“Wealth inequality in Spain deepens as poorest get poorer and corporate profits soar…”

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Originally published at bretthetherington.blogspot.com

An analysis of tax data in Spain shows how austerity and labour market counter-reforms have slashed the wage share of the country’s wealth to new lows while corporate profits have soared.

The findings by economist Gabriel Flores published in online newspaper Nueva Tribuna are:

Labour income has declined as a proportion of GDP from 50% in 2008 to 46.9% in the first quarter of 2017

Corporate profits after taxes, interest and dividends, have more than doubled from 8% of GDP in 2008 to 17.5% today

Austerity policies have benefitted high earners but the lowest paid have seen a significant fall in income

Brett Hetherington

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