Inequality blurs global recovery

At Ground Level Jan 24, 2014 at 6:50 pm

A tempered sense of euphoria, spurred by developments in the US economy (the world’s largest, with gross domestic product at $16.245 trillion), qualifies the assessment that the global economy’s growth would pick up in 2014 and “finally overcome its hangover” from the 2008 financial-economic crisis.

Tempering the euphoria is the acknowledgment among economists, analysts, and political leaders that growing income inequality, joblessness, and mass poverty — all interrelated — cast a dark cloud over the expected recovery.

Add to that the worldwide impact of Pope Francis’ landmark November 2013 apostolic exhortation (Evangelii Gaudium) wherein he denounces free-market “dictatorship” and “trickle-down theories” that perpetuate economic and social inequality.

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