“If the income share of the top 20 percent increases by 1 percentage point, GDP growth is actually 0.08 percentage point lower in the following five years, suggesting that the benefits do not trickle down. Instead, a similar increase in the income share of the bottom 20 percent (the poor) is associated with 0.38 percentage point higher growth.” – Business Insider outlines research indicating trickle down doesn’t work
 
…but blessed are the tax havens…
Like Luxembourg, where Amazon bases it’s sales operations to reduce it’s UK profit margin to 0.0065%. However, lest we forget, the UK also acts as a tax haven, or as one senior OECD official puts it ” the UK government has a very aggressive competition agenda in reducing corporation tax” (The Guardian)
 
…and the aspiring strivers…
“In the cause of self-advancement, we are urged to sacrifice our leisure, our pleasures and our time with partners and children, to climb over the bodies of our rivals and to set ourselves against the common interests of humankind. And then? We discover that we have achieved no greater satisfaction than that with which we began.” George Monbiot on the sacrifice of life in the name of economic advancement(The Guardian)
 
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Forthcoming
 
Sheffield Equality Group monthly meeting
Wednesday 1st July, 7pm-9pm at Sheffield Quaker Meeting House
Sheffield Equality Group chat about income inequality and actions to reduce it. Talking about The Divide documentary, links with other campaigns, and the national group. Free, donations for tea and biscuits.
 
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National Demonstration Against B&M Workfare
Saturday 27th June, 2pm at B&M Bargains, Chesterfield Road, Meersbrook
Apart from exploiting claimants, workfare also undermines the hours and conditions of paid employees at B&M. As with all workfare placements in the private sector, workfare provides free labour that replaces paid jobs.
 
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Modern Money Theory (MMT)
and The Seven Deadly Innocent Frauds of Economic Policy
Monday 29th June, 7:30pm at the Quaker Meeting House. Refreshments (50p) from 7pm. (Suggested £3 donation)
In this talk, Nirvana Bloor will debunk some of the myths surrounding taxation, inflation, public deficit and public debt. “The Seven Deadly Innocent Frauds of Economic Policy” is the title of a book by Warren Mosler, a proponent of post-Keynesian Modern Monetary Theory (MMT). Innocent because they reflect conventional wisdom, but deadly because they are destructive and are by far the greatest obstacles to national prosperity.
 
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Let’s Get Organised Against Austerity
Tuesday 30th June, 7pm at the Central United Reformed Church, Norfolk St
Help shape the next steps for the People’s Assembly in Sheffield and come to this organising/planning meeting.
 
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Are you unhappy and the economy in a mess?… best blame the poor then.
“…the rise in unemployment and extreme poverty in the 1820s and 1830s represented the first great failure of Ricardian, laissez-faire economics. But Malthus’s doctrines allowed this failure to be imputed to something quite different: the turpitude of the poor. Macroeconomic policy mistakes were blamed on the victims. Does that sound familiar?”
http://bit.ly/1KerA5u (George Monbiot – The Guardian)