Tag Archives: debt crisis

1 in 3 of World’s Poorest Countries Spend More on Debt Repayments Than Education

“There is clearly a moral imperative for the world to act now to ensure that all children are in school and learning,” says a new report from Save the Children. “But there is also an economic imperative.”

By Brett Wilkins  Published 10-11-2022 by Common Dreams

School kids in northern Zimbabwe, Africa. Photo: Trey Ratcliff/flickr/CC

A report published this week by Save the Children revealed that 1 in 3 of the world’s poorest nations spend more on paying off debt to wealthy countries and investors than on educating its own children.

The U.K.-based charity’s report—entitled Fixing a Broken System: Transforming Education Financing—shows that 21 out of 70 low- and lower-middle-income countries with available data spent more on external debt repayment than on education in 2020. According to the publication, interest payments are expected to account for an average of 10% of the annual budget in this category of countries by 2024, up from 7% in 2015. Continue reading

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US Inequality Crisis Worst in Industrialized World. Trump Will Make It Worse.

If the policies favored by the Trump administration—including massive tax cuts for the rich and reductions in spending on Medicaid and education—go into effect, the U.S. will only fall further in the global rankings

By Jake Johnson, staff writer for Common Dreams. Published 7-17-2017

“Policymaking processes dominated by elites undermine democracy,” Max Lawson and Matthew Martin write. (Photo: Dean Chahim/Flickr/cc)

The United States is already the most unequal industrialized nation in the world, and a new report published on Monday shows that President Donald Trump’s agenda would only make matters worse.

“The Commitment to Reducing Inequality Index,” developed by Oxfam in partnership with Development Finance International (DFI), uses several factors to “measure the commitment of governments to reducing the gap between the rich and the poor.”

Compared to other wealthy nations, the report concludes, the U.S. is doing “very badly” in the fight against income and wealth inequality. Continue reading

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