$700 billion for the U.S. economy? How about $72 billion for efforts to end global poverty?
The US Congress was debating the $700 billion rescue package last week at about the same time that world leaders were meeting at the United Nations in New York to track progress on the Millennium Development Goals.
An article recently published by CommonDreams.org, reprinted from Inter Press Service, draws a contrast between the amount of money that some experts say is needed to save the U.S. economy and the amount that is recommended for world leaders to allocate in order for us to achieve the MDGs by 2015. The price tag for the U.S. rescue is $700 billion; the amount needed to achieve the MDGs is only about one-tenth that amount: $72 billion.
The article does not criticize the amount spent on rescuing the U.S. economy. In fact, it suggests that the problem must be fixed because a broken U.S. and global economic system could make the situation worse for poor people around the world. "This only compounds the damage [already] being caused by much higher prices for food and fuel", the article quoted U.N. Secretary General Ban Ki-Moon as saying.
The point is, that if the U.S. can come up with $700 billion to save the U.S. economy, the wealthy nations of the world can come up $72 billion to help reduce global poverty.
Click here to read the full article, which is entitled No Bailout for the World's Poorest.
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