomorrow if they are sacked today. They are many and this is our middle class crisis in Kenya.
In the developed countries the situation may be different. While you the middle class are struggling, there are eight gentlemen who own more what the 50% of the world’s poor population own. We are talking about 3.6 billion people! These are the ultra-wealthy individuals.
Let’s all work towards changing this inequality equation.
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