Wealth Isn’t Lacking it’s being Hoarded!

The unedited version below, or expand and read the picture to read the published article.

Ideas are a central element of class struggle. Our security and welfare is currently as much under attack from ideology as from war and climate. Every day we are assaulted by media predictions of global chaos, whilst “at home” we are threatened by experts telling us we, the People, are too expensive. 

Wall to wall capitalist propaganda says demands we tighten our belts: cut support for low-paid workers, pensioners and the disabled. Its all Lies! The money’s there!

We, the People, are not the problem. Britain is more wealthy today than it has ever been. 

Check it out. On average, Britons today have access to far more goods, services, technology, healthcare, education, housing amenities, and infrastructure than people of the 1950’s to 2000’s, the inter war years,  Victorian Britain or earlier periods. 

According to the Office for National Statistics, the country possesses an enormous stock of property, financial assets, physical possessions, businesses, infrastructure, and pension funds. The UK’s median net wealth sits at roughly $125,000 per adult making us the world’s 6th largest economy out 193 countries.

Britain is neither “broken” nor poor. Britain is richer than ever. But the “sense” of living here denies the statistics. Real incomes have stagnated compared with the rapid growth of the post-war decades. Wealth is distributed extremely unevenly. The richest 10% of British households hold around 43% of wealth, while the poorest half – that’s 35 million of us – hold about 9%. The rich have hoarded the overwhelming majority of the wealth created by the productivity of the working class.

We live in extremes of wealth and poverty. How? Because the neoliberal experiment that promised “Trickle down” was always a lie. It never happened. The economics of the “Free Market” sucked all the wealth from the working class, through the gross lowering of wage rates, the tripling of housing costs, and the privatisation of public services that ate-up most of the tax-payers contributions previously spent on social support and infrastructure.

Unbridled profiteering in a gangster economy. The top 5% have doubled their wealth through open and applauded extreme exploitation of the rest of us. 

As the General Secretary of Unite the Union, Sharon Graham reflects, “After a decade that has seen prices rise by 40%, workers are sick of paying for crises they did not cause. Energy bills set to be the highest in three years, while the privatised profiteers rake in billions. Mortgage rates are spiking while the banks make money hand over fist.”

Couldn’t put it better myself. The problem exposes the sleight of hand. Trade unions never, never challenged neoliberalism or fought privatisation, instead bending to “follow our members” into one asset-stripping private corporation after another. Housing “externalised” from local council control, health services and social care sold off to private companies, public transport – indeed everything in public ownership – sold off to the cheapest bidder all at the expense of wages and working conditions.

Some of us always knew the dangers of privatisation. We tried to fight, and failed.

Now, with workers really hurting, unable to live on the sickly-sloganed “Living Wage”, we see through the empty rhetoric of union leaders and Labour politicians who have actively done little or nothing. We should have seen mass strike action against “Austerity Britain” from the very beginning, demanding socialist policies for public ownership, redistribution of wealth and the eradication of poverty.

The failure of working-class leadership is directly responsible for the rise of the far-Right. The transnational billionaires are funding Farage and the far-Right precisely because they want their wealth, power and control to continue. They want us to blame the poor and refugees. They feed on passivity and hopelessness. 

Union leaders and career politicians have “sold-out” in return for cosy lives and entitlements – crumbs form the tables of the super-rich. The Autumn Budget will attack us again. We need a new trade union leadership ready for a fight, and a real agitational socialist leadership inside workplaces, organising collective protection and challenging the media lies funded by the ruling class. And a government ready to get our wealth back – tax the rich!

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