The US backed Mubarak regime was applauded by the World Bank and the IMF despite record inflation and poverty. After years of repression, Egypt stood up against the government and plan a massive “march of millions” protest tomorrow to send Mubarak out. Today, Sharif Kouddous tweets live from Egypt. “A large group of men women and children are sitting in a line forming the word ‘leave'”.
Think Progress points out that much of Egypt’s unrest is due to the widening gap between rich and poor and that the Gini coefficient, used to measure income inequality, shows the US gap is even greater.
One of the driving factors behind the protests is the decades-long stagnation of the Egyptian economy and a growing sense of inequality. “They’re all protesting about growing inequalities, they’re all protesting against growing nepotism. The top of the pyramid was getting richer and richer,” said Emile Hokayem of the International Institute for Strategic Studies in the Middle East.
According to the CIA World Fact Book, the U.S. is ranked as the 42nd most unequal country in the world, with a Gini Coefficient of 45.
In contrast:
– Tunisia is ranked the 62nd most unequal country, with a Gini Coefficient of 40.
– Yemen is ranked 76th most unequal, with a Gini Coefficient of 37.7.
– And Egypt is ranked as the 90th most unequal country, with a Gini Coefficient of around 34.4.
There is concern that continued disarray in Egypt will hurt the global economy. The Suez Canal is a major trade route for oil and other exports and there is fear the revolutions in Tunisia and Egypt may become contagious and spread to more countries. There is already evidence this is happening.
