Satire | Whose wealth is it? Clearing the air on the redistribution debate

‘Over the past decade, India has witnessed healthy redistribution of the good kind — from the poor and middle classes to the billionaire elite’
| Photo Credit: istock

It’s stunning how the Election Commission (EC) has grow to be a mute spectator to repeated violations of the Model Code of Conduct, even when the violators are attempting each trick to sow divisions between the majority and the minority. Yes, I’m speaking about the Congress and the way its starriest campaigner has been allowed to go round selling disaffection between the nation’s largest majority (the poor) and the smallest minority (the wealthy). Not happy with fanning resentment between the two, the Congress has gone a step additional by overtly speaking about wealth redistribution — the socialist equal of Pearl Harbour.

I’ll be the first to confess that I’m no genius at economics, nor do I’ve the stunning mathematical thoughts of a Russell Crowe. But all stated and achieved, economics is not rocket science, and even science. Some of you could have seen this fashionable economics column known as ‘No proof is required, hence proved’. I’d say that’s a pithy abstract of how clever individuals ought to method financial questions corresponding to wealth redistribution. So, I’m going to clear the air on the redistribution debate by relying on my very own financial widespread sense and mathematical prowess as a substitute of turning to overrated specialists. So, bear with me and also you shall be rewarded with unprecedented insights.

On the key query, let’s be clear: wealth redistribution occurs all the time. Regardless of which celebration is in energy. But there are two sorts of wealth redistribution. There is the good variety, which promotes social stability by locking everybody of their designated place in the social order, similar to in the caste system. Then there is the dangerous variety, which disrupts the conventional social order by rising pointless social mobility between totally different rungs of the class ladder. 

The poor are blissful

Over the previous decade, India has witnessed wholesome redistribution of the good variety — from the poor and center courses to the billionaire elite. Till date, all proof factors to everybody being proud of this association. The wealthy are blissful — clearly, as a result of they’ve gotten richer. And the poor are blissful, as a result of they have a temple, plus the sense of belonging that comes with being a part of a WhatsApp group. What extra do the poor must sustain with their id of being poor?

This column is a satirical take on life and society.

However, this association is now underneath menace from the Congress’ proposal to redistribute wealth in the reverse path — from the wealthy to the poor and center courses. First of all, this is in opposition to the legal guidelines of nature — if it weren’t, there can be no inequality in the world and your uncle can be as wealthy as Elon Musk (with out truly being Elon Musk). Secondly, the very thought is petty and downright insulting, to the nation’s tens of millions of non-HNIs.

Why does the Congress assume so little of the toiling lots which have efficiently sustained the nation’s privileged elite for millennia? As per the World Inequality Database, India’s prime 1% (the wealthiest) personal simply 40.1% of all wealth. If my calculations are proper, then that’s not even half the nation’s wealth. This means most of the nation’s wealth — 59.9% — is already in the fingers of the majority (the 99%). India has a inhabitants of 140 crore (supply: PM’s speeches). Now, 1% of that is 1.40 crore. 140 crore minus 1.40 crore is — I dare any economist to inform me I’m flawed — 138.60 crore. Can anybody severely argue that 138.60 crore individuals can’t assist 1.40 crore individuals? But that’s precisely what the Congress celebration’s ‘revolutionary’ manifesto is suggesting! Why? It’s easy: they wish to fill the hearts and minds of the poor with resentments in opposition to the wealthy. 

Obsession with unemployment

This entire rich-poor rhetoric is so 1960s, it’s ridiculous. Same goes for the Congress marketing campaign’s obsession with unemployment. Who of their proper thoughts talks about jobs in the age of AI and entrepreneurship? Today, each Indian, be they wealthy or poor, aspires to be a wealth creator, not a job-seeker. That’s why the Congress banging on about so-called joblessness is despicable. It’s nothing however a determined bid to garner votes by polarising the voters into employment-seekers and employment-deniers. If this is not a clear-cut case of hate speech in opposition to the nation’s rich minority, I don’t know what is. 

And but, the EC is reluctant to cease politicians from making incendiary references to redistribution and jobs. Let’s hope higher sense prevails quickly and it clamps down on this phenomenon with the similar alacrity with which it has cracked down on communal rhetoric.

The writer of this satire is Social Affairs Editor, The Hindu.

sampath.g@thehindu.co.in